Background Information:
The public dispute between U.S. President Donald Trump and tech billionaire Elon Musk has become a recent focal point, but investors are more focused on the better-than-expected employment report.
Key Events:
1. The relationship between Trump and Musk has soured, triggered by Musk's criticism of Trump's promoted 'beautiful big bill,' particularly regarding the bill's cuts to electric vehicle tax credits and its failure to effectively control government spending.
2. The dispute between Musk and Trump has primarily unfolded on social media, with Trump speaking out on Truth Social and Musk responding on the X platform.
3. Despite the intense political feud, market reactions have been relatively calm, with Tesla's stock falling 14%, but the S&P 500 and Nasdaq indexes only experiencing slight declines.
4. With the May employment report exceeding expectations, the market rebounded on Friday, with the S&P 500 rising 1.1% and the Nasdaq rising 1.4%.
5. Trump plans to sell his red Tesla from the White House fleet, and there are currently no plans for communication between the two parties; government contract issues may affect their relationship.
Potential Impact:
As the midterm elections approach, the relationship between Trump and Musk could impact political and business collaborations, and the market's immunity to political drama seems to have strengthened. Whether the two will reconcile in the future remains to be seen.
Special Note:
This article is excerpted from Forward Guidance newsletter, containing information related to CoinWorld.