Market Rundown: Trump-Musk Row, Tesla Stock, and US Jobs Report

Trump-Musk Relationship Fallout

• 💥 The relationship between President Trump and Elon Musk dominated Wall Street after a spectacular row.
• 📞 A phone call between Trump and Musk is planned for later today, following the public dispute.
• 📉 Tesla shares fell around 14%, impacting the tech-heavy NASDAQ, though Wall Street futures are now pointing to a positive open.

SpaceX and Government Contracts

• ⚠️ SpaceX's government contracts, estimated to be worth $22 billion, could be at risk due to the feud.
• 🚀 Elon Musk initially threatened to begin decommissioning its Dragon spacecraft used by NASA, but later appeared to retract the threat.
• 🛰️ Multiple US space programs may face dramatic changes as a result of the fallout.

US Economic Indicators

• 📊 The closely watched non-farm payrolls report is expected to show job growth slowing to 130,000 in May.
• 📉 This slowdown is anticipated despite a recent rise in jobless claims to a seven-month high.
• 📈 The report is crucial for investors to gauge the impact of tariffs on the labor market.

India's Monetary Policy

• 🏦 The Reserve Bank of India cut its key repo rate by 50 basis points to 5.5% due to low inflation.
• 🌱 Policymakers can now focus more on growth amid a volatile global economic backdrop.
• ⚠️ However, policymakers indicated limited room for further interest rate easing.