Stock market today: Dow, S&P 500, Nasdaq futures rise as Trump-Musk feud cools, with jobs report on deck
US stock futures climbed on Friday amid signs of a potential truce in the acrimonious feud between President Trump and Elon Musk, with the crucial monthly US jobs report on deck.
Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all gained around 0.4%.
Markets shaken by the rapid escalation in Trump-Musk hostilities welcomed olive branches being offered by both sides on Friday. The White House has scheduled a peace call between the president and the Tesla (TSLA) CEO, while Musk has signaled he's open to making a move to cool tensions and backed off his threat to decommission the Dragon spacecraft used by NASA.
Tesla shares rose over 4% in pre-market trading, after closing more than 14% lower 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 to cut off government 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.
Read more: The latest on Trump's tariffs
The May jobs report is in even higher focus as the latest data revealed signs of "paralysis" in the US economy — an indication the tide may be shifting. The nonfarm-payrolls release is due at 8:30 a.m. ET, and investors are expecting to see hiring slowed while unemployment held flat.
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.
Elon Musk has taken back his threat to decommission the Dragon spacecraft, currently produced by SpaceX and used for ferrying people and essential items to the International Space Station.
Bloomberg reports:
Read more here.
Lululemon (LULU)
Shares in the apparel company plunged 21.7% after the company issued weaker-than-expected guidance for the second quarter and claimed profits are at risk in a "dynamic macro-environment". The brand expects Q2 earnings per share in the range of $2.85 to $2.90, significantly below Wall Street's consensus estimate of $3.29.
DocuSign (DOCU)
DocuSign stock dropped 16.9% in after-hours trading following a miss on billings growth. The digital agreements company reported Q1 billings of $739.6 million, falling short of the $746.2 million consensus from analysts.
Samsara (IOT)
Shares in the software company plunged 12.5% despite beating earnings expectations after Samsara issued guidance that pointed to slowing revenue growth. For the fiscal second quarter, the company expects revenue between $371 million and $373 million, up from $367 million in the previous quarter.
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.
Elon Musk has taken back his threat to decommission the Dragon spacecraft, currently produced by SpaceX and used for ferrying people and essential items to the International Space Station.
Bloomberg reports:
Read more here.
Lululemon (LULU)
Shares in the apparel company plunged 21.7% after the company issued weaker-than-expected guidance for the second quarter and claimed profits are at risk in a "dynamic macro-environment". The brand expects Q2 earnings per share in the range of $2.85 to $2.90, significantly below Wall Street's consensus estimate of $3.29.
DocuSign (DOCU)
DocuSign stock dropped 16.9% in after-hours trading following a miss on billings growth. The digital agreements company reported Q1 billings of $739.6 million, falling short of the $746.2 million consensus from analysts.
Samsara (IOT)
Shares in the software company plunged 12.5% despite beating earnings expectations after Samsara issued guidance that pointed to slowing revenue growth. For the fiscal second quarter, the company expects revenue between $371 million and $373 million, up from $367 million in the previous quarter.
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