Investors are cheering signs of a potential truce in the acrimonious feud between President Trump and Elon Musk, and a monthly jobs report which topped estimates.

The electric vehicle maker lost $152 billion in market cap Thursday as traders reacted to a public feud between Elon Musk and President Donald Trump.

Tesla stock rose around 5% in premarket trading Friday, suggesting the shares were set to claw back some of their heavy losses from the previous session. Tesla stock was up 4.3% at $296.99 ahead of the open,

China added fuel to simmering trade tensions with the US, setting investors on guard as they turned the page on a bullish May.

President Trump and Chinese President Xi are set to speak soon according to Treasury Secretary Scott Bessent. Investors are ushering in a new month after the S&P 500 and Nasdaq registered the best month since November 2023.