Overview

• President Trump and Xi Jinping held a 90-minute call focused on tariffs and agreed to send officials back to the negotiating table soon
• Tesla shares tumbled 14.3%, erasing about $150 billion in market value after Trump threatened to cut government contracts over Elon Musk’s criticism of his tax and spending bill
• The S&P 500 dropped 0.5% on Thursday, snapping a four-day winning streak as traders positioned for the U.S. Labor Department’s May employment figures
• U.S. imports fell 16.3% in April, narrowing the deficit to $61.6 billion—the smallest monthly shortfall since September 2023
• Procter & Gamble plans to cut up to 7,000 jobs over two years and the Federal Reserve is widely expected to hold rates steady before considering cuts later this year