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US stock futures climbed on Friday following the release of a moderate beat on the monthly jobs report and rising investor hopes of a cooldown in the acrimonious feud between President Trump and Elon Musk.
Dow Jones Industrial Average futures (YM=F) rose 0.7%, while those on the S&P 500 (ES=F) added 0.8%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) gained 0.9%.
Tesla (TSLA) shares rose as CEO Musk and Trump moved to cool tensions. Musk backed off his threat to decommission the Dragon spacecraft used by NASA after Trump threatened his government contracts. However, the White House tamped down reports of a potential “peace call” between the two.
CME – Delayed Quote USD
As of 9:14:04 AM EDT. Market Open.
ES=F NQ=F YM=F
Tesla shares had suffered a wipeout, down more than 14% in a broader stock slide on Thursday as mounting differences between the two powerful men erupted into the open. Musk called for the president’s impeachment, while Trump threatened the contracts and breaks critical to Musk’s business empire.
The feud injected more unpredictability into an already uncertain market, just as weary investors had become cautiously optimistic that Trump tariffs could be reined in and the US economy might prove resilient.
Read more: The latest on Trump’s tariffs
Meanwhile on Friday, the labor market showed more signs of resilience as Trump’s tariffs continued to seep in to the economy. The US added 139,000 jobs in May, more than the 126,000 expected by economists, as the hiring rate slowed and unemployment held flat at 4.2%. The report comes on the heels of signs of “paralysis” in the US economy amid uncertainty over Trump’s tariff policy.
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US labor market adds 139,000 jobs in May, unemployment holds steady at 4.2%
Yahoo Finance’s Josh Schafer reports:
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Circle stock extends run after massive IPO
Circle (CRCL) stock continued to gain in premarket trading Friday after an explosive debut on the public markets Thursday.
Shares of the stablecoin issuer rose 14% to trade around $94 as of 8:00 a.m. ET Friday. On Thursday, the stock soared 168% from its IPO price of $31, closing the session with a market capitalization north of $16 billion.
Circle is the second-largest stablecoin issuer in the market and issues the stablecoin USDC (USDC-USD), which is backed by the dollar. There is $60 billion worth of USDC in circulation, while the largest stablecoin issuer, Tether (USDT-USD), has closer to $150 billion in circulation.
Its market debut comes as multiple tailwinds have boosted the crypto market in recent months. Bitcoin (BTC-USD) breached the $100,000 level in early May and is currently trading around $103,800 per token.
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Good morning. Here’s what’s happening today.
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Lululemon shares tumble after tariff-fueled cut to outlook
Lululemon said its profits will take a hit as uncertainty around tariffs deters shoppers, prompting the yogawear retailer to lower its 2025 forecast.
Shares sank over 20% in pre-market trading in the wake of Lululemon’s earnings report late Thursday.
Yahoo Finance’s Brooke DiPalma reports:
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Trending tickers: Broadcom, Tesla, lululemon and DocuSign
Here are some top stocks trending on Yahoo Finance in premarket trading:
Broadcom (AVGO) stock fell 3% in premarket trading on Friday, after the tech company, which makes semiconductors, failed to impress Wall Street with it’s third-quarter revenue forecast. Despite investors being bullish on chip stocks amid the artificial intelligence boom, the results failed to excite.
“High expectations drove a bit of downside,” Bernstein analyst Stacy Rasgon said in a note.
Tesla (TSLA) stock rebounded on Friday and rose 4% in premarket trading after closing 14% down the day before. The war of words between CEO Elon Musk and President Trump cooled amid a report that White House officials were organising a call between the two leaders.
lululemon athletica inc. (LULU) shares plunged 20% on Friday before the bell after the sports company warned profits would be hit amid what it called a “dynamic macro-environment.”
DocuSign (DOCU) stock fell 18% in premarket trading on Friday after reporting a rise in its profit and revenue, however, the company now expects to bring in less money from company contracts.
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Tesla stock gains amid growing hopes for Musk-Trump truce
Tesla (TSLA) shares rose before the bell, setting up for a comeback from tanking 14% on Thursday as the public spat between its CEO Elon Musk and President Trump became increasingly heated.
Investors are taking some comfort from White House aides scheduling a call between Musk and Trump to broker peace, as the Tesla boss signals he’s open to moves to cool the situation.
NasdaqGS – Delayed Quote USD
At close: June 5 at 4:00:00 PM EDT
Reuters reports:
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Elon Musk pulls out of Dragon decommission threat in public spat with Donald Trump
Elon Musk has taken back his threat to decommission the Dragon spacecraft, currently produced by SpaceX and used for ferrying people and essential items to the International Space Station.
Bloomberg reports:
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Trending tickers in after-hours trading
Lululemon (LULU)
Shares in the apparel company plunged 21.7% after the company issued weaker-than-expected guidance for the second quarter and claimed profits are at risk in a “dynamic macro-environment”. The brand expects Q2 earnings per share in the range of $2.85 to $2.90, significantly below Wall Street’s consensus estimate of $3.29.
DocuSign (DOCU)
DocuSign stock dropped 16.9% in after-hours trading following a miss on billings growth. The digital agreements company reported Q1 billings of $739.6 million, falling short of the $746.2 million consensus from analysts.
Samsara (IOT)
Shares in the software company plunged 12.5% despite beating earnings expectations after Samsara issued guidance that pointed to slowing revenue growth. For the fiscal second quarter, the company expects revenue between $371 million and $373 million, up from $367 million in the previous quarter.
