Despite fears of a sharp slowdown in the labor market, the official nonfarm payrolls report for May showed stronger-than-expected job growth, underscoring the resilience of the U.S. <a href="https://www.benzinga.com/news/econ-s">economy amid macroeconomic uncertainties.</a>



The economy added 139,000 nonfarm payrolls in May, beating expectations of 130,000 yet cooling <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" target="_blank" rel="noopener">from the previous 147,000.</a> Wage growth also exceeded expectations, with average hourly earnings rising 0.4% month over month and 3.9% year over year. The unemployment rate remained steady at 4.2%.



President Donald Trump celebrated the strong May jobs report, calling the figures "great numbers," while renewing his public pressure on Fed Chair Jerome Powell, urging him <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">to lower interest rates.</a>



According to Trump, borrowing costs should be "much lower" as they are costing the U.S. economy "a fortune," suggesting the need to refinance maturing debt.



His remarks came after the Congressional Budget Office released updated estimates for Trump's sweeping tax bill, which is projected to add $2.4 trillion to the federal deficit over the next decade.



<h3 class="wp-block-heading">Political Spat Between Trump And Musk Hits Tesla Stock</h3>



A clash between Elon Musk and Trump <a href="https://www.benzinga.com/news/politics/25/06/45817556/trump-musk-feud-sends-betting-markets-into-overdrive-heres-what-traders-see-next">erupted on Thursday</a> after the tech billionaire publicly slammed the tax bill, claiming it was pushed through Congress too fast and never shared with him during his brief tenure as head of the Department of Government Efficiency.



Musk advocated for a leaner federal budget and accused the legislation of reckless spending.



Trump claimed Musk had gone crazy after losing access to government electric vehicle mandates. The president also floated the idea of scrapping all government contracts with Musk's companies, including SpaceX and Starlink, as a cost-saving measure for the budget.



Tensions reached a boiling point when Musk posted: "Time to drop the really big bomb: Trump is in the Epstein files. That is the real reason they have not been made public," yet offering no evidence to support the claim.



The feud sent shockwaves through markets, triggering Tesla Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) worst trading session of the year. Shares tumbled 14% on Thursday, erasing $152 billion in market value and capping a brutal week of double-digit losses.



On Friday, the S&amp;P 500 – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – closed at 6,000 points, gaining 1.5% for the week.



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<li><a href="https://www.benzinga.com/trading-ideas/movers/25/06/45820264/top-2-alternatives-to-tesla-after-the-musk-trump-breakup">Top 2 Alternatives To Tesla After The Musk-Trump Breakup </a></li>
</ul>



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US Labor Market Shows Resilience, Tesla Slumps After Trump-Musk Feud: This Week In Markets

A feud between Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk and President Donald Trump could end Musk's ties with the White House — a development <a href="https://www.benzinga.com/interview/25/03/44539183/exclusive-tesla-protest-organizer-says-elon-musk-seems-to-have-purchased-the-american-government">welcomed by Tesla protestors</a>.



However, "the job is definitely not done,&#8221; volunteer organizer Adam Sheridan tells Benzinga.



<h3 class="wp-block-heading">Feud Comes Quicker Than Anticipated</h3>



"There was a time limit on this relationship between them," Sheridan says. 



Sheridan is a volunteer organizer with the Cooper River Indivisible <a href="https://www.cooperriverindivisible.org/" target="_blank" rel="noreferrer noopener">non-profit</a> that participates in Tesla Takedown protests.



Musk and Trump were on the same side for an election. Once that was over, there was an expiration day for their relationship, the Tesla protest organizer explained.



"I think it was predictable, but still <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">quicker [than expected],</a>&#8221; Sheridan adds.



Read Also: <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">Trump Says Musk Has &#8216;Trump Derangement Syndrome&#8217; As Battle Over Bill Heats Up: &#8216;Had A Great Relationship… Don&#8217;t Know If We Will Anymore&#8217;</a>



<h3 class="wp-block-heading">Tesla Takedown Job Not Over</h3>



Sheridan said it's too early to tell if Musk is done with the White House. The Tesla protest organizer predicts Musk will still wield political influence. 



"I think he still has a lot of power,&#8221; Sheridan says. Musk&#8217;s ownership of X, he adds, allows him to control the narrative.



"[The] White House can't ignore him."



Sheridan said Trump is an emotional guy who governs on feelings, unlike other presidents who may not have gone after Musk or his companies.



"Trump really does have an ability to hurt Elon's businesses."



For example, Trump could be "detrimental" to Musk's businesses if he follows through on <a href="https://www.benzinga.com/news/space/25/06/45808621/after-threatening-to-scrap-dragon-spacecraft-amid-tussle-with-trump-musk-backs-down-following-social-media-plea-good-advice">cutting government contracts</a>, Sheridan added.



But getting Musk out of the White House was just 50% of Tesla Takedown&#8217;s goal.



Sheridan said there will be protests at Tesla dealerships on June 28, which is Musk's birthday. There will also be protests in Austin, Texas around Tesla's robotaxi demonstrations.



Moving on from physical protests at Tesla dealerships, Sheridan said attention may turn to economic efforts like getting pension funds to divest their Tesla stock. Sheridan also cautioned that Musk "still has a ton of power" and is threatening to launch and/or fund a third political party.



Sheridan said the goal is to continue to convince the billionaires that politics is not for them.



"Let the democratic process play out."



<h3 class="wp-block-heading">What's Next for Tesla</h3>



Sheridan warns that things could worsen for Tesla, considering Musk has fewer customers to sell to.



After catering to the left side of the political spectrum, Musk's behavior has alienated them and led to a hatred for Tesla. His campaigning catered to the MAGA (Make America Great Again) base of Trump supporters. However, if Musk is on the outs with Trump, he may be out of options. 



"Who's left? He's made enemies everywhere,&#8221; Sheridan said.



While not an analyst, Sheridan said Tesla stock price seems high given the constant flow of bad news <a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/06/45818240/tesla-stock-faces-demand-brand-issues-in-us-competition-in-china-analyst-lowers-delivery-estimates">and disappointing sales figures</a>.



Price Action: Tesla stock was up 3.7% to $295.14 on Friday. Tesla shares are down 14% over the last five days and down 22% year-to-date in 2025.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/04/44963440/tesla-takedown-says-protests-are-working-hitting-ev-company-where-it-hurts-the-companys-bottom-line">Tesla Takedown Says Protests Are Working: Hitting Where It Hurts, &#8216;The Company&#8217;s Bottom Line&#8217;</a></li>
</ul>



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EXCLUSIVE: Trump Can 'Hurt Elon's Businesses,' Says Tesla Protest Organizer — But At This Point 'Who's Left' To Buy?

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.



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

Thursday&#8217;s <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">dramatic fight</a> between President Trump and Tesla CEO Elon Musk, his political ally and donor, sent Tesla stock down more than 14%.



This is just the latest episode in a long string of bad news for Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>).



The stock, which was trading at around $300 per share on Friday, is down 25% for the year but has gained 11% over the past three months. Poor domestic and international sales, as epitomized by Tesla&#8217;s market share in car-mad Germany being down 36% year-to-year, concerns over robot taxi safety after media reports of a fatal car crash involving Tesla's driver-assistance software and Musk's political forays have stacked the deck against the stock.



With Tesla&#8217;s future looking increasingly uncertain, investors looking to benefit from the rise of electric cars are starting to look elsewhere.



Even as EV sales grow, totaling 20% of new car sales in 2024 globally, the maladies holding EVs back are no secret. In 2025, subsidy schemes are winding down across the globe, tariff fears are fueling price hikes that challenge cash-challenged consumers, charging stations remain spotty, and lower oil prices have combined to throttle electric vehicle (EV) adoption.



Tesla&#8217;s woes are just one example of this trend.



It's been a bumpy ride for electric vehicle stocks near the midpoint of 2025, with the KraneShares Electric Vehicles Future Mobility Index benchmark ETF up 2.0% in 2025. The fund, which tracks the Bloomberg Electric Vehicle Index, has been a portfolio drainer for a while now—down over 15% over the past three years.



One saving grace of late is China, where low battery prices, attractive trade-in deals, and a supportive government have helped EV sales rise by 40% in 2024 on a year-to-year basis. By the end of 2024, China accounted for two-thirds of all worldwide EV sales – that's up from half of all sales in 2021, according to the<a href="https://www.iea.org/reports/global-ev-outlook-2025/trends-in-electric-car-markets-2"> International Energy Agency's Global EV Outlook for 2025</a>.



"The EV market will continue to depend upon a mix of subsidies, incentives, and favorable trade policies," said David Nicholson, chief technology advisor at The Futurum Group in San Francisco, Cal. "Against this backdrop, Chinese EV manufacturers will face varying levels of protectionism. That will be the dominant theme moving forward. &#8220;How much will the rest of the world allow China to access its EV consumers?&#8221;



With EV long-term prospects on more solid footing against 2025 share price woes, which electric vehicle stocks resonate in 2025? Here's a snapshot.



<h2 class="wp-block-heading">Wall Street's Elite Are Betting Big on These Stocks</h2>



What's Wall Street buying right now? Benzinga Edge gives you instant access to ratings from 1,000 top analysts. From Goldman Sachs to Morgan Stanley and more—discover which stocks the smart money is piling into…and potentially profit alongside them. Unlock All Wall Street Stock Ratings <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-4/">HERE</a>



<h2 class="wp-block-heading">Tesla Inc.</h2>



Many of Tesla's current problems are short-term, with tariffs and political skirmishes involving Musk having only so much staying power. That doesn't mean Tesla is in a good spot, particularly with the proposed "Big Beautiful Bill" recently passed by the U.S. House of Representatives, which is looking to clear the Senate in June and appears to have set off the Musk-Trump feud. Among other features, the legislation curbs or, in some cases, outright eliminates EV and green energy tax credits introduced in 2022's Inflation Reduction Act. 



That's not good news for EV giants like Tesla, which count on credits to move vehicles. According to J.P. Morgan analyst Ryan Brinkman, if the tax act is passed with the EV credits neutered, Tesla could cost $2 billion. Brinkman has a sell call on TSLA, with a steep 65% slide in Tesla stock in play the following year.



However, if you have full confidence in Tesla's ability to bring new transport technologies like robot taxis to the market, then Tesla makes sense.



"Tesla&#8217;s value is based more upon future expectations of their ability to deliver in AI and Robotics than it is based on a realistic assessment to grow market share in vehicle sales," Nicholson said. "If you believe in the robotics story in particular, you buy or hold Tesla stock."



<h2 class="wp-block-heading">BYD Co. Ltd.&nbsp;</h2>



BYD (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BYDDY#OTC">BYDDY</a>), China's leading EV manufacturer, is conducting a cost-cutting campaign amid a slowing Chinese economy, expanded in-country electric vehicle competition, and collapsing EV sales in Europe. These factors are weighing heavily on China's auto manufacturing sector.



Yet BYD continues to dodge the deluge. The stock is up 53.18% year-to-date and up 6% over the past month, as the Shenzhen-based automaker has cut prices on 22 EV and hybrid vehicle models and will continue to do so through the end of June. Speculation is rising that BYD will continue to keep its EV price tags lower as it eventually edges into the US market, which would constitute a big problem for Tesla and major US automakers.



Analysts are backing the stock, with Macquarie holding its Buy Rating on BYD, according to a late May research note, and Erste Group initiating coverage with a Buy.



<h2 class="wp-block-heading">Rivian Automotive Inc.</h2>



Rivian (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) has been picking up steam lately, with its stock price up 23% over the past three months, and it has an intriguing story to tell. The EV manufacturer is aiming for the SUV and truck-driving consumer, which can be a tough sell in a downbeat economy. The numbers back that sentiment up, with deliveries down from 51,000 in 2024 to an estimated range of 40,000 to 46,000 in 2025, as high prices keep would-be buyers on the sidelines.



Yet RIVN is making strides in other areas. The company has a big delivery van deal with Amazon and has partnered with Volkswagen in a $5.8 billion software and services deal that helped RIVN net $167 million in the first quarter of 2025.



Revenues were up 3% for the first quarter of 2025 and the company has recorded two straight quarters of gross profit and production on its lower-cost R2 EV model (costs clocked in at $45,000 compared to $76,000 for Rivian's R1 line).



Rivian investors may have to show patience for a company focused on the long haul, but analysts see a big upside. Exhibit A is Exane BNB Paribas' James Picariello, who recently issued a Buy rating on the stock with a $20 price target, up above 40% from where the stock is trading as of writing.



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.



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Top 2 Alternatives To Tesla After The Musk-Trump Breakup

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>



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

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

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>
</ul>



Image: Shutterstock

Earnings

News

Guidance

MANU

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

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

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>



<li>Petco Health and Wellness Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOOF#NASDAQ">WOOF</a>)</li>



<li>Rent the Runway, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RENT#NASDAQ">RENT</a>)</li>
</ul>



Read Next:&nbsp;



<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?utm_source=articleShare">&#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>



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