US stocks fell due to Trump-Musk feud and weaker economic data, crude oil prices rose.

From Yahoo Finance: 2025-06-04 22:32:00

Wall Street closed sharply lower as a feud between Trump and Musk overshadowed trade talks with China. Tesla shares plunged 14.3% after Trump threatened to cut Musk’s subsidies. The Nasdaq took the biggest hit. Trump and Xi agreed to continue trade discussions. Weaker economic data, including high jobless claims and a decrease in imports, affected stock performance. ECB cut interest rates by 25 basis points, leading to a slight increase in European shares. Global stocks fell, with the dollar fluctuating. U.S. Treasury yields rose and crude oil prices increased after the Trump/Xi call. Gold prices dropped post-call.



Read more at Yahoo Finance: US stocks end lower, crude gains as Trump-Musk row distracts from trade talks, data