Stocks struggled with direction Thursday as market participants awaited details of tariff negotiations between the US and its trading partners.
On Wednesday, President Donald Trump and Chinese President Xi Jinping made a roughly 90-minute call to discuss trade between the two countries.
In a post about the Truth Society, Trump said it was “a very good story” and that the two “straighten” complexity centered around “rare earth” and “other.”
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High-level representatives from the US and China will soon meet again to resume trade negotiations, according to Trump.
Following news of a short-term trade ceasefire in mid-May, signs of rising tensions between the two countries have sparked market volatility.
And while today’s price action was up and down, it was far more modest than we’ve experienced in recent months.
At the end, the Blue Chip Dow Jones Industrial Arage dropped by 0.3% at 42,319, the broader S&P 500 was 0.5% off at 5,939, and the more tech NASDAQ Composite was 0.8% lower at 19,298.
Tesla sinks when the rift of the mask card spreads
Tesla (TSLA) was one of Thursday’s biggest withdrawals, winning a 14.3% spiral as the split between Trump and Elon Musk grew.
Tesla’s CEO recently ended his cost-cutting efforts in Washington, DC, and ended his attention back to his company.
Musk appears to remain in good relations with Trump, but his recent criticism of the president’s “big and beautiful” tax bills has shed light on the growing rift between the two.
Musk posted to X that the spending bill is “nasty and hateful” to bankrupt America.
Trump responded today in his own post on True Social, writing that he had taken away “an EV mandate that forced everyone to buy an electric car.”
Circle stocks will skyrocket after IPO
Circle Internet Group (CRCL) opened on Thursday for $69, marking a strong opening day of trading.
Stablecoin Issuer priced its first public offering (IPO) of $31 per share (over the previous $27-$28 range) late Wednesday, with Crypto stock reaching an intraday high of $103.75 before it settled at $83.23.
Cryptocurrency is on track thanks to support measures from the Trump administration.
Also, if Congress passes a genius act, CRCL can get additional boosts.
The successful product also portends a good for the mobile banking platform chime, and according to Fortune, it will price upcoming IPOs on Wednesday, June 11th and start trading on Nasdaq under the ticker symbol “Chym” on Thursday, June 12th.
Unemployment claims get heated
Labor data showed that initial unemployment claims rose 8,000 last week to 247,000, with 236,000 economists rising more than expected.
This is the latest indication of the cooling labor market, ahead of the release of the Jobs Report tomorrow morning in May.
The data is expected to show that the US added 125,000 non-farm pay salaries in April.
Job growth has been a tailwind for the US economy, according to Scott Helfstein, head of investment at Global X.
