May jobs report, Tesla rebound, Broadcom earnings: 3 Things
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US stock futures (ES=F, NQ=F, YM=F) are jumping after the US Bureau of Labor Statistics (BLS) reported that the US economy grew by 139,000 jobs in May, above the 126,000 non-farm payrolls that economists expected. The unemployment rate remained unchanged and held at 4.2%.
Tesla (TSLA) shares appear to be recovering in Friday's pre-market trading after the stock sank, tied to CEO Elon Musk's public fallout with President Trump. The two are reportedly scheduled to speak on a call later in the day.
Semiconductor manufacturer Broadcom (AVGO) slips in negative territory despite beating its fiscal second quarter earnings results.
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Let's get to the three things that you need to know today.
First up, US stock futures pushing higher following the May jobs report. The numbers for May coming in better than expected, but show slowing jobs growth with downward revisions to the prior two months data. While the unemployment rate was unchanged, employers are cautious about growth prospects as they weigh the Trump administration's economic policies.
Plus, Tesla shares seeing a slight recovery this morning after wiping out $153 billion in market value amid the escalating feud between Elon Musk and President Donald Trump.
Elon Musk signaling he's open to making amends with the president after a swift fallout where Tesla CEO posted on social media that Trump would have lost the election without him, among other things.
Thursday's wipeout was Tesla's biggest one-day drop on record as investors assess the implications of the feud. Elon Musk personally lost $34 billion from his network.
And Broadcom shares sliding this morning after the company's earnings forecast left investors wanting more. While the company did beat Wall Street's estimates across the board, its revenue forecast for the current quarter suggests that AI spending frenzy isn't as strong as some investors had previously anticipated.