Musk vs Trump: Fallout brewing – Market impacts ahead?

Important News for the day

• Fri, 06th, 14:30 CET CA Unemployment Rate / Employment Change.

• Fri, 06th, 14:30 CET US Nonfarm Payrolls / Average Hourly Earnings.

Musk - Trump

After leaving his advisory role with the U.S. government, Elon Musk began to openly criticize Donald Trump. His main reason was the implementation of the new tax bill. The fallout between the two escalated when the Tesla CEO claimed on X that Trump is mentioned in the Epstein papers and should be impeached for his past actions as U.S. President. A full- on tweet war has seemingly now started. Musk’s remarks may now threaten his contracts with NASA and the public space program with SpaceX. Soma analysts suggest this could impact future collaborations and funding decisions. Stock markets have started a slight correction after the news came out yesterday.

Market talk

Financial markets remain slightly shaky and despite equities running higher risks of a potential correction might follow soon. ADP data from earlier this week show that hiring in the US is weakening. Today’s NFP data should hence be in focus as it might shake the momentum of the Dollar. A stronger Greenback could cause headwinds for stock markets. On another note Silver has recently followed Gold prices and went substantially higher. The market might indeed push higher should the Dollar remain weak.

Tendencies in the markets

• Equities sideways, USD stronger, Bitcoin weaker, ETH sideways, oil sideways, Silver strong, Gold positive, JPY sideways.