While Tesla has regained some of its losses, the stock is in recovery mode after the latest employment report beats expectations.
The US stock index recovered on Friday, June 6th, after stronger job data than expected. The Dow Jones rose 300 points (0.7%), while the S&P 500 scored 0.75%. At the same time, the high-tech Nasdaq rose 0.97%, supporting key indicators by encouraging US employment figures.
According to a report Friday, U.S. employers added 139,000 new jobs. Meanwhile, the unemployment rate was stable at a relatively low 4.2%. Overall, the report shows that the US job market remains resilient despite continued concerns about the trade war.
Non-farm pay data is a key indicator of the Federal Reserve, maintaining a dual mission to support employment and keep inflation low. With inflation still a concern, people who are stronger than expected may remain cautious about cutting interest rates.
Following positive news about the job market, US President Donald Trump has once again launched an attack on the Fed. Trump urged Fed Chairman Jerome Powell to cut interest rates to stimulate the economy. “Go for the full point, rocket fuel!” Trump said on social media.
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Tesla recovers slightly from Musk-Trump feud
Tesla’s stock recovered by about 5% as traders viewed the sudden sale as an opportunity to buy following a sharp loss that led to a mass feud between Elon Musk and Donald Trump. The high-tech CEO and former Trump allies called for president’s ammo each, claiming that Trump was nominated in Jeffrey Epstein’s file.
The public feud caused Tesla shares to lose 14% on Thursday, bringing Musk’s personal wealth down $34 billion. Elon Musk then signaled to cool tensions with President Donald Trump.
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