1. Essential Pre-Open Facts for Stock Market Investors:
U.S. Stock Market Looks Up: Elon Musk, Jobs Report And More
Here's the lowdown on the stock market today, with a side of Elon Musk's feud with President Trump, job growth slowdown, and a dip in Broadcom and Lululemon stocks. Here's what's happening on June 1^{st}, 2025.
1. U.S. Stock Futures Soaring Ahead of Job Report
U.S. stock futures are making a comeback after a rough day, with tech-heavy Nasdaq futures climbing by 0.4% and S&P 500 and Dow Jones Industrial Average futures showing a 0.4% and 0.3% increase respectively. Bitcoin is up by 2% to trade around $104,000, while gold futures edged higher. Oil futures and the 10-year Treasury yield note remain steady [1].
2. Musk-Trump Battle: A Call for Peace?
The White House is reportedly setting up a call with Tesla CEO Elon Musk following his heated exchange with President Trump [2]. After a day of traded insults and accusations, Musk intensified criticisms of Trump's policy called "One Big Beautiful Bill." Trump threatened to pull government funding for Musk's companies, but the feud may be cooling down. Tesla stocks are rebounding with a 4.5% premarket jump as peace negotiations are underway [1].
3. Job Growth Hits a Snag: Slower Growth Expected for May
The labor market is expected to have added 130,000 jobs in May based on economists’ forecasts, though reports suggest the actual number may have been slightly higher [3]. This growth rate is a slowdown from the previous months, with April's figures showing an unexpectedly high 177,000 jobs, and March showing 228,000 jobs [1][3]. Healthcare and leisure and hospitality sectors continue to buck the trend with significant employment gains [1][3].
4. Broadcom Earnings Meet Expectations, But Stock Slides Down
Broadcom shares are falling by 2.5% in premarket trading following the release of the company's second-quarter results [4]. Revenue was reported at $15.00 billion, an impressive 20% year-over-year increase and meeting analysts' expectations. The firm's current-quarter revenue outlook of $15.8 billion also meets projections. Despite these strong earnings and recent record highs, shares are down [1][4].
5. Lululemon Stocks Crash as Retailer Mulls Price Hikes and Profit Drop
Lululemon shares are plummeting by 20% in premarket trading, with the athleisure retailer trimming its profit outlook and hinting at possible price increases [5]. The company now expects full-year EPS to range from $14.58 to $14.78, down from the initial forecast of $14.95 to $15.15 [5]. During the earnings call, CFO Meghan Frank mentioned plans for strategic price increases [5]. Despite slight revenue and EPS figures above initial projections, Lululemon stocks are tanking [1][5].
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[1] "U.S. Stock Futures Fluctuate Ahead of Job Report," MarketWatch, June 1st, 2025.[2] "Politico Reporters Discuss Donald Trump's Public Feud with Elon Musk on 'Pollcast'," Politico, May 31st, 2025.[3] "May 2025 Employment Situation: Highlights," U.S. Bureau of Labor Statistics.[4] "Broadcom Wraps Up Q2, Earnings Meet Analyst Expectations," Seeking Alpha, June 1st, 2025.[5] "Lululemon Pushes Back on Profit Outlook, May Raise Prices," Reuters, May 31st, 2025.
- In the cryptocurrency market, Bitcoin's trading price, currently at $104,000, has shown a 2% increase, suggesting potential growth in the digital finance sector.
- As the market cap of technology companies fluctuates, the ongoing feud between Elon Musk and President Trump has sparked discussion about its potential impact on the Nasdaq, S&P 500, and Dow Jones Industrial Average.
- The consensus among economists indicates that the market cap of the healthcare and leisure and hospitality sectors is likely to remain strong, despite a slowdown in overall job growth, with the labor market expected to add 130,000 jobs in May.
