{"id":394527,"date":"2025-06-08T23:08:29","date_gmt":"2025-06-08T17:38:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/markets-recover-on-jobs-surprise-amid-political-feud-tensions-crypto-news\/"},"modified":"2025-06-09T00:59:46","modified_gmt":"2025-06-08T19:29:46","slug":"markets-recover-on-jobs-surprise-amid-political-feud-tensions-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/markets-recover-on-jobs-surprise-amid-political-feud-tensions-crypto-news\/","title":{"rendered":"Markets recover on jobs surprise amid political feud tensions – Crypto News"},"content":{"rendered":"

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This is a segment from the Forward Guidance newsletter. To read full editions, subscribe<\/a>.<\/em><\/em><\/p>\n

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I was watching CNBC yesterday afternoon (and the French Open<\/a>, don\u2019t tell my boss) hoping to catch a glimpse of the NYSE exchange floor when Circle started trading<\/a>, but a bigger story quickly dominated the news cycle.\u00a0<\/p>\n

Fortunately for Circle shareholders, the political drama had seemingly no impact on shares of the newly-public stablecoin company. Trading under the ticker CRCL, the stock debuted<\/a> more than 120% above IPO price. Demand was alive and well today, too, with more than 20 million shares traded before 11 a.m. ET.\u00a0<\/p>\n

Back to that other big story, though. The biggest bromance in Washington is, apparently, imploding.\u00a0<\/p>\n

Yesterday, when speaking to reporters in the Oval Office alongside German Chancellor Merz, President Trump revealed cracks in his relationship with Elon Musk.\u00a0<\/p>\n

\u201cElon and I had a great relationship,\u201d Trump said. \u201cI don\u2019t know if we will anymore.\u201d<\/p>\n

If Merz was upset that his meeting in Washington was completely overshadowed by a public feud, he didn\u2019t show it. I\u2019d imagine he\u2019s just glad he isn\u2019t on the other side of Trump\u2019s wrath.\u00a0<\/p>\n

Trump\u2019s issues with Musk stem from the tech billionaire\u2019s comments about the \u201cone big beautiful bill\u201d Act<\/a>, the sweeping tax and budget legislative package Trump is trying to get through Congress.\u00a0<\/p>\n

The bill is the heart of Trump\u2019s platform, but Musk isn\u2019t a fan for a few reasons:\u00a0<\/p>\n

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  1. The bill cuts electric vehicle tax credits.\u00a0<\/li>\n
  2. The bill doesn\u2019t do enough to curb government spending.\u00a0<\/li>\n<\/ol>\n

    On that first point, we\u2019ll never know if Trump would have won without Musk\u2019s support, but I think it\u2019s safe to say it certainly didn\u2019t hurt. In Musk\u2019s opinion, he spent enough time and money to secure some EV credits. Trump says he doesn\u2019t owe the billionaire a thing.\u00a0<\/p>\n

    Because it\u2019s 2025, and because Trump and Musk are who they are, the venue for the fight was, of course, social media. While Trump fired off \u201ctruths\u201d on Truth Social, Musk took to X.\u00a0<\/p>\n

    In (perhaps) a sign that investors are growing more immune to political antics, US markets didn\u2019t move as much as you may have expected. Well, save for Tesla, which lost 14% on Thursday. The S&P 500 and Nasdaq Composite indexes closed 0.5% and 0.8% lower, respectively.\u00a0<\/p>\n

    By Friday, though, US markets were back in the green, thanks to a better-than-expected May jobs report. The S&P 500 was trading 1.1% higher on the day at 2 p.m. ET while the Nasdaq Composite had gained 1.4% at that time.\u00a0<\/p>\n

    As for the current state of affairs between Trump and Musk, things are still rocky. Trump\u2019s chief of staff told NBC today there are \u201cno plans\u201d for a call between the president and his (former?) bestie. The New York Times is reporting that Trump plans to sell the red Tesla he added to the White House\u2019s fleet back in March.\u00a0<\/p>\n

    With midterms quickly approaching and Musk\u2019s government contracts apparently on the line (per one of Trump\u2019s threats yesterday), it seems advantageous for the two to kiss and make up.\u00a0<\/p>\n

    We wouldn\u2019t be surprised if they both cool down over the weekend, although I doubt either man can resist posting for too long, so we\u2019ll see. Either way, I\u2019ll be back on Monday to unpack it all.<\/p>\n

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    Get the news in your inbox. Explore Blockworks newsletters:<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. I was watching CNBC yesterday afternoon (and the French Open, don\u2019t tell my boss) hoping to catch a glimpse of the NYSE exchange floor when Circle started trading, but a bigger story quickly dominated the news cycle.\u00a0 Fortunately for Circle shareholders, […]<\/p>\n","protected":false},"author":2,"featured_media":394531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-394527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/394527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=394527"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/394527\/revisions"}],"predecessor-version":[{"id":394533,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/394527\/revisions\/394533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/394531"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=394527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=394527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=394527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}