Stocks Decline on Wall Street Amid Trump-Musk Feud

Stocks closed in the red on Wall Street today (5.6.2025), driven by a drop in shares of an electric vehicle manufacturing company. The S&P 500 fell by 0.53% to close at 5,939.30 points, while the Nasdaq declined by 0.83%, closing at 19,298.45 points. The industrial Dow Jones index recorded a fall of 108 points or 0.25%, settling at 42,319.74 points. Tesla was the biggest loser of the session, plummeting over 14%, after President Donald Trump stated he was ‘very disappointed’ with CEO Elon Musk. Musk retaliated against Trump, posting on X that ‘without me, Trump would have lost the elections.’ The dispute escalated further as Trump called Musk ‘crazy’ and signaled that he might cut government contracts with Musk’s companies. Meanwhile, the US and China agreed to temporarily reduce tariffs in May, driving stocks to sharp gains for the month as investors hoped the worst of the trade policy turmoil was behind them. The S&P 500 rose more than 6% in May, marking its best month since November 2023, alongside the Nasdaq. However, recent tensions between the US and China have worried investors.