US stock market today: Wall Street steadies as Tesla bounces back from $150bn rout, all eyes on payroll data
US stock futures edged higher on Friday as markets awaited key labour data, while shares of Tesla rebounded following signs of de-escalation in the high-profile spat between CEO Elon Musk and President Donald Trump.
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Tesla's stock jumped 4.2% in premarket trade, clawing back some of the steep 15% loss it suffered on Thursday after Trump threatened to pull federal contracts from Musk-led companies. The selloff had erased around $150 billion in Tesla's market capitalization, shaking investor sentiment across Wall Street, reported Reuters.
Aides close to the White House have reportedly scheduled a call between the president and Musk on Friday, according to Politico, a move expected to ease tensions after the public feud rattled both markets and the administration's industrial policy.
All eyes on non-farm payrolls
Investors are now focused on the US Labour Department's May payrolls report, due at 8:30 a.m. ET, to assess the strength of the job market and its potential influence on the Federal Reserve's next rate decision.
'Whether it's the ISM surveys, the ADP figures, or the jobless claims, the tone is clearly one of a weakening economic momentum,' said Julien Lafargue, chief market strategist at Barclays Private Bank.
This week's soft economic indicators have stoked worries of a slowdown, as trade uncertainty continues to weigh on business sentiment.
The Fed is widely expected to hold interest rates steady at its next meeting, but traders are now pricing in two rate cuts by year-end, with the first anticipated in September, according to LSEG data.
Markets stabilise after volatile week
At 7:00 a.m. ET, Dow futures were up 112 points (0.26%), S&P 500 futures rose 20.5 points (0.34%), and Nasdaq 100 futures gained 72.25 points (0.33%).
The broader market was also buoyed by gains in most megacap and growth stocks.
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Amazon shares climbed 0.9%, while Broadcom slipped 2.9% after its AI chip revenue guidance missed investor expectations.
Among other major movers, Lululemon shares plunged 21.1% after the sportswear brand slashed its annual profit forecast, citing rising costs linked to Trump's tariffs. Nike stock was down 1.3% in early trade. DocuSign tumbled 19.2% after disappointing Q1 results.
The S&P 500 and Nasdaq both posted their best monthly gains since November 2023 in May, lifted by a softer trade stance from Trump and solid earnings across sectors. However, the S&P 500 remains about 3.3% below its all-time high set in February.
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