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US stock futures wavered after rising tensions between President Trump and Tesla CEO Elon Musk erupted into a full-blown feud.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) flatlined. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) fell 0.1%.
A rapid series of tit-for-tats flew between the president and Musk throughout the day Thursday. Trump said from the Oval Office he was “disappointed” with the Tesla CEO and questioned whether his opposition to his “big, beautiful” bill was truly about the ballooning US deficit. Musk fired back over X, saying the president wouldn’t have won the election without his support.
The president then also took to social media to suggest he could withdraw government contracts and subsidies that are critical to Musk’s business empire. Musk replied that he would decommission SpaceX’s Dragon spacecraft and and even endorsed the idea his former ally should be impeached.
Read more: The latest on Trump’s tariffs
The feud added another level of unpredictability to an already uncertain market just as weary investors had become cautiously optimistic that Trump tariffs could be reined in and the economy might hold steady. Until stocks fell on Thursday, the market had been mostly upbeat this week despite flaring trade tensions with China and mixed economic data.
The release of the May jobs report on Friday will add another layer to Wall Street’s shifting outlook as investors stay vigilant for signs of an economic slowdown. The report is slated for release at 8:30 a.m. ET, and investors are expecting to see hiring slowed while unemployment held flat.
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Stock market coverage for Friday, June 6, 2025.
