Wall Street closed lower on Thursday as investors grappled with a public feud between President Trump and Elon Musk, fresh U.S.-China trade uncertainty and growing signs of a weakening labor market.
The S&P 500 fell 0.5%, the Dow dropped 107 points and the tech-heavy Nasdaq dropped 0.8%, dragged down by Tesla's sharp losses. Tesla shares plunged 14.3% after Trump criticized Musk for his opposition to a sweeping tax and spending bill, suggesting he might strip Musk's companies of government contracts and subsidies. Earlier optimism from a phone call between Trump and Chinese President Xi Jinping faded as no concrete progress was reported, despite plans for more trade talks.
Meanwhile, jobless claims rose to 247,000 last week—the highest in eight months—adding to concerns about a slowing labor market. Economists expect the May jobs report to show a gain of 125,000 jobs, down from the previous month, and maintaining the three-month average of 162,000. (alg)
Source: Trading Economics
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