Wall Street surged into rally mode during the final trading session of the week as better-than-expected jobs data helped ease fears <a href="https://www.benzinga.com/markets/economic-data/25/06/45818251/trump-cheers-strong-jobs-data-renews-attack-on-feds-powell-rates-should-be-much-lower">of an economic slowdown.</a>



In May, nonfarm payrolls increased by 139,000—a slight dip from April's downwardly revised 147,000, but above economist forecasts of 130,000. The unemployment rate held steady at 4.2%, while wage growth beat expectations, signaling a potential<a href="https://www.benzinga.com/markets/economic-data/25/06/45812372/us-labor-markets-defies-tariff-concerns-as-nonfarm-payrolls-wages-top-expectations-in-may"> boost to consumer spending.</a>



The S&amp;P 500 rose 0.9% nearing the 6,000 mark, its highest level since Feb. 24. The Nasdaq 100 climbed 1% to over 21,720, putting tech stocks within striking distance—just 2 percentage points—of record highs.



In equities, Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) rebounded 5.6%, partially recovering from Thursday's 14% plunge triggered by a high-profile clash between Elon Musk and President Donald Trump. Cooler rhetoric on Friday helped sentiment, after the White House said no call between Trump and Musk was currently planned.



Stronger-than-expected economic data also lifted the U.S. dollar and Treasury yields, with the 10-year yield climbing 10 basis points to 4.5%.



Gold dropped 0.9% to $3,321, heading for its worst session of the week. In contrast, crude oil rallied 2.5% to nearly $65 a barrel—its highest since early April—on signs of easing geopolitical risk as Trump and Chinese President Xi Jinping agreed to meet, calming market fears of a renewed tariff war that could dent global energy demand.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) advanced 3.4% to $105,000, nearly erasing Thursday's decline.



Read also: <a href="https://www.benzinga.com/news/politics/25/06/45817556/trump-musk-feud-sends-betting-markets-into-overdrive-heres-what-traders-see-next">Trump-Musk Feud Sends Betting Markets Into Overdrive: Here&#8217;s What Traders See Next</a>



<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg (%)</td></tr><tr><td>Russell 2000</td><td>2,126.31</td><td>1.4%</td></tr><tr><td>Nasdaq 100</td><td>21,727.92</td><td>1.0%</td></tr><tr><td>S&amp;P 500</td><td>5,993.56</td><td>0.9%</td></tr><tr><td>Dow Jones</td><td>42,648.75</td><td>0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:40 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.8% to $597.90.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.8% to $427.22.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.9% to $529.17.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.4% to $211.34.</li>



<li>The&nbsp;Energy&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) outperformed, up 2%; the&nbsp;Utilities&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 0.1%.</li>
</ul>



<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) fell 4% despite slightly beating the Street&#8217;s estimates on both sales and earnings last quarter.</li>



<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) tumbled 20% as strong first-quarter results were overshadowed by a lowered full-year profit outlook, driven by rising tariff costs and increased markdowns.</li>



<li>Other stocks reacting to earnings included DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) down 18.4%, Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) down 3.7%, Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>), down 4.9% and ABM Industries Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>) down 14.5%. </li>
</ul>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/commodities/25/06/45819573/silver-tops-36-triggering-a-generational-technical-breakout">Silver Tops $36, Triggering A Generational Technical Breakout </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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Macro Economic Events

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Broad U.S. Equity ETFs

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Stocks Rally On Strong Jobs Numbers; Tesla Rebounds As Trump-Musk Feud Softens: What's Driving Markets Friday?

The May employment report delivered a stronger-than-expected performance, fueling optimism across markets and a full-throated celebration from President Donald Trump—who simultaneously stepped up his public campaign to push Federal Reserve Chair Jerome Powell <a href="https://www.benzinga.com/markets/economic-data/25/06/45812372/us-labor-markets-defies-tariff-concerns-as-nonfarm-payrolls-wages-top-expectations-in-may">toward cutting interest rates.</a>



Nonfarm payrolls rose by 139,000 last month, topping forecasts of 130,000. Wage growth also beat expectations, with average hourly earnings climbing 0.4% month over month and 3.9% year over year. The unemployment rate held steady at 4.2%.



Trump reacted swiftly on Truth Social, hailing the numbers as proof of the economy's continued strength under his leadership: 



&#8220;Great job number, stock market up big!,&#8221; Trump wrote. 



But beyond celebration, the president issued another sharp call for aggressive monetary easing, targeting Powell directly.



"‘Too Late' at the Fed is a disaster!" Trump posted. 



"Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!" 



He added that "borrowing costs should be much lower," indicating that inflation is no longer a concern and that delaying action would "cost our Country a fortune."



<h3 class="wp-block-heading">Economists Say Fed Can Take Its Time</h3>



Despite Trump&#8217;s renewed pressures on Powell, most economists reading the May jobs report say the data gives the Federal Reserve more reason to remain cautious—not less.



Economist Mohamed El-Erian said the report sent a "clear message" that the central bank can afford to delay any cuts, given that "both May job creation and wage growth were higher than consensus forecasts."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One clear message from today's US jobs report is that, whatever the average expectations were for Fed rate cuts, they should now be somewhat smaller and somewhat later. Why? Because BOTH May job creation AND wage growth were higher than the consensus forecasts. Specifically, Job…&mdash; Mohamed A. El-Erian (@elerianm) <a href="https://twitter.com/elerianm/status/1930984774111199441?ref_src=twsrc%5Etfw">June 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bill Adams, economist of Comerica Bank struck a similar tone, suggesting "the Fed will notice deterioration at the edges," but not enough to justify action in the near term.



Steve Wyett, chief investment strategist at BOK Financial noted the "deleterious impacts of uncertain tariff policies have yet to be fully reflected," adding that while the Fed remains in a holding pattern, the door remains open to cuts later this year.



Jeffrey Roach, chief economist at LPL Financial described the labor market's slowdown as "quite smooth so far without many surprises." He said that, although payroll growth is moderating, the economy remains on stable footing and the Fed has no reason to act quickly.



Money markets now expect the first interest rate cut to come by October 2025, with CME Group's FedWatch tool showing an 83% chance of a second cut in December.



<h3 class="wp-block-heading">Markets Rally In Response, Treasury Yields Rise</h3>



Investors welcomed the report. 



The S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – broke above 6,000 points, rising 1.1% on Friday. The Nasdaq 100 gained 1.2% to 21,800. The tech-heavy index now trades at less than 2 percentage points below record highs. 



The bond market responded with higher yields, as traders dialed back expectations for imminent Fed action. The 10-year Treasury yield climbed 6 basis points to 4.47%, while the 30-year yield rose 5 points to 4.93%. 



The U.S. dollar index gained 0.5%, and gold slipped 0.9% to $3,330 an ounce.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/economic-data/25/06/45777617/peak-pessimism-on-us-treasuries-history-says-a-summer-rally-may-be-near">Peak Pessimism On US Treasuries? History Says A Summer Rally May Be Near </a></li>
</ul>



Image created using photos from Shutterstock.

Analyst Color

Federal Reserve

Analyst Ratings

Trump Cheers Strong Jobs Data, Renews Attack On Fed's Powell: Rates 'Should Be Much Lower'

Speculators are rushing to prediction markets as a high-stake and brutal feud between President Donald Trump and Elon Musk triggers a wave of wagers on electric vehicle subsidies, Musk's government ties <a href="https://www.benzinga.com/topic/donald-trump">and shifting political alliances. </a>



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) plummeted 14.26% on Thursday, erasing $152 billion in value — the electric vehicle maker&#8217;s worst single-day loss in over two years.



<h1 class="wp-block-heading">Trump's Tax Bill And Musk's Political Pivot</h1>



The feud broke out after Trump unveiled a sweeping tax proposal that includes eliminating federal electric vehicle subsidies — in what he dubbed "One Big Beautiful Bill."



Musk fired back on X, saying he had nothing to do with Trump's tax bill and blasting both the process and the content of the legislation, that he dubbed &#8220;Big Ugly Bill.&#8221;



"His bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!" Musk wrote. 



He mocked Trump's branding of the bill, saying, "In the entire history of civilization, there has never been legislation that both big and beautiful. Everyone knows this!"



Musk added that the real path forward is "slim and beautiful," not bloated government spending. He argued that cutting EV and solar incentives made sense — but only if Congress also rolled back what he called "crazy spending increases in the Big Ugly Bill."



"Congress is spending America into bankruptcy," he warned.



According to the latest Congressional Budget Office estimates, the tax bill is slated to increase the U.S. government deficit by $2.4 trillion by 2034. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The Big Ugly Bill will INCREASE the deficit to $2.5 trillion! <a href="https://t.co/jEMS6coT3V">https://t.co/jEMS6coT3V</a>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1930682121464795484?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trump responded moments later, saying Musk had "gone CRAZY" after losing access to government EV mandates. "I asked him to leave," Trump posted, "and I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!)."



Trump defended the bill as one of the "greatest" ever introduced to Congress, claiming it includes a record $1.6 trillion in spending cuts and the biggest tax cut in U.S. history. He warned that failure to pass it would trigger a 68% tax increase and "things far worse than that."



Then came the real bombshell: in a separate post, Musk wrote, "Time to drop the really big bomb. Trump is in the Epstein files. That is the real reason they have not been made public.!" He offered no evidence to support the explosive claim.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Time to drop the really big bomb:<a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a> is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1930703865801810022?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trump countered by threatening to review all federal contracts with Musk's businesses, including SpaceX and satellite internet provider Starlink. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon&#39;s Governmental Subsidies and Contracts. I was always surprised that Biden didn&#39;t do it!&mdash; Trump Posts on &#120143; (@trump_repost) <a href="https://twitter.com/trump_repost/status/1930696111213482024?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Musk&#8217;s push for a new political movement also caught fire. In a viral X poll, he asked users whether it was time to form a new party to represent the "80% in the middle." Out of nearly 5 million responses, 80% said yes. 







<h1 class="wp-block-heading">What Do Betting Odds Reveal About What Comes Next?</h1>



According to Kalshi, a CFTC-regulated prediction market platform, traders are now speculating on several key outcomes. (These text figures are from 11 a.m. ET on June 6. Note that these graphs reflect real-time wagers.) 



<ul class="wp-block-list">
<li>76% chance Trump ends the electric vehicle tax credit this year</li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXEVCREDITS-29/markets/KXEVCREDITS-29?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<ul class="wp-block-list">
<li>40% probability Trump releases Epstein-related files</li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXEPSTEIN-26/markets/KXEPSTEIN-26?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<ul class="wp-block-list">
<li>35% chance Musk unfollows Trump on X by year's end</li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXEVCREDITS-29/markets/KXEVCREDITS-29?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<ul class="wp-block-list">
<li>8% chance Musk rejoins Trump's administration this year: If the event resolves as &#8216;Yes&#8217;, a $100 wager would pay out $612.</li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXJOINADMINMUSK-25/markets/KXJOINADMINMUSK-25?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<ul class="wp-block-list">
<li>14% chance Musk supports Democrats in 2028</li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXPRESENDORSEMUSKD-28/markets/KXPRESENDORSEMUSKD-28?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



<ul class="wp-block-list">
<li>Only a 7% probability that the U.S. administration announces an outright ban on social media X: A $100 bet would return $1,270 if the ban occurs. </li>
</ul>



<iframe loading="lazy" src="https://kalshi.com/external-widgets/events/KXBANXUS-26/markets/KXBANXUS-26?color_scheme=light&#038;widget_size=medium&#038;variant=a&#038;utm_campaign=benzinga_widget" width="488px" height="242px" style="border:0"></iframe>



 Read Next: •<a href="https://www.benzinga.com/markets/market-summary/25/06/45809203/investors-pay-the-price-as-musk-trump-war-of-words-escalates-once-allies-now-foes-their-linked-stocks-crypto-and-funds-wipe-out-155-billion-in-a-single-day"> Investors Pay The Price As Musk-Trump War Of Words Escalates: Once Allies, Now Foes, Their Linked Stocks, Crypto And Funds Wipe Out $155 Billion In A Single Day</a>



Photos: Shutterstock

Global

Trump-Musk Feud Sends Betting Markets Into Overdrive: Here's What Traders See Next

The U.S. labor market showed surprising resilience in May, as job creation outpaced forecasts and wage growth accelerated, defying concerns that mounting tariffs and trade friction would <a href="https://www.benzinga.com/news/econ-s">drag down economic momentum.</a>



Nonfarm payrolls rose by 139,000 in May, beating consensus expectations of 130,000, according to data released Friday by the Bureau of Labor Statistics. 



While the figure is slightly below April's revised 147,000, it marks a solid gain that reassured markets about the labor market's underlying strength.



Private sector hiring came in at 140,000, also ahead of the 120,000 expected, underscoring strong demand in services and other non-government industries. Yet, government employment also dipped, with payrolls shrinking by 1,000.



Average hourly earnings rose 0.4% in May, the strongest monthly increase since January and ahead of the expected 0.3%. 



On a year-over-year basis, wages climbed 3.9%, unchanged from April but well above the forecast of 3.7%. 



<h3 class="wp-block-heading">Market Reaction</h3>



U.S. equity markets positively responded to the stronger-than-expected report. Futures on the S&amp;P 500 were 0.9% higher by 8:35 a.m. ET on Friday. On Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell by 0.5%. 



The U.S. dollar index – as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) – rose by 0.3%.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/45809783/us-stocks-likely-to-open-higher-traders-have-become-jaded-about-trumps-tumultuous-trade-dealmaking-says-expert">US Stocks Likely To Open Higher: &#8216;Traders Have Become Jaded About Trump&#8217;s Tumultuous Trade Dealmaking,&#8217; Says Expert </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

US Labor Markets Defies Tariff Concerns As Nonfarm Payrolls, Wages Top Expectations In May

Manchester United (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MANU#NYSE">MANU</a>)&nbsp;stock gained on Friday after the company reported its <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/b45810248/manchester-united-plc-reports-third-quarter-fiscal-2025-results" rel="noreferrer noopener">third-quarter results</a>.



The football club reported quarterly net sales of 160.5 million British Pounds, lower than 136.7 million British Pounds a year ago. In U.S. Dollars, quarterly sales of $202.03 million missed <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">the street view</a> of $202.47 million.



Total revenues increased 17.4% in the quarter, primarily driven by increases across all three key revenue streams. Additional matches played in the quarter resulted from strong performance in the UEFA Europa League and high demand for the Club&#8217;s hospitality offering.



Also Read: <a href="https://www.benzinga.com/news/25/02/43939379/manchester-united-to-cut-hundreds-of-jobs-in-financial-overhaul" target="_blank" rel="noreferrer noopener">Manchester United To Cut Hundreds Of Jobs In Financial Overhaul</a>



Broadcasting revenue increased 10.1%, Commercial revenue grew 7.3%, and Matchday revenue climbed 50.3%.



Four more home matches than the prior year&#8217;s quarter, alongside strong demand for its hospitality offering, drove Matchday&#8217;s revenue.



Operating profit in the quarter was 0.7 million pounds, compared to a 66.2 million pounds loss in the year-ago period.



The quarterly adjusted EBITDA was 51.2 million pounds, up by 273.7% from 13.7 million pounds a year ago.



CEO Omar Berrada expressed disappointment in finishing as the runner-up in the UEFA Europa League. It expressed contentment with the performance of its women&#8217;s team.



Berrada said it remains focused on infrastructure, with the redevelopment of its Carrington Training Complex continuing and on track. It also announced its aspiration to pursue a new 100,000-seat stadium next to Old Trafford.



Outlook: For fiscal 2025, the company now expects revenue of 660 million pounds-670 million pounds (prior 650 million pounds-670 million pounds) versus <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">the street view</a> of 664.59 million.



It now expects adjusted EBITDA of 180 million pounds-190 million pounds (prior 145 million pounds-160 million pounds).



Price Action:&nbsp;MANU shares are trading higher by 5.07% to $14.51 premarket at last check Thursday.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/bonds/25/06/45723708/rivian-stock-goes-red-after-offering-1-25-billion-green-bond-to-refinance-2026-debt" target="_blank" rel="noreferrer noopener">Rivian Stock Goes Red After Offering $1.25 Billion Green Bond To Refinance 2026 Debt</a></li>
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Image: Shutterstock

Earnings

News

Guidance

MANU

Manchester United Stock Jumps After Q3 Profit Turnaround, Matchday Growth, And Stadium Plans

The ongoing public dispute between the CEO of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Elon Musk, and President Donald Trump has caused a stir in the financial markets, wiping nearly $155 billion of investor wealth in a single day.



What Happened: The Musk-Trump dynamic took a sharp turn after the former began criticizing the government&#8217;s new tax bill, terming it a &#8220;spending bill&#8221; and calling it a &#8220;<a href="https://www.benzinga.com/news/politics/25/06/45757029/elon-musk-slams-congressional-spending-bill-as-a-disgusting-abomination">disgusting abomination</a>&#8221; earlier this week.



This comes after Musk&#8217;s late May <a href="https://www.benzinga.com/25/05/45661836/tesla-stock-gains-215-after-hours-as-elon-musk-ends-doge-government-role">exit from the Department of Government Efficiency</a>, or DOGE, which was directed to reducing the &#8220;wasteful spending&#8221; by the administration. &#8211;



On Thursday, Musk and Trump engaged in a <a href="https://www.benzinga.com/news/politics/25/06/45800612/trump-says-musk-has-trump-derangement-syndrome-as-battle-over-bill-heats-up-had-a-great-relationship-dont-know-if-we-will-anymore">very public spat</a> on social media, and both were seen allaying accusations against each other.



These developments dragged the stocks linked to their businesses lower in trade. While Tesla&#8217;s market capitalization dropped from $1,069 billion to $916.7 billion, the firm erased <a href="https://www.benzinga.com/news/movers-shakers/25/06/45807280/elon-musk-bleeds-34-billion-as-tesla-shares-tank-14-amid-spat-with-trump-how-the-billionaires-fortune-has-fared-so-far-in-2025">$152.3 billion</a> of investor wealth.



Similarly, the market cap of Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>) fund, which owns 34.6% of Musk&#8217;s SpaceX, tumbled from $466 million to $408 million, destroying $58 million of the wealth.



On the other hand, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) wiped $490 million of the investor wealth, which is held by the <a href="https://www.benzinga.com/markets/equities/24/12/42609228/trump-transfers-entire-djt-stake-to-revocable-trust-ahead-of-inauguration">Donald J. Trump Revocable Trust</a>, with Trump being the sole beneficiary of the trust. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Stocks</td><td>M-Cap On Wed, June 4</td><td>M-Cap On Thurs, June 5</td><td>Change</td></tr><tr><td>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>$1069 billion</td><td>$916.7 billion</td><td>$152.3 billion</td></tr><tr><td>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>)</td><td>$6.05 billion</td><td>$5.56 billion</td><td>$0.49 billion</td></tr><tr><td>Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>)</td><td>$0.466 billion</td><td>$0.408 billion</td><td>$0.058 billion</td></tr></tbody></table></figure>



Meanwhile, the cryptocurrencies linked to both Musk and Trump also tumbled.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrencies</td><td>M-Cap On Wed, June 4</td><td>M-Cap On Thurs, June 5</td><td>Change</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$28.61 billion</td><td>$26.90 billion</td><td>$1.71 billion</td></tr><tr><td>Official Trump (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>)</td><td>$2.196 billion</td><td>$2.023 billion</td><td>$0.173 billion</td></tr></tbody></table></figure>



Cumulatively, the three securities erased $154.731 billion in investor wealth in just a single day.



See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/25/06/45764818/bill-ackman-urges-end-to-fannie-mae-freddie-mac-conservatorship-says-will-enable-them-to-operate-more-successfully-and-efficiently" target="_blank" rel="noreferrer noopener">Bill Ackman Urges End To Fannie Mae, Freddie Mac Conservatorship: Says Will Enable Them To ‘Operate More Successfully And Efficiently'</a>



Why It Matters: Despite the apparent tension, Trump seemed unfazed, in an interview <a href="https://www.politico.com/news/2025/06/05/trump-white-house-aides-signal-a-possible-detente-with-musk-00391502">with</a> Politico on Thursday, stating, &#8220;Oh, it&#8217;s okay.&#8221; 



"It's going very well, never done better." He also mentioned his high favorability ratings, indicating a <a href="https://www.benzinga.com/news/politics/25/06/45807968/trump-signals-truce-with-elon-musk-after-online-feud-its-going-very-well-never-done-better">possible shift in his stance</a> towards Musk. 



President's aides have even scheduled a call with Musk to potentially resolve the conflict.



However, the shares of these companies witnessed a sharp drop on Thursday.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Stocks</td><td>Thursday Close</td><td>YTD Performance</td></tr><tr><td>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>-14.26%</td><td>-24.94%</td></tr><tr><td>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>)</td><td>-8.04%</td><td>-40.86%</td></tr><tr><td>Destiny Tech100 Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DXYZ#NYSE">DXYZ</a>)</td><td>-12.42%</td><td>-34.39%</td></tr></tbody></table></figure>



Benzinga Edge Stock Rankings show that Tesla had a weaker price trend over the short and medium terms but a strong trend over the long term. Its momentum ranking was solid, and its value ranking was poor at the 9.28th percentile. The details of other metrics are<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> available here</a>.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="152" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034621/TSLA-EDGE-NEW-NEW-1024x152.png" alt="" class="wp-image-940810" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034621/TSLA-EDGE-NEW-NEW-1024x152.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034621/TSLA-EDGE-NEW-NEW-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034621/TSLA-EDGE-NEW-NEW-768x114.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034621/TSLA-EDGE-NEW-NEW.png 1155w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Benzinga Edge Stock Rankings show that DJT had a weaker price trend over the short, medium, and long term. Its momentum ranking was poor, and its value ranking was also poor at the 0.94th percentile. The details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a> 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="150" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034600/DJT-edge-new-new-1024x150.png" alt="" class="wp-image-940809" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034600/DJT-edge-new-new-1024x150.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034600/DJT-edge-new-new-300x44.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034600/DJT-edge-new-new-768x112.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034600/DJT-edge-new-new.png 1156w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Benzinga Edge Stock Rankings show that DXYZ had a weaker price trend over the medium term but a strong trend over the short and long term. Its momentum ranking was solid at the 97.03th percentile. The details of other metrics are <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">available here.</a>



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034516/DXYZ-Edge-1024x147.png" alt="" class="wp-image-940807" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034516/DXYZ-Edge-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034516/DXYZ-Edge-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034516/DXYZ-Edge-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06034516/DXYZ-Edge.png 1177w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/macro-economic-events/25/06/45790628/elon-musk-mike-lee-back-warren-buffetts-5-minute-fix-for-us-deficit-crisis-all-the-sitting-members-of-congress-are-ineligible-for-re-election-if-this-happens">Elon Musk, Mike Lee Back Warren Buffett&#8217;s &#8216;5-Minute&#8217; Fix For US Deficit Crisis: &#8216;All The Sitting Members Of Congress Are Ineligible For Re-Election&#8217; If This Happens </a></li>
</ul>



Photo courtesy: Joey Sussman / Shutterstock.com

Politics

$DOGE

$TRUMP

DXYZ

Investors Pay The Price As Musk-Trump War Of Words Escalates: Once Allies, Now Foes, Their Linked Stocks, Crypto And Funds Wipe Out $155 Billion In A Single Day

U.S. stock futures rose on Friday after closing lower on Thursday. Futures of major benchmark indices advanced in premarket.



This came after President Donald Trump hinted at a <a href="https://www.benzinga.com/news/politics/25/06/45807968/trump-signals-truce-with-elon-musk-after-online-feud-its-going-very-well-never-done-better">possible reconciliation</a> with Elon Musk following a public spat. In an interview with Politico <a href="https://www.politico.com/news/2025/06/05/trump-white-house-aides-signal-a-possible-detente-with-musk-00391502">on</a> Thursday, Trump was unfazed about the questions on his feud with Musk, stating, &#8220;Oh it&#8217;s okay.&#8221; 



"It's going very well, never done better,&#8221; he said as his aides have scheduled a call with Musk to potentially resolve the conflict.



The disagreement between the two influential figures stemmed from Trump&#8217;s &#8220;big beautiful bill,&#8221; a legislative proposal outlining his presidential agenda. Their exchanges grew increasingly bitter, leading aides and allies to step in. Ultimately, Musk indicated a willingness to reconcile.



The investors will be on the lookout for May&#8217;s U.S. employment report, slated to be released later today. The nonfarm payrolls are expected to rise by 130,000, down from April&#8217;s 170,000 gain.



The 10-year Treasury bond yielded 4.38% and the two-year bond was at 3.92%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 97.6% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>0.35%</td></tr><tr><td>S&amp;P 500</td><td>0.42%</td></tr><tr><td>Nasdaq 100</td><td>0.41%</td></tr><tr><td>Russell 2000</td><td>0.60%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, rose in premarket on Friday. The SPY was up 0.43% at $595.60, while the QQQ advanced 0.45% to $527.14, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Communication services stocks on the S&amp;P 500 closed higher on Thursday, bucking the overall market trend as most sectors, particularly consumer discretionary, materials, and consumer staples, recorded losses.



U.S. stocks settled lower, with the S&amp;P 500 registering declines, notably impacted by a drop in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares.



Individual corporate news also contributed to the market&#8217;s slide; Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) shares fell 13% after the company announced disappointing earnings for its fiscal second quarter.



Similarly, PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) shares tumbled 18% following a reduction in its fiscal year 2025 guidance and a second-quarter adjusted EPS forecast that both fell below analyst estimates.



On the economic data front, unit labor costs in the U.S. nonfarm business sector saw a 6.6% increase during the first quarter, while labor productivity in the same sector declined by 1.5%.



Conversely, the U.S. trade deficit narrowed to $61.6 billion in April, marking its lowest point since September 2023.



The Dow Jones index ended 108 points or 0.25% lower at 42,319.74, whereas the S&amp;P 500 index fell 0.53% to 5,939.30. Nasdaq Composite declined 0.83% to 19,298.45, and the small-cap gauge, Russell 2000, dropped 0.054% to end at 2,097.35.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>-0.83%</td><td>19,298.45</td></tr><tr><td>S&amp;P 500</td><td>-0.53%</td><td>5,939.30</td></tr><tr><td>Dow Jones</td><td>-0.25%</td><td>42,319.74</td></tr><tr><td>Russell 2000</td><td>-0.054%</td><td>2,097.35</td></tr></tbody></table></figure>



Insights From Analysts:



&#8220;Stock, bond, currency, and commodity traders have become jaded about Trump&#8217;s tumultuous trade dealmaking,&#8221; said Ed Yardeni in his daily note.



According to him, even the rising concerns about a shortage of Chinese rare earth minerals, which are needed by several U.S. manufacturers, haven&#8217;t fazed the stock market so far.



He said that &#8220;Investors seem to be more focused on whether the US economy is slowing or not.&#8221;



Yardeni stated that stock and bond prices would likely stay firm if today&#8217;s payroll employment report exceeds 100,000.



However, the report &#8220;isn&#8217;t likely to resolve the debate about the labor market,&#8221; he added, saying that he anticipates that it will be better than expected.&#8221;



Meanwhile, Louis Navellier said that he remains optimistic that the tariff confusion will dissipate in the upcoming months.



&#8220;I expect inflation will remain low due to (1) lower crude oil prices, (2) deflation from China, and (3) excess inventories from the dumping of goods in the first quarter,&#8221; he said.



He also added that resurging consumer confidence and rising personal income are a powerful &#8216;one-two&#8217; punch that will sustain strong economic growth. ﻿



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a> 



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Friday:



<ul class="wp-block-list">
<li>May&#8217;s U.S. employment report, unemployment rate, and hourly wages data will be released by 8:30 a.m. ET.</li>



<li>April&#8217;s consumer credit data will be announced at 3:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>ABM Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>) rose 1.97% in premarket on Friday as analysts expect it to report quarterly earnings of 86 cents per share on revenue of $2.06 billion, before the opening bell.</li>



<li>G-III Apparel Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NASDAQ">GIII</a>) was up 0.43% ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect earnings of 12 cents per share on revenue of $580.37 million.</li>



<li>Manchester United PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MANU#NYSE">MANU</a>) was 0.07% above the flatline as analysts expect it to report a quarterly loss of 33 cents per share on revenue of $202.47 million, before the opening bell.</li>



<li>Docusign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) slumped 18.91% after reducing its billings guidance for the full year, despite reporting stronger-than-expected first-quarter results.</li>



<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) crashed 21.39% as it lowered its full-year earnings forecast to $14.58 to $14.78 per share, down from prior guidance of $14.95 to $15.15 per share.</li>



<li>FuelCell Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FCEL#NASDAQ">FCEL</a>) rose 2.12% ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect a quarterly loss of $1.38 per share on revenue of $32.42 million.</li>



<li>Rent the Runway Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RENT#NASDAQ">RENT</a>) jumped 20.03% as it forecasted double-digit subscriber growth in 2025 during its earnings.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) was up 5.18% after a possibility of reconciliation with Trump following Thursday&#8217;s online feud. </li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading lower in the early New York session by 0.60% to hover around $62.99 per barrel.



Gold Spot US Dollar rose 0.13% to hover around $3,357.15 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.26% at the 98.9970 level.



Asian markets were mixed on Thursday as Japan's Nikkei 225, India's S&amp;P BSE Sensex, and South Korea's Kospi indices rose. Whereas, Australia's ASX 200, China&#8217;s CSI 300, and Hong Kong's Hang Seng indices fell. European markets were also mixed in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/market-summary/25/06/45809203/investors-pay-the-price-as-musk-trump-war-of-words-escalates-once-allies-now-foes-their-linked-stocks-crypto-and-funds-wipe-out-155-billion-in-a-single-day">Investors Pay The Price As Musk-Trump War Of Words Escalates: Once Allies, Now Foes, Their Linked Stocks, Crypto And Funds Wipe Out $155 Billion In A Single Day </a></li>
</ul>



Photo courtesy: godongphoto / Shutterstock.com

CIEN

FCEL

GIII

RENT

US Stocks Likely To Open Higher: 'Traders Have Become Jaded About Trump's Tumultuous Trade Dealmaking,' Says Expert

The shares of Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) climbed 4.98% during the Friday pre-market trading session after indications of a possible reconciliation between CEO Elon Musk and President Donald Trump. 



What Happened: On Thursday, Tesla&#8217;s market cap plummeted by a record $152 billion, marking the company&#8217;s largest market cap loss in history. This decline was attributed to an intensified conflict between Musk and Trump over the latter&#8217;s &#8220;Big Beautiful Bill.&#8221;



In a subsequent interview with&nbsp;Politico, Trump <a href="https://www.benzinga.com/news/politics/25/06/45807968/trump-signals-truce-with-elon-musk-after-online-feud-its-going-very-well-never-done-better">hinted </a>at a potential reconciliation with Musk, and the White House reportedly initiated efforts to de-escalate the situation. 



Meanwhile, Dan Ives, a prominent Wall Street analyst, believes that the ongoing feud between Musk and Trump will soon come to an end, allowing Musk to refocus on Tesla and its autonomous driving ambitions. Through a post on X, he also suggested that Tesla&#8217;s stock is currently oversold.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">We believe this fight in the sandbox between Musk and Trump will be resolved soon and this feud can end and Musk can focus back on Tesla and autonomous. Musk needs a friend in the White House and we believe Musk/Trump will makeup and be friends again. Tesla way oversold here &#x1f91d;&#x1f37f;&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1930911687420399691?ref_src=twsrc%5Etfw">June 6, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



SEE ALSO:&nbsp;<a href="https://benzinga.com/news/politics/25/06/45808431/xi-has-bowed-to-reality-says-china-analyst-urges-more-engagement-between-leaders-to-resolve-trade-i" target="_blank" rel="noreferrer noopener">Xi Has &#8216;Bowed To Reality,&#8217; Says China Analyst, Urges More Engagement Between Leaders To Resolve Trade Issues: &#8216;No Substitute For Direct Negotiations With Trump&#8217;</a>



Why It Matters: The feud has not only affected Tesla&#8217;s stock but also sparked a public outcry for <a href="https://www.benzinga.com/news/politics/25/06/45808535/bill-ackman-and-ye-call-for-trump-musk-reconciliation-after-public-fallout-over-tax-bill">reconciliation</a>. Notable figures such as billionaire hedge fund manager Bill Ackman and rapper Ye have called for a resolution between the two influential figures. Elon Musk also seemed to embrace the idea of making peace with the President by responding to Ackman, saying, &#8220;You are not wrong.&#8221;



This development, coupled with Ives&#8217; optimistic outlook, could signal a potential recovery for Tesla&#8217;s stock in the near future.



Meanwhile, Goldman Sachs lowered its price target on Tesla on Friday from $295 to $285 while reiterating a &#8216;Neutral&#8217; rating, reported Investing.com. The analysts based their revised outlook on weaker monthly data from major regions such as the United States, Europe, and China. Goldman Sachs now projects Tesla's second-quarter deliveries to fall between 335,000 and 395,000 vehicles, depending on June&#8217;s results and how aggressively Tesla employs incentives.



Benzinga Edge Stock Rankings shows that Tesla had a strong price trend over the short, medium and long term. Its momentum ranking was moderate at the 92nd percentile, whereas its value ranking was poor at the 9th percentile; the details of other metrics are available <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/06055014/Screenshot-2025-06-06-at-3.20.08%E2%80%AFPM.png" alt="" class="wp-image-940978"/></a></figure>



<ul class="wp-block-list">
<li>SEE MORE:&nbsp;<a href="https://benzinga.com/markets/tech/25/06/45784639/jeff-bezos-let-customers-cancel-their-own-amazon-orders-and-it-paid-off-big-if-you-give-people-more-" target="_blank" rel="noreferrer noopener">Jeff Bezos Let Customers Cancel Their Own Amazon Orders And It Paid Off Big: &#8216;If You Give People More Control&#8230;Maybe They&#8217;ll Order More&#8217;</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tesla Stock Climbs Nearly 5% In Friday Pre-Market: What's Going On?

The CNN Money Fear and Greed index showed some decline in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Thursday.



U.S. stocks settled lower on Thursday, with the S&amp;P 500 recording losses following a decline in Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares.



Ciena Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>) shares dipped 13% on Thursday after the company reported downbeat earnings for its fiscal second quarter. PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) tumbled 18% after the company cut its FY25 guidance below estimates and issued second-quarter adjusted EPS guidance below estimates.



On the economic data front, unit labour costs in the US nonfarm business sector rose 6.6% during the first quarter, while nonfarm business sector labor productivity in the U.S. declined by 1.5% in the first quarter. The U.S. trade gap shrank to $61.6 billion in April, recording the lowest level since September 2023.



Most sectors on the S&amp;P 500 closed on a negative note, with consumer discretionary, materials and consumer staples stocks recording the biggest losses on Thursday. However, communication services stocks bucked the overall market trend, closing the session higher.



The Dow Jones closed lower by around 108 points to 42,319.74 on Thursday. The S&amp;P 500 fell 0.53% to 5,939.30, while the Nasdaq Composite dipped 0.83% to 19,298.45 during Thursday's session.



Investors are awaiting earnings results from ABM Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>), G-III Apparel Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NASDAQ">GIII</a>) and Manchester United plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MANU#NYSE">MANU</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 58.3, the index remained in the &#8220;Greed&#8221; zone on Thursday, versus a prior reading of 59.1.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



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Photo courtesy: Shutterstock

S&P Settles Lower As Tesla Shares Fall: Investor Sentiment Declines, Fear Index In 'Greed' Zone

Major cryptocurrencies declined sharply on Friday, with the total crypto market cap falling 3.77% to $3.18 trillion.&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) maintained a 63.7% dominance, while Ethereum (CRYPTO: ETH) held a&nbsp;9.2% market share.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.00 p.m. ET)</td></tr><tr><td>Bitcoin </td><td>-2.78%</td><td>$102,148</td></tr><tr><td>Ethereum </td><td>-7.18%</td><td>$2,435</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-9.14%</td><td>$0.1726</td></tr></tbody></table></figure>



What Happened: The selloff coincided with an <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45805173/musk-vs-trump-tesla-suffers-record-152b-one-day-crash-as-ceo-warns-tariffs-will-cause-a-recession">escalating public dispute</a> between President Donald Trump and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk that has rattled both traditional and digital asset markets. 



Tesla shares plunged 14.3% on Thursday as Trump threatened to terminate billions in government contracts and subsidies for Musk&#8217;s companies, including Tesla and SpaceX.



The feud began when Musk criticized Trump&#8217;s spending bill as a &#8220;massive, outrageous, pork-filled Congressional abomination&#8221; on social media. Musk departed his role as senior adviser at the Department of Government Efficiency just days before the public confrontation escalated.



The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based OFFICIAL TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) memecoin dropped 9.75% to $9.82 amid the political tensions. Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114634138406622995">posted</a> an article on Truth Social on Thursday claiming his memecoin&#8217;s performance represents &#8220;the ultimate measure of his success as President.&#8221;



<figure class="wp-block-image aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="628" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-1024x628.png" alt="" class="wp-image-940584" style="width:466px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-1024x628.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-300x184.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-768x471.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Massive liquidations swept crypto markets as 226,781 traders were liquidated in the past 24 hours, totaling $979.88 million in forced position closures. The liquidation wave suggests that overleveraged positions were squeezed as volatility spiked.



The CMC Crypto Fear and Greed Index registered 46, indicating neutral sentiment, down from 55 yesterday and 61 last week when markets showed greed. 



Traditional markets showed mixed signals ahead of the May jobs report on Friday. U.S. stock futures stabilized on Thursday with S&amp;P 500 Index Futures at 5,954.25, up 0.14%, Dow Jones Industrial Average Index Futures at 42,464.00, gaining 0.22%, and Nasdaq-100 Futures at 21,581.00, down 0.0058%. 



Thursday&#8217;s regular session saw the Dow Jones Industrial Average tracked by SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) close at 42,319.74, down 0.25%, the S&amp;P 500 tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) at 5,939.30, declining 0.53%, and the Nasdaq-100 tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) at 21,547.43, dropping 0.80%.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.00 p.m. ET)</td></tr><tr><td>Fartcoin (FARTCOIN)</td><td>+13.98%</td><td>$1.04</td></tr><tr><td>Tron (TRX)</td><td>+1.36%&nbsp;</td><td>$0.2764</td></tr><tr><td>DeXe (DEXE)</td><td>+0.57%</td><td>$9.75</td></tr></tbody></table></figure>



See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45763054/bitcoin-ethereum-dogecoin-slip-as-investors-anticipate-trump-jinping-call-too-early-for-an-eth-top-this-analyst-says-3000-is-on-target">Bitcoin&#8217;s Moonshot: Can MicroStrategy And Coinbase Keep Riding The Crypto Wave?</a>



Analyst Notes:&nbsp;Blockchain analytics firm Santiment reported three massive Bitcoin transactions on June 1st and 2nd that correlated with crypto&#8217;s local top when BTC attempted to bounce above $107,000. 



The transfers included a $14.11 billion movement of 130,010 BTC, a $9.41 billion transfer of 78,647 BTC, and a $2.36 billion movement of 22,531 BTC. The $44.03 billion in total transaction volume indicated &#8220;a massive amount of polarization&#8221; among large holders.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4ca; Blockchain data indicates that 3 massive Bitcoin transactions on June 1st and 2nd correlated with crypto&#39;s local top when <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>&#39;s market value was attempting to bounce back above $107K. $44.03B worth of transaction volume was present on the Bitcoin blockchain, indicating a… <a href="https://t.co/7FDexozitu">pic.twitter.com/7FDexozitu</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1930744118520721700?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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<li><a href="https://www.benzinga.com/crypto/25/06/45803114/if-you-invested-1000-in-bitcoin-when-chamath-palihapitiya-had-his-best-call-of-all-time-heres-how-much-youd-have-now">If You Invested $1,000 In Bitcoin When Chamath Palihapitiya Had His &#8216;Best Call Of All Time,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Cryptocurrency

$SOL

Bitcoin, Ethereum, Dogecoin Drop As Crypto Market Loses $124 Billion Amid Trump-Musk Feud And Mass Liquidations

This has been a bruising week for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk, both on the personal and professional fronts, as the public spat with President Donald Trump takes a toll on the company&#8217;s stock, alongside the billionaire entrepreneur&#8217;s personal fortune.



What Happened: On Thursday, Tesla shares dropped 14.26%, wiping out $152 billion in market capitalization, marking its biggest single-day decline. This comes as the short, tumultuous friendship between Musk and Trump comes to an abrupt end, just six short months into the new administration.



Musk&#8217;s personal fortune fell in tandem, with the Bloomberg Billionaires Index reporting a $33.9 billion decline in his net worth, to $335 billion.



However, the Tesla and SpaceX CEO still remains the richest man in the world, with Mark Zuckerberg, the CEO of Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), ranking a distant second, with a net worth of $241 billion. Yet, Musk&#8217;s fortune has been subject to volatility this past year.



See Also: <a href="https://www.benzinga.com/news/25/06/45800902/the-white-house-pushes-back-with-a-mythbuster-article-saying-people-wont-literally-die-from-their-tax-bill">The White House Pushes Back With A &#8216;Mythbuster&#8217; Article Saying People Won&#8217;t &#8216;Literally Die&#8217; From Their Tax Bill</a>



The billionaire entrepreneur&#8217;s net worth, largely anchored by his 20.3% stake i<a href="https://www.sec.gov/Archives/edgar/data/1318605/000110465925042659/tm252787d2_10ka.htm">n</a> the world&#8217;s largest EV maker, followed by 42% and 33% in the privately-held SpaceX and xAI Holdings, respectively, has declined by $97.9 billion, or 22.6% year-to-date, largely the result of Musk&#8217;s growing political activism.



This rout on Thursday is the result of Musk&#8217;s criticism of Trump&#8217;s &#8220;One Big, Beautiful Bill,&#8221; with a series of posts on X. One such post <a href="https://www.benzinga.com/news/politics/25/06/45757029/elon-musk-slams-congressional-spending-bill-as-a-disgusting-abomination">early this week</a> called it &#8220;a disgusting abomination.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1929954109689606359?ref_src=twsrc%5Etfw">June 3, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Trump has since responded to Musk&#8217;s verbal volleys, defending the GOP&#8217;s budget reconciliation bill, while saying that Musk should have <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45805173/musk-vs-trump-tesla-suffers-record-152b-one-day-crash-as-ceo-warns-tariffs-will-cause-a-recession">voiced his opinions months ago</a>. 



&#8220;I don&#8217;t mind Elon turning against me, but he should have done so months ago,&#8221; Trump said. 



Why It Matters: Several prominent experts have backed Musk over his criticism of the &#8220;Big, Beautiful Bill,&#8221; echoing similar concerns. 



Leading economist and author of the Black Swan, Nassim Taleb has stated that whatever people think of Musk, they <a href="https://www.benzinga.com/news/politics/25/06/45795080/whatever-you-think-of-elon-musk-you-must-support-his-fight-against-the-big-beautiful-bill-says-black-swan-author-nassim-taleb">should support his stance</a> on the sweeping tax and spending bill, while stating that &#8220;The Trump budget is a lunacy, it will bankrupt America,&#8221; in a post on X.



Another economist and vocal Trump critic, Peter Schiff, <a href="https://www.benzinga.com/news/politics/25/06/45762787/peter-schiff-backs-musks-furious-attack-on-trumps-disgusting-budget-bill-slams-gop-hypocrisy-so-glad-hopefully-elon-can-persuade-trump-to-veto-it">praised Musk&#8217;s resolve</a>, saying that &#8220;I&#8217;m so glad Elon is willing to call out the hypocrisy in the Republican party. He is a man of principle.&#8221;



Price Action: Tesla shares, as discussed above, were down 14.26% on Thursday, trading at $284.70, but are up 0.80% after hours. 



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="147" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05221657/Screenshot-2025-06-06-at-7.46.39-AM-1024x147.png" alt="" class="wp-image-940561" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05221657/Screenshot-2025-06-06-at-7.46.39-AM-1024x147.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05221657/Screenshot-2025-06-06-at-7.46.39-AM-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05221657/Screenshot-2025-06-06-at-7.46.39-AM-768x110.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05221657/Screenshot-2025-06-06-at-7.46.39-AM.png 1530w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



According to Benzinga&#8217;s Edge Stock Rankings, Tesla fares well across the board, besides Value. It also offers a favorable price trend in the short, medium, and long term. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock. 



Photo Courtesy: Frederic Legrand &#8211; COMEO on Shutterstock.com



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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/06/45804512/trump-musk-feud-gets-ugly-etfs-exposed-with-tesla-caught-in-the-crossfire">Trump-Musk Feud Gets Ugly: ETFs Exposed With Tesla Caught In The Crossfire</a></li>
</ul>

Markets

Elon Musk Loses $34 Billion As Tesla Sheds $153 Billion Amid Feud With Trump—Here's How The Billionaire's Fortune Has Fared So Far In 2025

Cathie Wood's Ark Invest made a blockbuster purchase of Circle Internet Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) shares on Thursday, marking a significant move in the evolving digital assets landscape. The bold acquisition came as Ark simultaneously reshuffled its cryptocurrency stock portfolio, reducing exposure to other industry names. This strategic pivot follows Circle's high-profile NYSE debut and may underscore Ark's conviction in the future of stablecoins.



The Circle Trade



On Thursday, Ark Invest purchased an eye-popping 4,486,560 shares of Circle, totaling approximately $373.42 million. The transactions were made through ARK Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKK#BATS">ARKK</a>), ARK Next Generation Internet ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKW#BATS">ARKW</a>), and Ark Fintech Innovation ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ARKF#BATS">ARKF</a>). For the day, Circle shares closed at $83.23, rising a whopping 168.48%. The shares rose another 5.4% in the after-hours trading to $87.71.



This move comes on the heels of Circle's impressive NYSE debut, where the company <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45800399/circle-surges-to-69-in-nyse-debut-raising-1-1b-as-investors-bet-on-stablecoins-going-mainstream">raised $1.1 billion</a>, signaling strong investor confidence in the mainstream adoption of stablecoins. The acquisition by Cathie Wood's team could highlight Ark's bullish outlook on the stablecoin sector, as Circle positions itself at the forefront of digital payments and blockchain innovation. The timing of the trade, closely following Circle's successful listing and capital raise, suggests Ark is betting on the company's ability to capitalize on the growing demand for regulated, transparent stablecoin solutions. 



The Palantir Trade



Ark sold 76,654 shares worth about $9.2 million of Palantir through its ARKK and ARKW funds. On Thursday, Palantir shares dropped 7.8% to $119.91. In the after-hours trading, the shares registered a 1.4% rise. The move came as Palantir CEO Alex Karp <a href="https://www.benzinga.com/markets/tech/25/06/45800099/palantir-ceo-alex-karp-refutes-ridiculous-surveillance-reports-says-company-is-winning">addressed surveillance concerns</a> and emphasized the company's momentum in securing new contracts.



The Coinbase Trade



Ark trimmed its position by 161,304 shares in ARKK, ARKW and ARKF, a transaction valued at roughly $39.4 million.On Thursday, Coinbase shares closed at $244.20. This comes after Coinbase <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45764843/coinbase-crushed-tesla-amazon-and-other-mag-7-peers-in-recent-rally-heres-what-drove-the-stunning-comeback">outperformed major tech peers</a> in a recent rally, fueled by renewed optimism in the crypto sector.



The Robinhood Trade



Ark sold 255,327 Robinhood shares through ARKK and ARKW, amounting to $18.51 million. Robinhood shares closed at $72.51 for the day. The trade followed a period of gains for Robinhood stock, as the platform continues to evolve its offerings and attract retail investors. Robinhood shares rose Thursday after the company reported <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45794817/robinhood-stock-is-rising-thursday-whats-going-on">record-high platform assets</a> and trading volumes for May, along with a 40% year-over-year increase in net deposits. The stock may also get a boost from a potential inclusion in the S&amp;P 500. 



Other Key Trades:



<ul class="wp-block-list">
<li>ARK 21Shares Bitcoin ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARKB#NYSE">ARKB</a>): Ark reduced its stake by 168,675 shares, worth $17.14 million, continuing its recalibration of crypto-related holdings. The transaction was made through ARKW. For the day, ARKB shares closed at $101.62.</li>



<li>Among crypto-related stocks sold by Ark on Thursday was Jack Dorsey&#8217;s Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)-focused company Block Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XYZ#NYSE">XYZ</a>). Ark sold 163,380 shares via ARKK and AKRW. The transaction was worth $10.4 million as the company&#8217;s shares closed at $63.60 for the day.</li>



<li>Sold 2,829 shares of Meta Platforms Inc. through ARKW.</li>



<li>Purchased 115,834 shares of Veracyte Inc. (VCYT) through ARKK.</li>



<li>Purchased 38,424 shares of Guardant Health Inc. (GH) through ARKK.</li>
</ul>



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="759" height="104" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05213744/Screenshot-2025-06-06-at-10.37.07.png" alt="" class="wp-image-940531" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05213744/Screenshot-2025-06-06-at-10.37.07.png 759w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05213744/Screenshot-2025-06-06-at-10.37.07-300x41.png 300w" sizes="(max-width: 759px) 100vw, 759px" /></a></figure>



Benzinga&#8217;s Edge Stock Rankings show that Coinbase has good Short, Medium and Long Price Trend.<a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"> Find out</a> how other cryptocurrency stocks compare here.



Photo Courtesy: Ira Lichi On Shutterstock.com



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<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/movers/25/06/45805623/palantir-ceo-warns-us-china-ai-race-will-have-one-winner-urges-west-to-keep-up">Palantir CEO Warns US-China AI Race Will Have One Winner, Urges West To Keep Up</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

ARKB

ARKF

ARKK

ARKW

COIN

CRCL

HOOD

PLTR

Cathie Wood Drops $373 Million On Circle's 168% Rally, Dumps Coinbase And Crypto Holdings — Is Ark Ditching Bitcoin for Stablecoins?

Tesla Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) stock traded down 14.3% to $284.70 on Thursday, the company's second-biggest percentage loss in more than a year and the biggest market cap loss in company history. The decline was<a href="https://www.benzinga.com/news/politics/25/06/45800612/trump-says-musk-has-trump-derangement-syndrome-as-battle-over-bill-heats-up-had-a-great-relationship-dont-know-if-we-will-anymore" target="_blank" rel="noopener">&nbsp;caused by an escalated feud between</a>&nbsp;CEO&nbsp;Elon Musk&nbsp;and President&nbsp;Donald Trump.



What Happened: Tesla's market cap fell by a company record $152 billion, taking the company out of the $1 trillion market capitalization club. This move comes after Musk&nbsp;<a href="https://www.benzinga.com/news/25/05/45635854/elon-musk-disappointed-with-trumps-big-beautiful-bill-says-it-undermines-the-work-that-the-doge-team-is-doing" target="_blank" rel="noopener">publicly criticized</a> Trump's "Big Beautiful Bill."



Comments made by Trump in a press interview and by Musk and Trump on social media accounts escalated the battle, with people picking sides in a war of words between two of the world&#8217;s most influential voices.



Musk has been vocal about the projected increase in the national debt from the new spending bill.



"Congress is spending America into bankruptcy!" the Tesla CEO tweeted.



Trump posted a series of messages on his Truth Social account speaking out against Musk.



"I don't mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress," Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114632555927229642">posted</a>.



The president said the bill will put the country "on a path of greatness."



Another <a href="https://truthsocial.com/@realDonaldTrump/posts/114632205177163456">post </a>had Trump saying that he asked Musk to leave the White House as he was "wearing thin." The president said he removed Musk's EV mandate, which "forced everyone to buy electric cars that nobody else wanted."



"And he just went CRAZY!"



Trump also <a href="https://truthsocial.com/@realDonaldTrump/posts/114632206992330264">suggested </a>that terminating government subsidies and contracts with Musk would be one way to save money.



Musk <a href="https://x.com/elonmusk/status/1930698237650026675">said </a>the president&#8217;s comments on the EV mandate are "an obvious lie" in a tweet. The Tesla and SpaceX CEO also suggested that he will <a href="https://x.com/elonmusk/status/1930718684819112251">decommission </a>the Dragon spacecraft in response to Trump's threat on subsidies. The Dragon spacecraft was recently used to bring two stranded astronauts home from the International Space Station.



Musk also <a href="https://x.com/elonmusk/status/1930685402631053403">asked </a>if it was time to create a new political party in America that represents the "80% in the middle." With over 1.1 million votes in, 82% had voted yes, suggesting a third-party option to the Democratic and Republican parties.



Escalating the feud further, Musk <a href="https://x.com/elonmusk/status/1930703865801810022">tweeted </a>that the "really big bomb" is that Trump is in the Epstein files, a reference to the list of people associated with convicted sex offender Jeffrey Epstein.



"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. The President is focused on passing this historic piece of legislation and making our country great again, " said White House Press Secretary Karoline Leavitt when asked by Benzinga for comment.



Musk also <a href="https://x.com/elonmusk/status/1930722828481098043">suggested </a>that Trump's tariffs "will cause a recession in the second half" of 2025.



Are you buying when the CEOs of the Magnificent 7 are selling?



<ul class="wp-block-list">
<li>Stay in the know with our Insider Trades page — <a href="https://www.benzinga.com/sec/insider-trades/">see when leaders like Mark Zuckerberg, Elon Musk, and Jensen Huang are offloading their own shares.</a></li>
</ul>



Tesla Stock Falls: Shares of the electric vehicle company suffered their second-largest fall year-to-date on Thursday, narrowly beaten by a 15.4% drop on March 10.



That March 10 drop was the largest percentage loss for Tesla shares in five years. The drop came as Musk's role in the White House expanded, and he said he planned to stay involved for another year. The stock had dropped in several sessions around that time amid tariff fears and concerns that Musk's political activism was damaging the Tesla brand.



While this marks Tesla&#8217;s largest market cap drop, it is also shy of the largest percentage drop in 2025 and all time.



The largest single-day percentage drop for Tesla stock was on Sept. 8, 2020, when it fell 21.1% after not being selected as a member of the S&amp;P 500 Index. The stock would later be added to the index.



Tesla stock fell 19.3% on Jan. 13, 2012 after two key departures were announced, as <a href="https://www.cnn.com/2020/09/08/investing/tesla-stock-plunge">reported </a>by CNN.



The good news for Tesla stock could be its history of rebounds after big drops. After shares fell 15.4% on March 10, 2025, the stock rose 3.8% the following day. After the record 21.1% drop on September 8, 2020, Tesla stock rose 10.9% the next day.



Tesla stock has traded between $167.42 and $488.54 over the last year, and it is now down 24.9% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/06/45795080/whatever-you-think-of-elon-musk-you-must-support-his-fight-against-the-big-beautiful-bill-says-black-swan-author-nassim-taleb">&#8216;Whatever You Think Of Elon Musk, You Must Support His Fight Against The Big Beautiful Bill,&#8217; Says &#8216;Black Swan&#8217; Author Nassim Taleb</a></li>
</ul>



Image created using photos from Shutterstock.

Management

Movers

Trading Ideas

Musk Vs. Trump: Tesla Suffers Record $152B One-Day Crash As CEO Warns Tariffs 'Will Cause A Recession' (UPDATED)

Broadcom Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) reported second-quarter financial results after the market close on Thursday. Here&#8217;s a rundown of <a href="https://www.benzinga.com/pressreleases/25/06/n45802695/broadcom-inc-announces-second-quarter-fiscal-year-2025-financial-results-and-quarterly-dividend">the chipmaker&#8217;s report</a>.



Q2 Earnings:&nbsp;Broadcom reported second-quarter revenue of $15 billion, beating&nbsp;<a href="https://www.benzinga.com/quote/avgo/earnings" target="_blank" rel="noreferrer noopener">analyst estimates</a>&nbsp;of $14.99 billion, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>. The semiconductor company reported second-quarter adjusted earnings of $1.58 per share, beating analyst estimates of $1.56 per share.



Total revenue was up 20% on a year-over-year basis, driven by continued momentum in AI semiconductor solutions and VMware. Broadcom generated approximately $6.56 billion in cash from operations and $6.41 billion in free cash flow during the quarter. The company ended the quarter with approximately $9.47 billion in cash and cash equivalents.



&#8220;Q2 AI revenue grew 46% year-over-year to over $4.4 billion, driven by robust demand for AI networking. We expect growth in AI semiconductor revenue to accelerate to $5.1 billion in Q3, delivering ten consecutive quarters of growth, as our hyperscale partners continue to invest,&#8221; said Hock Tan, president and CEO of Broadcom.



Broadcom's board approved a quarterly cash dividend of 59 cents per share, payable on June 30 to shareholders of record as of June 20.



Guidance: Broadcom expects third-quarter revenue of approximately $15.8 billion, versus estimates of $15.79 billion. The company anticipates third-quarter adjusted EBITDA of at least 66% of projected revenue.



Broadcom&#8217;s management team will further discuss the quarter on a call with investors and analysts at 5 p.m. ET.



AVGO Price Action: <a href="https://www.benzinga.com/quote/AVGO" target="_blank" rel="noreferrer noopener">Broadcom shares</a> were down 1.76% in Thursday&#8217;s after-hours session, trading at $255.35 at the time of publication, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/market-summary/25/06/45798808/trump-announces-china-trade-talks-tesla-stock-slumps-whats-driving-markets-thursday">Trump Announces China Trade Talks, Tesla Stock Slumps: What&#8217;s Driving Markets Thursday?</a></li>



<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/06/45796685/nvidia-beats-microsoft-to-be-the-biggest-of-the-big-here-are-6-etfs-riding-its-trillion-dollar-rebound">Nvidia Beats Microsoft To Be The Biggest Of The Big: Here Are 6 ETFs Riding Its Trillion-Dollar Rebound</a></li>
</ul>



Photo: Sundry Photography/Shutterstock.



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<iframe loading="lazy" title="&#x1f534; WATCH LIVE: Broadcom Q2 2025 Earnings Call &#x7C; $AVGO" width="500" height="281" src="https://www.youtube.com/embed/CLYxQ3DUzWs?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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After-Hours Center

Broadcom Q2 Earnings: Revenue, EPS Beat Estimates Driven By 'Robust Demand' For AI Networking, Company Sees Acceleration In AI Revenue Ahead

Every bull market climbs a wall of worry. But sometimes, it pays to stop and ask whether the climb is getting steeper than usual. Today's market setup bears an eerie resemblance to prior late-stage cycles, and the risks appear to be rising, even as the S&amp;P 500 notches new highs.



Let's start with a technical snapshot that doesn't get much airtime on CNBC. The S&amp;P 500 is trading above its 200-day moving average. That's a long-term trend marker suggesting extreme optimism. Meanwhile, Treasury bond prices are sitting below their 200-day moving average. This divergence doesn't happen often, and when it does, it tends to show up in the final innings of economic expansions.



We've seen this movie before: 1999, 2006, 2021.



Each time, equity investors pushed ahead, convinced corporate profits would keep expanding forever.



Bondholders, however, had already started worrying about inflation, interest rates, or worse. In every case, the equity euphoria gave way to painful reversion.



Right now, we're watching the same dynamic unfold.



Yields are up across the curve. Bonds are under pressure. Stocks are shaking off bad news and beneath the surface, the cost of capital is rising, especially for leveraged firms and growth stocks. History says this is a dangerous setup.



<h2 class="wp-block-heading">Meet Your One-Stop Command Center for Smarter Investing</h2>



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We've run our full battery of forward-looking models, and nearly all suggest that future returns from U.S. equities will be underwhelming at best. In plain language: most of the gains are already behind us.



The CAPE ratio is back above 33, which is higher than 95% of historical readings. That's only been eclipsed twice: in 1929 and 1999.



Both preceded brutal drawdowns.



Even more concerning, the Excess CAPE Yield, essentially a measure of how much stocks yield versus bonds, is now negative. Bonds are expected to outperform equities on a valuation-adjusted basis. That's rare. And it's not bullish.



Meanwhile, market cap to GDP (the "Buffett Indicator") is around 175%. That's miles above its historical average. Investors own more stocks than ever, according to Fed data. Household equity allocations are above 45%. When allocations get that high, forward real returns typically fall below 2%.



Tobin's Q, the ratio of market value to asset replacement cost, is more than double its historical average. And the term premium on 10-year Treasuries is near zero—meaning there's little cushion for risk assets if the Fed has to stay restrictive longer than the market expects.



High-yield credit spreads—measuring the yield premium that lower-rated corporate bonds pay over Treasuries—are among the most reliable barometers of financial market risk. Today, those spreads remain historically tight, hovering around 300 basis points. That's well below the long-term average of about 500 basis points, and only marginally higher than the ultra-complacent levels seen during the 2006–07 cycle and parts of 2019.



In plain terms, the market is not pricing in much credit risk. That may reflect optimism about soft landings, disinflation, and resilient earnings—but from a longer-term perspective, it's concerning.



Tight spreads mean investors are not being compensated for default risk. Historically, when spreads are this compressed, forward returns for both high-yield debt and equities tend to be modest. More importantly, such periods often precede volatility spikes, widening spreads, and, eventually, equity drawdowns, especially when economic conditions deteriorate or monetary policy tightens further.



A growing and underappreciated macro risk is the revival of protectionist trade policies. Across both political parties, support for tariffs and domestic reshoring is surging. New tariffs—whether on Chinese electric vehicles, semiconductors, or critical minerals may win political points, but economically, they act as a tax on supply chains.



This raises costs, suppresses productivity, and creates inflationary friction—without stimulating enough domestic demand to offset the drag. That's how you end up with stagflation: slow growth and sticky inflation. It's the most dangerous macro cocktail for both bonds and equities.



Investors should remember that much of the post-1990s disinflationary boom was powered by global supply chain integration and cheap imports. Rolling that back won't just raise input costs, it will lower operating margins and real wage gains. And if retaliatory tariffs follow, as they often do uncertainty will climb just as fast as prices.



Markets may not yet be pricing in this risk, but it looms large for 2025 and beyond.



There's also the issue of rising yields. While modest yield increases can accompany economic growth, rapid or disorderly moves tend to hurt equities, especially long-duration stocks like tech and companies that rely heavily on debt financing.



Let's not sugarcoat it: higher yields mean higher borrowing costs. They mean increased competition from fixed income. And they raise the discount rate on future cash flows, compressing valuations.



If inflation proves sticky or the Fed is forced to keep rates elevated, this will likely weigh on corporate margins and investor risk appetite.



We saw this in 2022. We saw it in 1994. We saw it in 2018. The results weren't pretty.



This isn't a call to go to cash. But it is a warning that the air is thin up here.



Most valuation metrics suggest we are in rarefied territory, where expected returns don't justify the risks. And the bond and credit markets, often better macro forecasters than stocks, are sending conflicting signals.



Tight spreads and high valuations rarely coexist for long in a tightening cycle.



Now add to that a potential wave of trade-driven inflation and supply chain risk. The margin for error is shrinking, and the volatility premium looks underpriced.



The prudent move now may be to rebalance toward value and income.



International markets, small-cap deep value, and income-producing assets all deserve fresh attention.



The message from history and the data is simple: markets don't reward complacency. They punish it.



We'll be watching closely. Stay alert.



Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Opinion

5 Signs The Market Is Getting Overheated

A friendship between President Donald Trump and billionaire Elon Musk may be coming to an end, with a heated <a href="https://www.benzinga.com/news/25/05/45635854/elon-musk-disappointed-with-trumps-big-beautiful-bill-says-it-undermines-the-work-that-the-doge-team-is-doing">public falling out</a> due to the "big beautiful bill."



What Happened: Musk helped the White House administration in the Department of Government Efficiency and was a close ally of Trump during his first 100+ days in<a href="https://www.benzinga.com/news/25/05/45707423/trump-says-he-is-having-elon-musk-over-at-the-white-house-tomorrow-for-a-press-conference-as-billion"> the White House.</a>



The billionaire, who is the world's richest man, publicly endorsed Trump for the 2024 presidential election and donated hundreds of millions to the campaign to get him elected.



The public friendship may now be coming apart, as Musk has vocally opposed the "Big Beautiful Bill," which would increase government spending and debt.



On Thursday, Trump said Musk isn't the first admirer to later turn on him. "It's sorta Trump Derangement Syndrome, they call it," the president said.



Trump said that sometimes people wake up, change their minds, and become hostile toward him.



&#8220;I'm very disappointed because Elon knew the inner workings of this bill better than almost anybody sitting here&#8230; He had no problem with it, all of the sudden he had a problem, and he only developed a problem when he found out that we&#8217;re going to have to cut the EV mandate.&#8221; 



Trump said while Musk hasn't said anything bad about him personally, he thinks that could be next.



"I'm very disappointed in Elon."



Trump added that the EV mandate would provide money to help the sector, which is "having a hard time." The president also said Musk wanted someone "he knew very well" to head NASA, a likely reference to Jared Isaacman, who Trump recently withdrew as the NASA administrator nominee.



Musk took to social media platform X to share his side of the story.



"False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!" Musk <a href="https://x.com/elonmusk/status/1930662301792977094">tweeted</a>.



Another <a href="https://x.com/elonmusk/status/1930660788739698878">tweet </a>from Musk encouraged Congress to "ditch the mountain of disgusting pork in the bill."



"Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way."



Musk also said "whatever" to the EV incentive cuts and said the cuts could be kept in the bill even though oil and gas subsidies weren't cut.



You may not be a billionaire like Elon Musk, but you can uncover hidden gems in the stock market using our proprietary data and pattern recognition — <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/05/45710022/benzingas-stock-whisper-index-5-stocks-investors-secretly-monitor-but-dont-talk-about-yet-67">check out five stocks flying under the radar that deserve your attention.</a>



Why It's Important: The latest comments from Trump and Musk come after Musk shared several old tweets from the president on X that could be shading him over his support for the "Big Beautiful Bill."



Musk <a href="https://x.com/elonmusk/status/1930645855285231914">shared </a>an old 2013 tweet of Trump's that read, "I cannot believe the Republicans are extending the debt ceiling – I am a Republican &amp; I am embarrassed."



Musk also <a href="https://x.com/elonmusk/status/1930652448726925524">shared </a>an old 2012 tweet from Trump that said, "No member of Congress should be eligible for re-election if our country's budget is not balanced – deficits not allowed."



The new bill, which is in the Senate and could have changes made, is estimated to add $5 trillion to the national debt in the coming years based on estimates from the Congressional Budget Office.



Things may have escalated further on Thursday when Musk responded to a post in which Trump claimed he would have won the key swing state of Pennsylvania without the billionaire's help.



Musk thinks this is the opposite.



"Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate. Such ingratitude," Musk <a href="https://x.com/elonmusk/status/1930667528696828120">tweeted</a>.



Trump's comments on Thursday suggest the friendship could be over.



"Elon and I had a great relationship. I don't know if we will anymore," Trump said.



TSLA Price Action: Electric vehicle company Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has had <a href="https://www.benzinga.com/25/05/45475999/if-you-invested-1000-in-tesla-stock-when-elon-musk-endorsed-donald-trump-for-president-heres-how-much-youd-have-today">a bumpy road</a> for its stock price with Musk's relationship with the president. The stock soared after Trump's win and fell in 2025 with brand damage done and protests hitting the company and dealerships over Musk's political interests.



Tesla stock fell after Trump's comments Thursday and shares are down 7% to $308.78 at the time of writing. Tesla stock is down 18.8% year-to-date in 2025 with shares down over 13% in the last five days. &nbsp;



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/politics/25/06/45795080/whatever-you-think-of-elon-musk-you-must-support-his-fight-against-the-big-beautiful-bill-says-black-swan-author-nassim-taleb">&#8216;Whatever You Think Of Elon Musk, You Must Support His Fight Against The Big Beautiful Bill,&#8217; Says &#8216;Black Swan&#8217; Author Nassim Taleb</a></li>
</ul>



Photo: Shutterstock

Trump Says Musk Has 'Trump Derangement Syndrome' As Battle Over Bill Heats Up: 'Had A Great Relationship… Don't Know If We Will Anymore'

Palantir Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) CEO Alex Karp denied claims on Thursday suggesting the company is aiding the government <a href="https://www.benzinga.com/markets/tech/25/06/45764231/palantir-says-it-doesnt-unlawfully-spy-on-americans-calls-report-alleging-use-by-trump-administration-for-surveillance-blatantly-untrue">in unlawful surveillance</a>.



What Happened: The New York Times <a href="https://www.nytimes.com/2025/05/30/technology/trump-palantir-data-americans.html">reported</a> last week that the Trump Administration has tapped Palantir to collect data on Americans after President Donald Trump signed an executive order in March calling on the federal government to enable the sharing of data across agencies. 



Thursday on CNBC&#8217;s &#8220;Squawk On The Street,&#8221; Karp refuted the report. 



&#8220;The Palantir platform, despite what you might read at The New York Times, is actually the most secure, the hardest platform in the world to manipulate and change &#8230; If you wanted to use the Deep State to unlawfully surveil people, the last platform in the world you would pick is Palantir,&#8221; Karp said. 



Palantir recently secured new <a href="https://www.benzinga.com/news/contracts/25/05/45702431/palantir-stock-gains-as-trump-expands-companys-role-in-us-government-agencies">contracts</a> with the Department of Homeland Security and the Pentagon. The New York Times report indicates that Palantir representatives are also in talks with the Social Security Administration and the Internal Revenue Service, and argues that wide government adoption of a single platform creates an easy path for Trump to combine data from different agencies.



Karp told CNBC that the article is &#8220;ridiculous&#8221; and shows that the publication doesn&#8217;t have proper technical knowledge. He noted that a random engineer could find 15 to 20 errors in the article in 90 seconds. 



If you spent 10 minutes looking at the architecture of the Palantir platform, you would see how ridiculous the report is, he said.



&#8220;By the way, writing ridiculous sh&#x2A;&#x2A; in a highly-charged environment is dangerous, and The New York Times should take responsibility for the dangers they&#8217;re putting out in the world. There really are people that believe that crap,&#8221; the Palantir CEO said. 



The New York Times report shows that Palantir is winning, he said, adding that U.S. government revenue is up 46% and U.S. commercial revenue is up 71%. He told CNBC that the company is seeing strong growth because the product is the best in the world. The Trump administration is buying the best, most secure product available, that&#8217;s cheaper and more efficient, and replacing older systems, he said. 



&#8220;You know what we&#8217;re doing in the DOD, we&#8217;re scaring the bejeebers — I&#8217;m trying not to use the F word — out of our adversaries by making them scared at night &#8230; installing productized software that runs algorithms against data that&#8217;s been lawfully collected. And you can&#8217;t unlawfully use it in our platform, which is one of the main reasons people buy it and keep it,&#8221; Karp said. 



Palantir said in its <a href="https://www.benzinga.com/news/earnings/25/05/45208000/palantir-q1-earnings-revenue-beat-eps-in-line-customer-count-up-39-company-raises-guidance-citing-surging-and-ferocious-growth">earnings report</a> last month that the company&#8217;s customer count grew 39% year-over-year and 8% on a quarter-over-quarter basis. Palantir raised its guidance for full-year U.S. commercial revenue, adjusted income from operations and adjusted free cash flow.&nbsp;



PLTR Price Action: <a href="https://www.benzinga.com/quote/PLTR" target="_blank" rel="noreferrer noopener">Palantir shares</a> are up approximately 64% year-to-date. The stock was down 5.58% at $122.67 at the time of publication Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/06/45784629/cathie-wood-dumps-another-5-2-million-of-palantir-stock-amid-trump-administration-linked-surveillance-controversy">Cathie Wood Dumps Another $5.2 Million Of Palantir Stock Amid Trump Administration-Linked Surveillance Controversy</a></li>
</ul>



Photo: Sundry Photography/Shutterstock.

Palantir CEO Alex Karp Refutes 'Ridiculous' Surveillance Reports, Says Company Is 'Winning'

All three major U.S. indices were in the green in Thursday&#8217;s midday trading, reversing earlier losses after President Donald Trump said that he held a &#8220;very good phone call&#8221; with China&#8217;s President Xi Jinping and more trade talks with Beijing <a href="https://www.benzinga.com/markets/equities/25/06/45787817/us-stocks-likely-to-open-on-a-mixed-note-after-dow-snaps-four-day-run-powell-and-the-fed-are-doing-the-right-thing-holding-rates-says-expert">will take place &#8220;shortly.&#8221;</a>



The S&amp;P 500 rose 0.42%, while the Nasdaq Composite gained about 0.7% and the Dow Jones Industrial Average was up 0.27%. 



The job market showed more signs of softening with initial jobless claims in the U.S. rising to 247,000, up from the previous week's revised figure of 239,000 and defying expectations for a decline, according to Trading Economics. On Wednesday, a disappointing private sector payrolls report showed only 37,000 jobs were added in May, well below forecasts.



Read Next:<a href="https://www.benzinga.com/markets/tech/25/06/45774499/elon-musks-optimus-could-herald-the-biggest-industry-in-history-billionaire-investor-marc-andreessen-says?utm_source=articleShare"> Elon Musk&#8217;s Optimus Could Herald The Biggest Industry In History, Billionaire Investor Marc Andreessen Says</a>



The softer-than-expected labor reports have heightened anticipation for Friday's non-farm payrolls release. Economists expect a gain of 125,000 jobs for May, which would be 52,000 fewer than the previous month.



In commodities, silver futures surged 4% to trade above $36 <a href="https://www.benzinga.com/markets/commodities/25/06/45792880/silver-hits-12-year-high-peter-schiff-says-rallys-just-starting">per troy ounce </a>as weak economic data and a dovish Federal Reserve outlook fueled safe-haven demand ahead of Friday's non-farm payrolls report. Silver has since retreated to $35.33, but remains up by more than 20% year-to-date. 



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) pulled back to $104,491 midday after nearly touching $106,000 earlier in the session. 



According to Benzinga Pro data:



<ul class="wp-block-list">
<li>The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.29% to $597.60.&nbsp;</li>



<li>The SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.28% at $426.06.&nbsp;</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.47% to $531.24.&nbsp;</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) climbed 0.61% to $209.72. </li>



<li>The Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) dipped 0.34% to $214.05.&nbsp;</li>



<li>The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) rose 0.33% to $82.23.&nbsp;</li>
</ul>



Thursday's Stock Movers:&nbsp;



Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45795638/tesla-stock-slumps-amid-political-turmoil-whats-going-on">sank on Thursday </a>as political tensions and ongoing concerns about international sales performance weighed on the stock. CEO&nbsp;Elon Musk&#8217;s&nbsp;public feud with President&nbsp;Trump&nbsp;<a href="https://www.benzinga.com/markets/equities/25/06/45789663/tesla-stock-tumbles-nearly-3-in-pre-market-as-elon-musk-continues-intense-attack-on-trumps-big-beautiful-bill">intensified</a>, with Musk urging Americans to oppose Trump&#8217;s latest bill and calling it a threat to the U.S. economy.



Stocks reacting to company earnings reports included:&nbsp;



<ul class="wp-block-list">
<li>Hello Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOMO#NASDAQ">MOMO</a>) </li>



<li>ChargePoint Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) </li>



<li>PVH, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) </li>



<li>Bark, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BARK#NYSE">BARK</a>) </li>



<li>Planet Labs, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PL#NYSE">PL</a>)</li>



<li>MongoDB, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDB#NASDAQ">MDB</a>) </li>



<li>Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>)</li>
</ul>



Companies reporting after Thursday's closing bell include:&nbsp;



<ul class="wp-block-list">
<li>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</li>



<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>)</li>



<li>Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>)</li>



<li>Rubrik, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBRK#NYSE">RBRK</a>)</li>



<li>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>)</li>



<li>Braze, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BRZE#NASDAQ">BRZE</a>)</li>



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Trump Announces China Trade Talks, Tesla Stock Slumps: What's Driving Markets Thursday?

Silver's not just glittering &#8211; it's surging. <a href="https://www.benzinga.com/topic/silver">The white metal</a> rocketed past $35.60 an ounce Thursday, a level last seen in 2012, and gold bull Peter Schiff says it's just warming up. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I love the smell of a precious metals rally in the morning. Gold is above $3,400, but silver and platinum are up 4%. Not only is silver above $35, it&#39;s about to take out $36, trading at its highest level since Dec. 2012. This train has left the station and there&#39;s no stopping it!&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1930582432270741827?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



"This train has left the station and there's no stopping it," Schiff posted on X, noting silver's push to $36 and a 4% jump in early action.



While gold flirted with $3,400, it was silver that stole the spotlight, driven by a perfect storm of weak U.S. economic data, rising geopolitical tensions, and intensifying expectations of a Fed rate cut in September. The latest ADP report showed the weakest job growth since March 2023, and the ISM Services PMI fell into contraction territory <a href="http://www.benzinga.com/markets/market-summary/25/06/45788298/asia-markets-mixed-europe-gains-gold-inches-toward-all-time-high-global-markets-today-while-us-slept">for the first time</a> in nearly a year &#8211; fueling bets that the Fed will have little choice but to ease.



Read Also: <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44994275/gold-now-worth-100x-more-than-silver-analysts-say-its-time-to-buy-the-underdog">Gold Now Worth 100x More Than Silver: Analysts Say It&#8217;s Time To Buy The Underdog</a>



<h2 class="wp-block-heading">Fed Doves And Trade Tensions Fan The Fire</h2>



It's not just macro softness driving this surge. The market is also reacting to Washington's tariff thunderclap &#8211; doubling import duties on <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/06/45790624/exclusive-tariff-titans-why-cleveland-cliffs-nucor-steel-dynamics-could-outmuscle-the-competition">steel and aluminum to 50%</a> &#8211; raising fears of another trade slugfest just as investors react to a market-moving call between President Donald Trump and Chinese President Xi Jinping.



For silver, which straddles the line between precious metal and industrial workhorse, this is jet fuel. Whether it's flight to safety or hedging against inflation and trade turmoil, demand is coming from all corners.



<h2 class="wp-block-heading">SLV And Silver Miners Shine Bright</h2>



Retail investors are already piling in. The iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) (proxy for silver price) is up over 16% year-to-date and 14% over the past year, with technicals flashing green across the board. 



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0605"><img loading="lazy" decoding="async" width="631" height="486" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05085402/Screenshot-2025-06-05-at-6.23.50-PM.png" alt="" class="wp-image-939737" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05085402/Screenshot-2025-06-05-at-6.23.50-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05085402/Screenshot-2025-06-05-at-6.23.50-PM-300x231.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>



<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0605">Chart created using Benzinga Pro</a>



SLV is currently trading above its eight, 20, 50 and 200-day simple moving averages and maintains a bullish MACD (moving average convergence/divergence) indicator and an RSI (relative strength index) of 68.23.



For those seeking exposure to this breakout, silver miners like First Majestic Silver Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>), Pan American Silver Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>) and Wheaton Precious Metals Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPM#NYSE">WPM</a>) are catching bids alongside the metal.



For diversified exposure, the Global X Silver Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SIL#NYSE">SIL</a>) offers a direct line to the producers riding silver's high.



If Schiff's right and the rally's just beginning, silver bugs may have a lot more to smile about this summer.



Read Next: 



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<li><a href="https://www.benzinga.com/25/05/45585695/the-golden-ratios-silver-surprise-this-metals-price-could-double">The Golden Ratio&#8217;s Silver Surprise: This Metal&#8217;s Price Could Double</a></li>
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Silver Hits 12-Year High: Peter Schiff Says Rally's Just Starting

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) may be the <a href="https://www.benzinga.com/quote/NVDA/news">undeniable epicenter of the AI Revolution</a>, but the aftershocks of its chip-powered boom are being felt far beyond semiconductors. 



According to Wedbush analyst Dan Ives, &#8220;for every $1 spent on Nvidia, there is an $8-$10 multiplier across the rest of the tech ecosystem.&#8221; Looking at the value chain, this ripple effect is now seemingly reaching software giants like Adobe Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>), Salesforce Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) and ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>).



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45675006/nvidia-stock-has-significant-upside-as-ai-godfather-jensen-huang-delivers-another-robust-quarter">Nvidia Stock Has &#8216;Significant Upside&#8217; As AI &#8216;Godfather&#8217; Jensen Huang Delivers Another &#8216;Robust Quarter&#8217;</a>



<h2 class="wp-block-heading">From Silicon To Software: The AI Domino Effect</h2>



Nvidia has surged nearly 16% over the past year, though the stock has cooled with a 24.7% drop in the past month. Still, the foundational role its chips play in AI infrastructure—especially for hyperscalers like Amazon.com Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) AWS and Alphabet Inc's (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) GCP—is creating second-order beneficiaries.



Companies like Adobe, Salesforce and ServiceNow sit squarely in the next wave of value creation, as enterprise clients now shift focus from AI infrastructure buildouts to actual deployment across vertical-specific use cases.



<ul class="wp-block-list">
<li>Adobe, with its suite of creative and document tools, has jumped 8.6% over the past month after lagging most of the year. </li>



<li>Salesforce remains down 20.4% YTD, but its AI-powered CRM offerings are increasingly viewed as critical in enterprise automation. </li>



<li>ServiceNow, meanwhile, is up over 3.5% this month and nearly 44% over the past year, as its AI-infused workflow solutions continue gaining traction.</li>
</ul>



<h2 class="wp-block-heading">Enterprise Adoption Accelerates In 2025</h2>



Wedbush believes 2025 marks the true inflection point in enterprise AI adoption. Ives notes that "high priority AI use cases have been identified and now being driven/accelerated across a myriad of verticals," positioning software vendors to capitalize as companies move from experimentation to scale.



While Nvidia may be the "Godfather of AI," the broader investment case now hinges on identifying which software players will ride this $2 trillion AI spending wave. For investors, that may mean looking beyond the chip king to the quiet beneficiaries—those turning silicon into scaled solutions.



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