From Yahoo Finance: 2025-06-06 00:37:00

The Trump-Musk feud leads to a 14% drop in Tesla shares, wiping out $150 billion in market value. Trump threatens to cut SpaceX contracts. Investors await U.S. payrolls report, fearing a downside surprise that could prompt Fed rate cuts. Bitcoin prices fall 4% as investors question Trump’s support.

Asian tech shares follow Wall Street lower, most markets in negative territory. Japan’s Nikkei rises 0.3%. Trump says “it’s okay” about the breakup with Musk, Tesla stocks stabilize. Little progress in U.S.-China trade talks, leading to market uncertainty.

Forecasted rise of 130,000 jobs in May, unemployment rate at 4.2%. Fed funds futures suggest rate cut unlikely until September, with 90% chance priced in for December. Markets cautious ahead of payrolls report, Wall Street futures flat, European markets set for lower open.

Euro hits six-week high of $1.1495 after ECB rate cut, signaling end to easing cycle. No cut expected in July, final move anticipated in December. Key developments for markets include German industrial output, trade data, and Eurozone retail sales for April.

Read more: Trump-Musk feud shakes markets pre-payrolls