Pre-Market Report – Friday 6 June: US markets dip | Trump and Xi talk, Musk and Trump tweet

Market Updates

Wall Street recorded a negative session as news of talks between Trump and Xi Jinping were overshadowed by the escalating feud between Trump and Musk. Musk has criticised Trump’s “big, beautiful bill” for failing to slash enough government expenditure while Trump has threatened to cut many of Musk’s government contracts. S&P 500 down 0.53%, NASDAQ down 0.83%. Dow dropped at open, recovered throughout the day, but dropped again an hour or so before the market closed. Ended 108 points down.

Cyclicals (discretionary stocks) worst performer by a mile. Down 2.5% vs Non-Cyclicals down 0.8% in second. Tesla weighed on sector, down 14.3% as Musk and Trump battled on their respective social media platforms.

ASX to fall slightly on open. SPI futures down 5 points (-0.06%).

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