Stock Market Today: Tesla Drags on Stocks Amid Musk-Trump Feud
Sentiment has soured between President Trump and his once-loyal ally, Tesla CEO Elon Musk.



Stocks struggled for direction Thursday as market participants awaited more details on tariff negotiations between the U.S. and its trading partners.
On Wednesday, President Donald Trump and Chinese President Xi Jinping held a roughly 90-minute phone call to discuss trade between the two countries.
In a post on Truth Social, Trump said it was "a very good talk," and the two "straightened out" some complexities centered on "rare earths" and "other things."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
High-level representatives from the U.S. and China will meet again "shortly, according to Trump, to resume trade negotiations.
Signs of rising tensions between the two countries, following news of a short-term trade truce in mid-May, have sparked volatility in the markets.
And while today's price action was up and down, moves were much more modest than we've experienced in recent months.
At the close, the blue chip Dow Jones Industrial Average was down 0.3% at 42,319, the broader S&P 500 was off 0.5% at 5,939, and the tech-heavy Nasdaq Composite was 0.8% lower at 19,298.
Tesla sinks as Musk-Trump rift widens
Tesla (TSLA) was one of the biggest decliners on Thursday, spiraling 14.3% as the split between Trump and Elon Musk grew.
The Tesla CEO recently ended his cost-cutting efforts in Washington, D.C., in order to turn his attention back to his companies.
While Musk seemingly left on good terms with Trump, his recent criticism of the president's "big, beautiful" tax bill has shined light on a widening rift between the two.
For his part, Musk posted on X that the spending bill is a "disgusting abomination" that will bankrupt America.
Trump replied with his own post on Truth Social today, writing that he took away an "EV Mandate that forced everyone to buy Electric Cars," and Elon "just went CRAZY!"
Circle stock soars after IPO
Circle Internet Group (CRCL) had a strong first day of trading, opening at $69 on Thursday.
The stablecoin issuer priced its initial public offering (IPO) late Wednesday at $31 per share – above its prior range of $27 to $28 – and the crypto stock reached an intraday high of $103.75 before settling at $83.23.
Cryptocurrency is in an upswing right thanks to supportive measures from the Trump administration.
And CRCL could get an additional boost if Congress passes the GENIUS Act – a bill aimed at creating a regulatory framework for stablecoins.
The successful offering also bodes well for mobile banking platform Chime, which will price its upcoming IPO this Wednesday, June 11, according to Fortune, and begin trading on the Nasdaq under the ticker symbol "CHYM" on Thursday, June 12.
Jobless claims come in hot
Data from the Labor Department showed that initial jobless claims rose by 8,000 last week to 247,000, more than the 236,000 economists expected.
This is just the latest sign of a cooling labor market and comes ahead of tomorrow morning's release of the May jobs report.
The data are expected to show the U.S. added 125,000 nonfarm payrolls in April.
Job growth has been a tailwind for the U.S. economy, says Scott Helfstein, head of investment at Global X, and this makes Friday's report "particularly important in the battle of hard fundamental data versus high frequency survey data."
Related content
- Actively Managed Vanguard Funds to Buy and Hold
- Chime IPO: Should You Buy CHYM Stock?
- Best Cheap Stocks (Under $10) to Buy Now
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Gen X? Challenges Lie Ahead as Retirement Nears
Tapping home equity and working longer are key strategies that can help overcome a savings shortfall.
-
How Grandparents Can Help with Education Expenses
Before paying for your grandkids' education, it's important to consider how to help them without risking your own retirement. Here are 10 things to think about.
-
I'm a Financial Pro: Why You Shouldn't Put All Your Eggs in the Company Stock Basket
Limit exposure to your employer's stock, sell it periodically and maintain portfolio diversification to protect your wealth from unexpected events.
-
How Will the One Big Beautiful Bill Shape Your Legacy?
The One Big Beautiful Bill Act removes uncertainty over tax brackets and estate tax. Families should take time to review estate plans to take full advantage.
-
Nvidia Earnings: Live Updates and Commentary August 2025
Nvidia's earnings event is just days away, and market participants are zeroed in on the AI bellwether's quarterly results.
-
Should You Claim Social Security Early or Late? A Financial Adviser Weighs In
There isn't a wrong age to start claiming Social Security, but there are factors that everyone should consider to avoid leaving money on the table.
-
Three Things Financially Confident People Do, From a Pro Who Knows
If you have any worries about your retirement future, take back control with these three tips.
-
How Much Do I Need to Retire? A Financial Professional Breaks Down Your Options
What it all boils down to is will you be comfortable in retirement? Some people may rely on formulas, while others just aim for $1 million nest egg.
-
Despite Our Grumbles, America Still Delivers on the Dream: Perspective From a Financial Pro Who's Seen Stuff
Some of us might complain about the state of our nation (and those concerns are legit), but America still offers unparalleled opportunities and mobility that many people around the world only dream about.
-
Dow Rips 846 Points to New All-Time High: Stock Market Today
Fed Chair Jerome Powell seems ready to cut interest rates in the fall but will still rely on incoming economic data about inflation and employment.