FX.co ★ US Futures Stabilize Ahead of May Jobs Report

On Friday, US stock futures remained steady as investors prepared for the anticipated May jobs report, a critical indicator of the labor market's health. Recent reports, such as weekly jobless claims and private-sector employment numbers, have suggested a weakening in the labor market, raising concerns about potential impacts of President Donald Trump's tariffs on economic growth. During Thursday's trading session, the Dow Jones Industrial Average saw a decrease of 0.25%, the S&P 500 fell by 0.53%, and the Nasdaq Composite Index experienced a decline of 0.83%. Notably, Tesla suffered a significant drop of 14.3%, driven by a growing public conflict between Trump and CEO Elon Musk. The President criticized Musk for his opposition to a substantial tax-and-spending proposal, hinting that government contracts and subsidies for Musk's enterprises could be jeopardized. Earlier, a phone call between Trump and Chinese President Xi Jinping had generated some optimism, but the lack of significant advancements in trade discussions diminished that initial positive sentiment, despite both leaders expressing a commitment to continue negotiations.