Futures Rise as Trump-Musk Feud Eases and Jobs Report Looms – Europe Market Wrap

US stock futures are rising ahead of the release of US employment data, indicating that President Donald Trump’s extraordinary spat with Elon Musk may be cooling.

S&P 500 contracts rose. Tesla rebounded in early trading after falling 14% on Thursday, when Trump proposed terminating the billionaire’s government contracts. Musk, who started the public feud by criticizing Trump’s signature tax bill, later indicated that he wants to tone down the hostility.

Other asset classes saw more muted movements as traders awaited Friday’s nonfarm payrolls report for new information on how the Trump administration’s trade war is affecting the economy. The dollar gained as Treasuries remained flat, with the 10-year yield at around 4.38%.

Data released earlier this week indicated a softening labor market, supporting expectations that the Federal Reserve will lower interest rates at least twice this year. Economists expect payroll growth to slow to 125,000 after exceeding expectations for the second straight month in April.