U.S. stock futures are pointing higher as investors monitor the feud between President Donald Trump and Tesla (TSLA) CEO Elon Musk and ready for today’s job report, which is expected to show job creation slowed in May; Broadcom (AVGO) shares are dipping in premarket trading after its quarterly results were in line with analysts’ expectations; and Lululemon (LULU) shares are plummeting after the athleisure retailer trimmed its profit outlook and warned it may raise prices due to tariffs. Here’s what investors need to know today.
1. US Stock Futures Point Higher Ahead of Jobs Data
U.S. stock futures are pointing higher as investors await today’s May jobs report and monitor the feud between President Donald Trump and Tesla CEO Elon Musk. Nasdaq futures are up 0.4% after the tech-heavy index fell by 0.8% Thursday amid broad market declines. S&P 500 and Dow Jones Industrial Average futures are 0.4% and 0.3% higher, respectively. Bitcoin (BTCUSD) is up 2% to trade at around $104,000. Gold futures are slightly higher. Oil futures and the yield on the 10-year Treasury note are little changed.
2. Tesla Stock Rebounds on Signs of Cooling Musk-Trump Feud
White House aides reportedly have set up a call with Tesla (TSLA)Â CEO Elon Musk following his public feud with President Donald Trump yesterday. Politico reported late Thursday that White House aides were working to broker a peace after the two traded insults and accusations earlier in the day. Musk continued his criticism of Trump’s “One Big Beautiful Bill” in an escalation of insults that led Trump to threaten to pull government funding for Musk’s companies. Tesla shares suffered on the news, falling 14% to cut more than $150 billion from the electric vehicle maker’s market capitalization. Tesla shares are about 4.5% higher in premarket trading.
3. US Job Growth Expected to Have Slowed in May
U.S. employers are expected to have added 125,000 jobs in May when the monthly report is released at 8:30 a.m. ET today, according to economists surveyed by The Wall Street Journal and Dow Jones Newswires. That would be a slowdown from the unexpectedly high 177,000 added in April. The report comes as some indications of weakness in the labor market have emerged. The private-sector ADP report released this week showed employers added 37,000 jobs in May, the lowest level since March 2023 and below expectations. President Trump pointed to the weak report as he continued to pressure the Federal Reserve to cut rates.
4. Broadcom Posts Record Revenue But Stock Slips
Broadcom (AVGO) shares are slipping about 2.5% in premarket trading after the chipmaker reported fiscal second-quarter results that were in line with analysts’ expectations. The chipmaker reported adjusted earnings per share (EPS) of $1.58 on revenue that rose 20% year-over-year to a record $15.00 billion, both meeting Visible Alpha consensus estimates. The firm’s current-quarter revenue outlook of $15.8 billion also met projections. Broadcom shares, which pulled back slightly yesterday from their latest record high, entered Friday having gained 12% this year.
5. Lululemon Stock Plummets as Retailer Trims Profit Outlook
Lululemon (LULU) shares are sinking 20% in premarket trading after the athleisure company lowered its full-year profit outlook and indicated it could raise prices due to tariffs. Lululemon said it now expects full-year EPS of $14.58 to $14.78, down from the prior forecast of $14.95 to $15.15. In the earnings call, CFO Meghan Frank said Lululemon is “planning to take strategic price increases, looking item by item across our assortment,” according to an AlphaSense transcript. The company reported first-quarter revenue and EPS slightly above its prior guidance and in line with Visible Alpha consensus.
