‘Blade Runner 2049' vs Elon Musk and Tesla case set to go ahead
A lawsuit filed by a production company for the film Blade Runner 2049 against Elon Musk's Tesla is set to go ahead.
As we reported last year, Alcon Entertainment said in its lawsuit that Musk used AI-generated imagery mirroring scenes from its 2017 sci-fi film while presenting Tesla's new autonomous Robotaxi at a marketing event on 10 October. And the snag is that producers had denied his request to do so.
'He did it anyway,' the suit alleges, adding that the company did not want to be linked to Musk or his companies.
"Any prudent brand considering any Tesla partnership has to take Musk's massively amplified, highly politicised, capricious and arbitrary behaviour, which sometimes veers into hate speech, into account," it added.
It also alleged that Warner Bros. Discovery (WBD) facilitated the partnership.
Earlier this week, a court pointed to Tesla's attempt to get permission to use Blade Runner 2049 for its event, which was denied just hours before the presentation was set to begin.
'Several similarities' between the promotional materials that Tesla used and stills from the movie that were allegedly infringed upon were also highlighted.
'Given the tight timeframe Musk and Tesla were working with in light of their last-minute request – and the resulting last-minute denial – to make use of BR2049, it is not at all implausible for the plaintiff to allege on information-and-belief that they made use of an AI image-generator to come up with the finished product,' said US District Judge George Wu.
Although most copyright claims against Tesla were allowed to proceed, those against WBD were dismissed - except one for contributory infringement, which accused the studio of inducing the alleged misconduct.
The court also agreed that the company wasn't responsible for overseeing Tesla's work in relation to the presentation, adding: 'There is nothing indicating that Warner had such a supervisory/controlling position or role vis a vis Tesla and Musk.'
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Yahoo
29 minutes ago
- Yahoo
Stock market today: S&P 500 hits 6,000 as Tesla rebounds amid Trump-Musk feud cooldown
US stocks rallied on Friday, with the S&P 500 (^GSPC) breaching the 6,000 level following a moderate beat on the monthly jobs report and rising investor hopes of a cooldown in the acrimonious feud between President Trump and Elon Musk. The S&P 500 (^GSPC) added about 1.0% to close at the 6,000 mark, its highest level since February. The Dow Jones Industrial Average (^DJI) rose over 400 points, or 1.1%, while the tech-heavy Nasdaq Composite (^IXIC) gained 1.2%. Tesla (TSLA) shares rebounded as CEO Musk and Trump moved to cool tensions. Musk backed off his threat to decommission the Dragon spacecraft used by NASA after Trump threatened his government contracts. However, the White House tamped down reports of a potential "peace call" between the two. Tesla shares partially recovered from a 14% wipeout in a broader stock slide on Thursday as mounting differences between the two powerful men erupted into the open. Musk called for the president's impeachment, while Trump threatened the contracts and breaks critical to Musk's business empire. The feud injected more unpredictability into an already uncertain market, just as weary investors had become cautiously optimistic that Trump tariffs could be reined in and the US economy might prove resilient. On Friday President Trump said high level trade talks with China would take place in London this upcoming Monday. Read more: The latest on Trump's tariffs Meanwhile on Friday morning, the labor market showed more signs of resilience as Trump's tariffs continued to seep in to the economy. The US added 139,000 jobs in May, more than the 126,000 expected by economists as the hiring rate slowed and unemployment held flat at 4.2%. Following the May jobs beat, President Trump again criticized the Federal Reserve for being "too late" with its monetary policy. Trump urged the central bank to ease borrowing costs by reducing rates, writing in a social media post: "Go for a full point, Rocket Fuel!" Stocks closed out the week with gains after a May jobs report beat, and signs that the public feud between President Trump and Tesla (TSLA) CEO Elon Musk has taken a pause. The Dow Jones Industrial Average (^DJI) rallied more than 400 points, or about 1.1%, while the S&P 500 (^GSPC) added about 1% to close at the 6,000 mark. The tech-heavy Nasdaq Composite (^IXIC) also gained 1.2%. Meanwhile, Microsoft (MSFT) hit a fresh record on Friday, surpassing AI chip giant Nvidia (NVDA) as the largest company in the world. Tesla shares rebounded from a wipeout following a war of words between Musk and Trump during the prior session. On the heels of a better-than-expected jobs report released on Friday morning, Trump again urged the Federal Reserve to cut rates in order to lower borrowing costs. "Go for a full point, Rocket Fuel!" Trump wrote on social media. Investor optimism over trade talks with China also helped stocks move higher for the week. On Friday, Trump said high-level talks with Beijing would take place in London on Monday. A high-profile feud between President Donald Trump and billionaire Elon Musk reached a fever pitch on Thursday, triggering a $150 billion-plus wipeout in Tesla (TSLA) shares. The selloff came after Musk slammed Trump's GOP-backed spending bill, prompting fiery responses from the president and raising concerns over the political risk now tied to one of the world's most valuable companies. "This is a disaster of epic proportion for Tesla and SpaceX," Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management CEO, told Yahoo Finance in reaction to the developments. "And whether Elon wants to accept it or not, he did help Trump get elected. It is his fault that Trump is president of the United States." Although shares rebounded on Friday, rising around 6% in mid-afternoon trading as Musk and Trump moved to cool tensions, Gerber warned, "I think we're just getting started for the declines because a lot of the stock price's value isn't based off the underlying business. It's based off the perception that Elon being a part of Tesla is somehow wonderful." The close relationship between Trump and Musk began to take a more active shape during last year's campaign trail. Musk endorsed the then-Republican candidate soon after the assassination attempt on Trump in Butler, Pennsylvania. Afterward, Musk frequently appeared at rallies, voicing his support for the Republican Party at large and pledging millions to America PAC, a Trump-aligned super PAC. Once Trump was elected, the president appointed Musk as head of the newly formed Department of Government Efficiency, otherwise known as DOGE. The purpose of the agency was to eliminate government waste. Musk officially exited the role late last month, revealing the agency had cut billions of dollars in costs. But just a few days later, Musk's tone shifted as he criticized Trump's controversial tax legislation, which is estimated to add trillions to the national debt over the next decade. It would also eliminate EV tax credits, a crucial government incentive for Tesla and a potential "death blow" to the company's sales, according to Gerber. Having cleared the House, the bill now heads to the Senate, with Trump vowing to sign it into law by July 4. Read more here and check out the timeline below documenting the week that was: The US labor market is cooling. The president keeps clamoring for the Federal Reserve to cut interest rates. But Wall Street still doesn't think it's happening anytime soon, with markets not pricing in a more than 50% chance of a Fed rate cut until the central bank's September meeting, per the CME FedWatch Tool. One reason why appeared in two different data releases over the past week. Wage growth remains resilient. The May jobs report showed average hourly earnings in May rose 0.4% over the last month and 3.9% over the prior year, higher than 0.2% monthly wage growth seen in April. Meanwhile data from ADP showed wages for workers in the private sector who changed jobs grew 7% while wages for those who stayed in the same job grew 4.5%. Both were unchanged from the month prior. As our Chart of the Week shows, in the past six months wage growth for job stayers has fallen just 0.2 percentage points while pay gains for job changers has actually increased by 0.2%. "The labor market isn't collapsing," Richardson said. "Wages are robust, but they're not triggering inflation. Hiring is slow, but it's not leading to outside layoffs. So in that sense, there's nothing in the labor market that points in any direction [for the Fed] strongly. In a note titled 'May-day? More like Pay-day!' Bank of America US economist Shruti Mishra remarked that solid wage income growth is 'supportive of consumption but will also likely keep the Fed in their inflation fighting stance.' Bitcoin (BTC-USD) surged back above $105,000 per token on Friday amid an overall market rally. The token rebounded on the heels of a better-than-expected jobs report and signs of a cooldown in the war of words between President Trump and Tesla (TSLA) CEO Elon Musk. Bitcoin rebounded after falling to around $101,000 on Thursday as a public feud unraveled. Meanwhile, Circle (CRCL) stock also surged more than 35% a day after the stablecoin issuer made its public debut. The stock's surge comes amid crypto's favorable treatment by the Trump administration and corporations. Lululemon (LULU) Lululemon stock fell more than 20% in midday trading on Friday after the activewear company warned profits would take a hit amid what it called a "dynamic macro-environment." Lululemon cut its full-year earnings per share outlook to a range of $14.58-$14.78 from $14.95-$15.15. Tesla (TSLA) Shares of the EV maker rebounded as much as 6% midday Friday as CEO Elon Musk and President Trump stopped posting insults at each other on social media, a sign of a deescalation of their public feud, which wiped out $150 billion in value from the EV maker during the prior session. DocuSign (DOCU) DocuSign shares sank 18% after the electronic signing software firm lowered its full-year billings guidance and announced a $1 billion share repurchase program. Broadcom (AVGO) shares slumped more than 3%, underperforming the broader chip market on Friday after the semiconductor giant's forecast failed to wow Wall Street. The company beat second quarter earnings estimates, but disappointed on outlook, despite a 46% revenue increase from last year. Meanwhile, the rest of the chip space gained on Friday as stocks rallied on the heels of a May jobs report which beat expectations, and signs of a cooldown in the feud between President Trump and Tesla CEO Elon Musk. Omada Health (OMDA) stock popped 36% to trade around $25 per share on Friday afternoon after making its debut on the public markets. The stock began trading on the Nasdaq around 11:45 a.m. ET at $23 per share. It was priced ahead of its IPO at $19 per share. Yahoo Finance's Anjalee Khemlani reports: Read more here. Anjalee spoke with Omada CEO Sean Duffy about what the IPO means for the company and its plans to become profitable. You can watch that interview here. Morgan Stanley analysts are still bullish on Tesla stock following the very public clash between the EV maker's CEO and President Trump. The firm is Overweight the stock, with a $410 price target, citing key areas of physical AI including "data, robotics, energy storage, compute, manufacturing and space/comms/networking/infrastructure", offering margin opportunities that greatly exceed those of the traditional EV business. Jonas and his team wrote "we believe the challenges facing Tesla's current business are widely reported and well known, while the opportunities in the future business are potentially greatly underestimated." On Friday the stock jumped as much as % after the public feud between Musk and Trump prompted a washout in the prior session, erasing more than $150 billion in value from the EV maker. Microsoft (MSFT) opened at a fresh record on Friday, surpassing AI chip giant Nvidia (NVDA) as the largest company in the world. The software giant gained nearly 1% in morning trading, hitting a new all-time high above $470. Its market cap stood at more than $3.5 trillion, more than Nvidia's $3.46 trillion valuation. Microsoft is up 12% year to date versus Nvidia's roughly 6% gain during the same period. The company has fully recovered from its early April lows following President Trump's unveiling of a reciprocal tariff policy and its subsequent rollback. Circle (CRCL) stock continues to climb. Shares of the stablecoin issuer rose 22% in early trade Friday, building on the meteoric 168% gains in its first day of trading that saw the stock halted multiple times for volatility. Its market debut comes as crypto has received favorable treatment by the Trump administration and corporations. Circle is currently trading at over $100 per share. It was priced at $31 ahead of its IPO. Yahoo Finance's Laura Bratton reports: Read more here. President Trump again urged the Federal Reserve to cut rates on Friday morning. In a social media post, the president criticized the central bank for being "too late," saying policymakers should go for a full point cut. Trump wrote: "'Too late' at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" The president has repeatedly criticized the Federal Reserve and its chairman, Jerome Powell, for not cutting rates this year the way European policymakers have. The S&P 500 (^GSPC) briefly touched the 6,000 mark on Friday shortly after the market open, its highest level since February. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. The broad-based index came close to touching the 6,000 level on Thursday after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. However, the S&P 500 retreated by the afternoon following a very public feud between Trump and Tesla (TSLA) CEO Elon Musk. By Friday morning, the war of words showed signs of cooling. However, a White House official told Reuters there was no planned phone call between Trump and Musk. US stocks opened higher with the S&P 500 eyeing the 6,000 level after the release of a moderate beat on the monthly jobs report and signs of a potential cooldown between President Trump and Elon Musk. The Dow Jones Industrial Average (^DJI) rallied more than 300 points, or 0.9%, while the S&P 500 (^GSPC) added about 1%. The tech-heavy Nasdaq Composite (^IXIC) also gained 1%. Tesla (TSLA) shares rose 6% amid signs of a cooldown between CEO Musk and President Trump after a very public clash on social media. The May jobs report came in better than expected, with unemployment holding steady at 4.2%. Yahoo Finance's Josh Schafer reports: Read more here. Circle (CRCL) stock continued to gain in premarket trading Friday after an explosive debut on the public markets Thursday. Shares of the stablecoin issuer rose 14% to trade around $94 as of 8:00 a.m. ET Friday. On Thursday, the stock soared 168% from its IPO price of $31, closing the session with a market capitalization north of $16 billion. Circle is the second-largest stablecoin issuer in the market and issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There is $60 billion worth of USDC in circulation, while the largest stablecoin issuer, Tether (USDT-USD), has closer to $150 billion in circulation. Its market debut comes as multiple tailwinds have boosted the crypto market in recent months. Bitcoin (BTC-USD) breached the $100,000 level in early May and is currently trading around $103,800 per token. Read more about Circle's IPO here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (May) Unemployment rate (May); Average hourly earnings (May); Average weekly hours worked (May); Labor force participation rate (May) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on May jobs report for signs of further cracks Musk offers olive branch to Trump after bitter feud erupts Why investors are already skipping ahead to July's jobs report Tesla stock rises as investors cheer Musk-Trump peace call Gold's cheaper precious metals peers surge to multi-year highs BofA's Hartnett: Global stocks are close to triggering 'sell' signal Xi bets taking Trump's call will lead to wins on chips, tariffs Lululemon said its profits will take a hit as uncertainty around tariffs deters shoppers, prompting the yogawear retailer to lower its 2025 forecast. Shares sank over 20% in pre-market trading in the wake of Lululemon's earnings report late Thursday. Yahoo Finance's Brooke DiPalma reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Broadcom (AVGO) stock fell 3% in premarket trading on Friday, after the tech company, which makes semiconductors, failed to impress Wall Street with it's third-quarter revenue forecast. Despite investors being bullish on chip stocks amid the artificial intelligence boom, the results failed to excite. "High expectations drove a bit of downside," Bernstein analyst Stacy Rasgon said in a note. Tesla (TSLA) stock rebounded on Friday and rose 4% in premarket trading after closing 14% down the day before. The war of words between CEO Elon Musk and President Trump cooled amid a report that White House officials were organising a call between the two leaders. lululemon athletica inc. (LULU) shares plunged 20% on Friday before the bell after the sports company warned profits would be hit amid what it called a "dynamic macro-environment." DocuSign (DOCU) stock fell 18% in premarket trading on Friday after reporting a rise in its profit and revenue, however, the company now expects to bring in less money from company contracts. Tesla (TSLA) shares rose before the bell, setting up for a comeback from tanking 14% on Thursday as the public spat between its CEO Elon Musk and President Trump became increasingly heated. Investors are taking some comfort from White House aides scheduling a call between Musk and Trump to broker peace, as the Tesla boss signals he's open to moves to cool the situation. Reuters reports: Read more here. Stocks closed out the week with gains after a May jobs report beat, and signs that the public feud between President Trump and Tesla (TSLA) CEO Elon Musk has taken a pause. The Dow Jones Industrial Average (^DJI) rallied more than 400 points, or about 1.1%, while the S&P 500 (^GSPC) added about 1% to close at the 6,000 mark. The tech-heavy Nasdaq Composite (^IXIC) also gained 1.2%. Meanwhile, Microsoft (MSFT) hit a fresh record on Friday, surpassing AI chip giant Nvidia (NVDA) as the largest company in the world. Tesla shares rebounded from a wipeout following a war of words between Musk and Trump during the prior session. On the heels of a better-than-expected jobs report released on Friday morning, Trump again urged the Federal Reserve to cut rates in order to lower borrowing costs. "Go for a full point, Rocket Fuel!" Trump wrote on social media. Investor optimism over trade talks with China also helped stocks move higher for the week. On Friday, Trump said high-level talks with Beijing would take place in London on Monday. A high-profile feud between President Donald Trump and billionaire Elon Musk reached a fever pitch on Thursday, triggering a $150 billion-plus wipeout in Tesla (TSLA) shares. The selloff came after Musk slammed Trump's GOP-backed spending bill, prompting fiery responses from the president and raising concerns over the political risk now tied to one of the world's most valuable companies. "This is a disaster of epic proportion for Tesla and SpaceX," Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management CEO, told Yahoo Finance in reaction to the developments. "And whether Elon wants to accept it or not, he did help Trump get elected. It is his fault that Trump is president of the United States." Although shares rebounded on Friday, rising around 6% in mid-afternoon trading as Musk and Trump moved to cool tensions, Gerber warned, "I think we're just getting started for the declines because a lot of the stock price's value isn't based off the underlying business. It's based off the perception that Elon being a part of Tesla is somehow wonderful." The close relationship between Trump and Musk began to take a more active shape during last year's campaign trail. Musk endorsed the then-Republican candidate soon after the assassination attempt on Trump in Butler, Pennsylvania. Afterward, Musk frequently appeared at rallies, voicing his support for the Republican Party at large and pledging millions to America PAC, a Trump-aligned super PAC. Once Trump was elected, the president appointed Musk as head of the newly formed Department of Government Efficiency, otherwise known as DOGE. The purpose of the agency was to eliminate government waste. Musk officially exited the role late last month, revealing the agency had cut billions of dollars in costs. But just a few days later, Musk's tone shifted as he criticized Trump's controversial tax legislation, which is estimated to add trillions to the national debt over the next decade. It would also eliminate EV tax credits, a crucial government incentive for Tesla and a potential "death blow" to the company's sales, according to Gerber. Having cleared the House, the bill now heads to the Senate, with Trump vowing to sign it into law by July 4. Read more here and check out the timeline below documenting the week that was: The US labor market is cooling. The president keeps clamoring for the Federal Reserve to cut interest rates. But Wall Street still doesn't think it's happening anytime soon, with markets not pricing in a more than 50% chance of a Fed rate cut until the central bank's September meeting, per the CME FedWatch Tool. One reason why appeared in two different data releases over the past week. Wage growth remains resilient. The May jobs report showed average hourly earnings in May rose 0.4% over the last month and 3.9% over the prior year, higher than 0.2% monthly wage growth seen in April. Meanwhile data from ADP showed wages for workers in the private sector who changed jobs grew 7% while wages for those who stayed in the same job grew 4.5%. Both were unchanged from the month prior. As our Chart of the Week shows, in the past six months wage growth for job stayers has fallen just 0.2 percentage points while pay gains for job changers has actually increased by 0.2%. "The labor market isn't collapsing," Richardson said. "Wages are robust, but they're not triggering inflation. Hiring is slow, but it's not leading to outside layoffs. So in that sense, there's nothing in the labor market that points in any direction [for the Fed] strongly. In a note titled 'May-day? More like Pay-day!' Bank of America US economist Shruti Mishra remarked that solid wage income growth is 'supportive of consumption but will also likely keep the Fed in their inflation fighting stance.' Bitcoin (BTC-USD) surged back above $105,000 per token on Friday amid an overall market rally. The token rebounded on the heels of a better-than-expected jobs report and signs of a cooldown in the war of words between President Trump and Tesla (TSLA) CEO Elon Musk. Bitcoin rebounded after falling to around $101,000 on Thursday as a public feud unraveled. Meanwhile, Circle (CRCL) stock also surged more than 35% a day after the stablecoin issuer made its public debut. The stock's surge comes amid crypto's favorable treatment by the Trump administration and corporations. Lululemon (LULU) Lululemon stock fell more than 20% in midday trading on Friday after the activewear company warned profits would take a hit amid what it called a "dynamic macro-environment." Lululemon cut its full-year earnings per share outlook to a range of $14.58-$14.78 from $14.95-$15.15. Tesla (TSLA) Shares of the EV maker rebounded as much as 6% midday Friday as CEO Elon Musk and President Trump stopped posting insults at each other on social media, a sign of a deescalation of their public feud, which wiped out $150 billion in value from the EV maker during the prior session. DocuSign (DOCU) DocuSign shares sank 18% after the electronic signing software firm lowered its full-year billings guidance and announced a $1 billion share repurchase program. Broadcom (AVGO) shares slumped more than 3%, underperforming the broader chip market on Friday after the semiconductor giant's forecast failed to wow Wall Street. The company beat second quarter earnings estimates, but disappointed on outlook, despite a 46% revenue increase from last year. Meanwhile, the rest of the chip space gained on Friday as stocks rallied on the heels of a May jobs report which beat expectations, and signs of a cooldown in the feud between President Trump and Tesla CEO Elon Musk. Omada Health (OMDA) stock popped 36% to trade around $25 per share on Friday afternoon after making its debut on the public markets. The stock began trading on the Nasdaq around 11:45 a.m. ET at $23 per share. It was priced ahead of its IPO at $19 per share. Yahoo Finance's Anjalee Khemlani reports: Read more here. Anjalee spoke with Omada CEO Sean Duffy about what the IPO means for the company and its plans to become profitable. You can watch that interview here. Morgan Stanley analysts are still bullish on Tesla stock following the very public clash between the EV maker's CEO and President Trump. The firm is Overweight the stock, with a $410 price target, citing key areas of physical AI including "data, robotics, energy storage, compute, manufacturing and space/comms/networking/infrastructure", offering margin opportunities that greatly exceed those of the traditional EV business. Jonas and his team wrote "we believe the challenges facing Tesla's current business are widely reported and well known, while the opportunities in the future business are potentially greatly underestimated." On Friday the stock jumped as much as % after the public feud between Musk and Trump prompted a washout in the prior session, erasing more than $150 billion in value from the EV maker. Microsoft (MSFT) opened at a fresh record on Friday, surpassing AI chip giant Nvidia (NVDA) as the largest company in the world. The software giant gained nearly 1% in morning trading, hitting a new all-time high above $470. Its market cap stood at more than $3.5 trillion, more than Nvidia's $3.46 trillion valuation. Microsoft is up 12% year to date versus Nvidia's roughly 6% gain during the same period. The company has fully recovered from its early April lows following President Trump's unveiling of a reciprocal tariff policy and its subsequent rollback. Circle (CRCL) stock continues to climb. Shares of the stablecoin issuer rose 22% in early trade Friday, building on the meteoric 168% gains in its first day of trading that saw the stock halted multiple times for volatility. Its market debut comes as crypto has received favorable treatment by the Trump administration and corporations. Circle is currently trading at over $100 per share. It was priced at $31 ahead of its IPO. Yahoo Finance's Laura Bratton reports: Read more here. President Trump again urged the Federal Reserve to cut rates on Friday morning. In a social media post, the president criticized the central bank for being "too late," saying policymakers should go for a full point cut. Trump wrote: "'Too late' at the Fed is a disaster! Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" The president has repeatedly criticized the Federal Reserve and its chairman, Jerome Powell, for not cutting rates this year the way European policymakers have. The S&P 500 (^GSPC) briefly touched the 6,000 mark on Friday shortly after the market open, its highest level since February. Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump's "Liberation Day" tariff policy reveal. The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China. The broad-based index came close to touching the 6,000 level on Thursday after President Trump said he had a "very good phone call" with his Chinese counterpart, Xi Jinping, about trade. However, the S&P 500 retreated by the afternoon following a very public feud between Trump and Tesla (TSLA) CEO Elon Musk. By Friday morning, the war of words showed signs of cooling. However, a White House official told Reuters there was no planned phone call between Trump and Musk. US stocks opened higher with the S&P 500 eyeing the 6,000 level after the release of a moderate beat on the monthly jobs report and signs of a potential cooldown between President Trump and Elon Musk. The Dow Jones Industrial Average (^DJI) rallied more than 300 points, or 0.9%, while the S&P 500 (^GSPC) added about 1%. The tech-heavy Nasdaq Composite (^IXIC) also gained 1%. Tesla (TSLA) shares rose 6% amid signs of a cooldown between CEO Musk and President Trump after a very public clash on social media. The May jobs report came in better than expected, with unemployment holding steady at 4.2%. Yahoo Finance's Josh Schafer reports: Read more here. Circle (CRCL) stock continued to gain in premarket trading Friday after an explosive debut on the public markets Thursday. Shares of the stablecoin issuer rose 14% to trade around $94 as of 8:00 a.m. ET Friday. On Thursday, the stock soared 168% from its IPO price of $31, closing the session with a market capitalization north of $16 billion. Circle is the second-largest stablecoin issuer in the market and issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There is $60 billion worth of USDC in circulation, while the largest stablecoin issuer, Tether (USDT-USD), has closer to $150 billion in circulation. Its market debut comes as multiple tailwinds have boosted the crypto market in recent months. Bitcoin (BTC-USD) breached the $100,000 level in early May and is currently trading around $103,800 per token. Read more about Circle's IPO here. Earnings: No notable earnings releases. Economic data: Nonfarm payrolls (May) Unemployment rate (May); Average hourly earnings (May); Average weekly hours worked (May); Labor force participation rate (May) Here are some of the biggest stories you may have missed overnight and early this morning: All eyes on May jobs report for signs of further cracks Musk offers olive branch to Trump after bitter feud erupts Why investors are already skipping ahead to July's jobs report Tesla stock rises as investors cheer Musk-Trump peace call Gold's cheaper precious metals peers surge to multi-year highs BofA's Hartnett: Global stocks are close to triggering 'sell' signal Xi bets taking Trump's call will lead to wins on chips, tariffs Lululemon said its profits will take a hit as uncertainty around tariffs deters shoppers, prompting the yogawear retailer to lower its 2025 forecast. Shares sank over 20% in pre-market trading in the wake of Lululemon's earnings report late Thursday. Yahoo Finance's Brooke DiPalma reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Broadcom (AVGO) stock fell 3% in premarket trading on Friday, after the tech company, which makes semiconductors, failed to impress Wall Street with it's third-quarter revenue forecast. Despite investors being bullish on chip stocks amid the artificial intelligence boom, the results failed to excite. "High expectations drove a bit of downside," Bernstein analyst Stacy Rasgon said in a note. Tesla (TSLA) stock rebounded on Friday and rose 4% in premarket trading after closing 14% down the day before. The war of words between CEO Elon Musk and President Trump cooled amid a report that White House officials were organising a call between the two leaders. lululemon athletica inc. (LULU) shares plunged 20% on Friday before the bell after the sports company warned profits would be hit amid what it called a "dynamic macro-environment." DocuSign (DOCU) stock fell 18% in premarket trading on Friday after reporting a rise in its profit and revenue, however, the company now expects to bring in less money from company contracts. Tesla (TSLA) shares rose before the bell, setting up for a comeback from tanking 14% on Thursday as the public spat between its CEO Elon Musk and President Trump became increasingly heated. Investors are taking some comfort from White House aides scheduling a call between Musk and Trump to broker peace, as the Tesla boss signals he's open to moves to cool the situation. Reuters reports: Read more here. Sign in to access your portfolio
New York Post
30 minutes ago
- New York Post
White House staffer went on a revenge tour against Elon Musk, fanning flames with Trump — while bragging about Tesla stock drop
WASHINGTON — A top White House aide is taking the blame for helping trigger President Trump's fiery clash with Elon Musk — after speaking for months about giving the billionaire 'payback' and even gloating to colleagues when Tesla's stock price dropped, The Post has learned. Sergio Gor, Trump's director of presidential personnel, was instrumental in the president's decision late Saturday to yank the nomination of Musk's personal friend Jared Isaacman to be NASA administrator, turning a contained disagreement on legislation into a firestorm of insults, four sources inside or close to the White House tell The Post. 5 Sergio Gor, director of the White House presidential personnel office, during a Kennedy Center Board dinner with US President Donald Trump in Washington, DC, on Monday, May 19, 2025. Bloomberg via Getty Images Isaacman's donations to Democrats — including $100,000 in 2021 to a PAC linked to Senate Minority Leader Chuck Schumer (D-NY) — would disqualify most nominees under Gor's standard vetting process. But Isaacman wasn't pulled by Trump until hours after Musk left his unpaid White House role, at Gor's urging. Musk was Trump's top financial backer in the 2024 election and this week's clash has put the president's legislative agenda at risk — and even threatens long-term political damage after Musk endorsed Trump's potential impeachment. Musk and Gor disliked each other since before Trump reclaimed power on Jan. 20 — with the Tesla and SpaceX CEO describing Gor as 'sleazy' during the transition and questioning his staffing picks. But the world's richest man had the president's ear and friendship through last week. 5 Donald Trump and Elon Musk watch the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024 in Brownsville, Texas. Getty Images Simmering behind the scenes was a grudge nursed by Gor over a March 6 cabinet meeting, during which Musk 'humiliated' him by slamming the pace of staffing the administration, said the four sources, each of whom have interacted closely with Gor. 'He was bragging to other people that he was going to get one last shot at Elon out the door. He was going to get Elon back for making him look bad,' said one source. 'Elon was always telling the president 'Sergio's not moving fast enough to hire people. He's not the right guy for the job.' In front of the entire cabinet he said that. It's not just humiliating, but the president starts looking at him like, 'Why aren't you doing your f—ing job?'' Another said: 'Sergio was upset about Elon dressing him down at the meeting and said he was going to 'get him'. [Isaacman's nomination being pulled] was the modern-day equivalent of the assassination of Franz Ferdinand. Sure, Sergio got a scalp, but what did POTUS get?' Three sources say Gor's intensely personal dislike of Musk was illustrated by his periodic celebrations when Tesla's stock cratered. One source said that they were present when Gor laughed with satisfaction while showing off the dips in Musk's wealth. 'He'd go around showing Tesla stock prices going down and laugh about it, like he was responsible for taking the Tesla stock down,' one White House source revealed. The other said they heard from Gor repeatedly when Tesla stock tumbled. 5 White House Senior Advisor to the President and Tesla and SpaceX CEO Elon Musk departs the U.S. Capitol Building on March 5, 2025 in Washington, DC. Getty Images 5 President Donald Trump and Elon Musk attend a press conference in the Oval Office of the White House in Washington, D.C., U.S., May 30, 2025 REUTERS Gor denied to The Post that he ever sought revenge against Musk and insisted that claims he openly rejoiced at Tesla stock falling were false. Steve Bannon, a Gor supporter, told The Post that he believes that the breakdown had nothing to do with the relatively obscure White House aide — citing months of disagreements, including Musk's dislike of Trump's tariffs, Trump's cancelation of a planned Pentagon briefing for Musk about China and the president not acting to extend Musk's 130-day tenure as a special government employee. 'It's the president and Elon. This has nothing to do with Sergio Gor. Sergio Gor is a staffer that the president has to do things,' Bannon argued. 'Did Elon have a problem with Sergio? Yes, the fact that we are not hiring enough — guess what? — liberal f–king progressive Democrats.' Bannon, who has pushing for Musk to be deported despite him being a naturalized American citizen since 2002, added claims that Gor was at the root of the clash were 'absolutely ludicrous' 'This is all about the behavior … the incompetence, the lack of performance, the drugs which President Trump is very upset about, all of it, of Elon Musk,' Bannon said. Although the White House was rife with tension for months with Musk and Gor 'hating each other,' the bad feeling never spiraled out of hand until Thursday, when Trump and Musk went at each other with personal attacks. Although Musk's criticisms of the 'Big, Beautiful Bill' gained significant attention, the president was chummy with the tech mogul on his last day in government May 30 — despite clips circulating for three days of the billionaire telling 'CBS Sunday Morning' that 'I think a bill can be big or it can be beautiful but I don't know if it can be both.' As part of the send-off, Trump and Musk praised each other in the Oval Office, with the latter receiving an ornate key to the White House. Only after Isaacman's nomination was pulled Saturday night did the tit-for-tat build, with Musk calling the bill a 'disgusting abomination' Tuesday. The fight erupted further Thursday as Trump contended he would have won the election even without Musk's help and the businessman firing back that the Jeffrey Epstein files contain information on the president. 'The NASA guy was the straw that broke the camel's back,' one White House source said, arguing that Gor wanted 'to bury the knife in [Musk's] back.' 5 Elon Musk embraces Republican presidential nominee, former President Donald Trump during a campaign rally at the Butler Farm Show fairgrounds on October 05, 2024 in Butler, Pennsylvania. Getty Images Musk is not the only White House figure to cross Gor, according to this source, who added that the personnel boss helped far-right activist Laura Loomer gain a meeting with Trump in the Oval Office, after which six National Security Council officials were fired — while national security adviser Mike Waltz was moved out to become ambassador to the United Nations. 'There's just one staffer that's in the middle of every drama, leak and chaos that exists. It's been a detriment to the president and the organization,' they said. 'We've bounced basically two billionaires from the party and from the movement, because Sergio doesn't like them. And what does that do for anyone, or the cause?' White House Communications Director Steven Cheung called Gor 'a vital member of the team and he has helped President Trump put together an administration that is second to none.' But one source close to the White House said that illumination of the roots of the Trump-Musk feud could help prevent potentially devastating political consequences for Republicans. 'I think it will help,' the insider said. 'If Elon understands that this was not the president that was going after him and that the president was played by Sergio, I think Elon might look at it as an opportunity to say, 'Ok, let's put this s— to bed. And this guy thinks he's going to get me? I'm going to get him.''
Yahoo
34 minutes ago
- Yahoo
Why Are Donald Trump and Elon Musk Fighting? A Timeline of Their Friendship and Explosive Fallout
Elon Musk publicly endorsed President Donald Trump during his 2024 presidential campaign After winning the election, Trump appointed Musk as part of his administration The Tesla CEO left the White House in late May 2025 after a disagreement over the president's recent spending plan, which sparked an online feud between themPresident Donald Trump and Elon Musk's friendship has gone south. During the 2024 presidential election season, Trump and Musk grew closer after the SpaceX founder publicly endorsed him and showed his support on the campaign trail. After Trump won the election, he brought Musk into the Oval Office to serve as co-lead of the Department of Government Efficiency (DOGE). On May 30, Musk left his role in the administration after a disagreement over the president's spending plan, otherwise known as the "Big, Beautiful Bill." In the days to follow, Trump and Musk began feuding online on June 5, exchanging a series of insults on social media. In one of his jabs made on X, Musk claimed that "Trump would have lost the election" without him. That day, Trump was asked about Musk's online comments during an Oval Office press conference, to which he admitted that their friendship had soured. "Elon and I had a great relationship. I don't know if we will anymore," he said, adding that he is "very disappointed" in Musk. From supporting each other to exchanging a war of words online, here's a timeline of Donald Trump and Elon Musk's friendship-turned-feud. On July 13, 2024, Trump was injured after a bullet grazed his ear during an assassination attempt at one of his campaign rallies in Pennsylvania. That evening, Musk shared a video of Trump in the moments after the incident on X, writing, "I fully endorse President Trump and hope for his rapid recovery." In mid-August 2024, Trump and Musk engaged in a friendly conversation over a livestream on X, in which they discussed immigration, the economy, and then-President Joe Biden and then-Vice President Kamala Harris, per The New York Times. During the two-hour conversation, Trump congratulated Musk, seemingly on his 2022 acquisition of the platform formerly known as Twitter, per the outlet. Days later, Musk wrote on X that he was "willing to serve," posting a photo of himself as a representative of the Department of Government Efficiency (DOGE). On Oct. 5, 2024, Trump returned to the site of the July assassination attempt, with his ally Musk there in full support. According to the Associated Press, the billionaire wore a black cap with the "Make America Great Again" slogan of Trump's campaign, and called himself "Dark MAGA" in his remarks. On Nov. 6, 2024, after being called the projected winner of the election, Trump gave a speech from his watch party and gave Musk a special shout-out. "Let me tell you, we have a new star. A star is born, Elon," Trump said, adding that Musk is an "amazing guy." Later in the speech, Trump added, "He's a character, he's a special guy, he's a Super Genius." A few days after winning the presidential election, Trump announced that the "Great Elon Musk" had been appointed to co-lead DOGE alongside former GOP presidential candidate Vivek Ramaswamy. "Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies - Essential to the "Save America" Movement," Trump said in a statement at the time. He added, "I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans. ... I am confident they will succeed!" Ramaswamy left the role in January 2025 to pursue a gubernatorial campaign in Ohio, leaving Musk as the sole leader of DOGE. On Nov. 19, 2024, Trump attended a SpaceX "Starship" rocket launch in Texas alongside the SpaceX CEO. "I'm heading to the Great State of Texas to watch the launch of the largest object ever to be elevated, not only to Space, but simply by lifting off the ground," Trump wrote on Truth Social at the time. "Good luck to Elon Musk and the Great Patriots involved in this incredible project!" On Jan. 20, 2025, Musk attended Trump's inauguration in Washington, D.C., — and delivered a controversial speech at one of the events. "It is thanks to you that the future of civilization is assured," Musk said before delivering a one-armed salute that many believed resembled a Nazi-style gesture. Musk responded to the backlash the following month during an appearance on The Joe Rogan Experience. 'I did not see it coming,' he said, putting "not" and "see" together to sound like 'Nazi." In early March, Trump turned part of the White House's lawn into a temporary Tesla showroom to support Musk's company amid its struggles, per NBC News. Five Tesla vehicles were lined up on the driveway for Trump to inspect and show off, prompting him to call them 'beautiful' and claim he'd buy one himself. 'As soon as I saw it, I said, 'That is the coolest design,' ' Trump said of the Cybertruck model, per NBC News. After the showcase, Trump ultimately purchased a red Model S, valued at around $80,000. In an interview with CBS News in late May 2025, Musk said he was "disappointed" by Trump's signature tax and spending bill. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," he explained. One day later, Musk announced that he was leaving the White House. "As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending," he wrote on X. They met in the Oval Office for a final joint press conference on May 30, in which the billionaire wore a black "DOGE" cap and a shirt that read "The Dogefather." Shortly after parting ways with the White House, Musk continued to speak out about Trump's spending bill on X, writing that he couldn't "stand it anymore." "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination," he wrote. "Shame on those who voted for it: you know you did wrong. You know it." The budget legislation passed the House of Representatives on May 22. According to the nonpartisan Congressional Budget Office, it funds tax cuts and increased military spending in part by slashing federal health and energy programs, while potentially adding an estimated $3.8 trillion to the national deficit. One day after Musk called Trump's bill an "abomination," their feud escalated online as they continued to insult each other over social media in a series of posts. It began with Musk further criticizing the bill, leading him to resurface Trump's old posts from the 2010s, including one in which Trump said he was "embarrassed" to be a Republican in 2013 and several that expressed contrary viewpoints to the "Big Beautiful Bill." They then went back and forth for hours throughout the day, prompting Trump to threaten to cut billions in federal subsidies and tax cuts for Musk's companies in a post on Truth Social. 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' he wrote, per The New York Times. 'I was always surprised that Biden didn't do it!' Musk continued to make explosive comments, writing on X, "Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!" He followed up in another post, "The truth will come out." Trump had been previously linked to disgraced financier and pedophile Jeffrey Epstein, after his name was mentioned seven times in flight logs released earlier in 2025. Later that day, White House press secretary Karoline Leavitt called Musk's claims an "unfortunate episode" in a statement to CNN. 'This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted," Leavitt said. "The President is focused on passing this historic piece of legislation and making our country great again." On June 6, Trump told CNN that he is "not even thinking about Musk," adding that he "won't be speaking to him for a while." "He's got a problem," Trump said. "The poor guy's got a problem." A White House official then told The New York Times that Trump had decided to sell the red Tesla he acquired back in March, while ABC News reported that a White House official indicated Trump would either sell or give away the vehicle. Read the original article on People
