Stock market today: Dow, S&P 500, Nasdaq futures edge higher after phone call between Trump and Xi
US stock futures rose on Thursday on hopes that a conversation between President Trump and Chinese leader Xi may thaw a strained trade truce between the two countries.
Dow Jones Industrial Average futures (YM=F) rose 02% after the blue-chip index snapped a four-day win streak on Wednesday. Contracts on the S&P 500 (ES=F) and on the tech-heavy Nasdaq 100 (NQ=F) gained 0.2%
Futures turned higher after President Trump and Chinese leader Xi Jinping spoke on Thursday at Trump's request, Chinese state media said. The call comes after weeks of Trump publicly pushing for the talk, as US-China tensions have risen in the aftermath of the countries' trade truce reached in mid-May in Geneva.
The market movement comes after this week's stock rally lost steam on Wednesday. Downbeat data on private-sector hiring growth and the services sector have stoked concerns that the US economy is starting to feel negative effects from Trump's sweeping tariffs.
Weekly claims for unemployment benefits hit their highest level in eight months during the final full week of May, according to the latest Department of Labor data released Thursday morning. The number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years, as the US labor market continues to show signs of slowing.
Investors now await Friday's release of the closely watched May jobs report, which economists say will offer the "first real look at how the labor market is faring under a rapidly changing trade environment."
Read more: The latest on Trump's tariffs
Meanwhile, China's curbs on rare-earth exports have emerged as a key front in the trade war. The US auto parts industry warned of "serious, real-time risks" as it called for immediate action, as Ford (F) and carmakers overseas put production of some models on pause.
On the corporate front, Lululemon (LULU) and Broadcom (AVGO) are due to report quarterly results on Thursday as earnings season winds to a close.
Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill.
"Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday.
Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past.
Yahoo Finance's Pras Subramanian reports:
Read more here.
Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing.
Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000.
Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs.
Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong.
Bloomberg reports:
Read more here.
As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress.
Not, however, for bonds, notes Yahoo Finance's Hamza Shaban:
Read more here in today's Morning Brief.
Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO)
Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final)
Here are some of the biggest stories you may have missed overnight and early this morning:
Bonds are 'boring' — but they're critical to focus on right now
US plans wider China tech curbs targeting subsidiaries
401(k) savings rate hit a record in first quarter: Fidelity
US business optimism slumps in 'clear pivot' from Trump election
Tesla: Musk may be changing his tune on EV tax credits
Trump tariffs: China's rare-earth broadside hits its target
Tide maker Procter & Gamble is slashing 7,000 jobs
Amazon tests humanoid robots to replace delivery workers: Report
Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers.
The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported.
Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X.
PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs.
Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business."
Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday.
Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today.
Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months.
Bloomberg reports:
Read more here.
Tesla (TSLA) stock slumped more than 3% in premarket trading as CEO Elon Musk continued his public feud with policymakers over President Trump's tax and spending bill.
"Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X on Wednesday.
Some have speculated that these outbursts may in part have to do with Musk's concern that Congress will do away with the federal EV tax credit, which helped the company by making its cars more affordable to consumers. Though Musk has also downplayed Tesla's reliance on the tax credit in the past.
Yahoo Finance's Pras Subramanian reports:
Read more here.
Weekly claims for unemployment benefits hit their highest level in more than seven months during the final full week of May while the number of Americans filing for unemployment insurance on an ongoing basis continued to hover near its highest level in nearly four years as the US labor market continues to show signs of slowing.
Data from the Department of Labor released Thursday morning showed 247,000 initial jobless claims were filed in the week ending May 231, up from 239,000 the week prior and above economists' expectations for 235,000.
Meanwhile, 1.904 million continuing claims were filed, down slightly from 1.907 million the week prior and near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs.
Silver surged to its highest level since February 2012, rising about 4% to above $36 an ounce on Thursday morning. Gold also rose 0.5% as demand for the metals remained strong.
Bloomberg reports:
Read more here.
As millions of people flooded into the stock market over the past few years, understanding of the things that move markets seems to have made noticeable progress.
Not, however, for bonds, notes Yahoo Finance's Hamza Shaban:
Read more here in today's Morning Brief.
Earnings: Broadcom (AVGO), DocuSign (DOCU), Lululemon (LULU), Cracker Barrel (CBRL), Duluth Trading (DLTH), Land's End (LE), Petco (WOOF), Rubrik (RBRK), Victoria's Secret (VSCO)
Economic data: Initial jobless claims (week ending May 31); Continuing claims (week ending May 24); Challenger job cuts (May); Nonfarm productivity (first quarter final); Unit labor costs (first quarter final)
Here are some of the biggest stories you may have missed overnight and early this morning:
Bonds are 'boring' — but they're critical to focus on right now
US plans wider China tech curbs targeting subsidiaries
401(k) savings rate hit a record in first quarter: Fidelity
US business optimism slumps in 'clear pivot' from Trump election
Tesla: Musk may be changing his tune on EV tax credits
Trump tariffs: China's rare-earth broadside hits its target
Tide maker Procter & Gamble is slashing 7,000 jobs
Amazon tests humanoid robots to replace delivery workers: Report
Procter & Gamble (PG) said Thursday it will cut 7,000 jobs — or around 6% of its global workforce — as it grapples with rising tariff-related costs and shifts in demand from penny-watching shoppers.
The consumer products giant's two-year restructuring plan also calls for the dropping of certain product categories and brands, Reuters reported.
Shares in P&G were little changed in premarket trading as investors assessed the news from the world's largest consumer goods company.
Yahoo Finance's Brian Sozzi reports:
Read more here.
Here are some top stocks trending on Yahoo Finance in premarket trading:
Tesla (TSLA) stock fell over 1% in premarket trading on Thursday following CEO Elon Musk's latest attack on President Trump's tax bill. Musk said: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL," Musk posted on X.
PVH Corp (PVH), the owner of designer brand Calvin Klein, stock dropped 8% before the bell after cutting its profit outlook for the year, citing weakness in the US, China and tariffs.
Zac Coughlin, Chief Financial Officer, said, 'We are reaffirming our revenue guidance for the year but are decreasing our outlook for profitability and earnings per share to reflect that backdrop and the current performance of our business."
Robinhood (HOOD) stock rose 1% following Bank of America (BAC) saying the online brokerage is a "prime candidate" to enter the S&P 500 Index in the rebalancing set to be announced Friday.
Broadcom (AVGO) stock rose 1.4% in premarket trading ahead of second-quarter earnings report, due for release later today.
Optimism in the current state of the US economy and of US businesses has seen a rapid decline throughout 2025. After a sharp peak following President Trump's reelection, hope for a stable economy has been in free fall, dropping 40% in less than six months.
Bloomberg reports:
Read more here.
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