🥊 Trump and Musk exchange insults

and more earnings

Good morning investors! Is this the beginning of a new feud?

Today we cover:

  • Trump and Xi talk

  • Best friends bitter enemies – Trump and Musk fight

  • More earnings

Did you know that the World Wide Web was born in Geneva, Switzerland? Indeed, the first version of the Internet cropped up at CERN in 1989. Today the world-renowned center is home to the largest particle accelerator and to the CERN Science Gateway – a must-see hub for science enthusiasts that features hands-on exhibits, immersive virtual reality experiences, and live demonstrations.

📊 Economy and News 

Trump and Xi Discuss Trade, Plan Further Talks

Presidents Trump and Xi Jinping held a 90-minute call yesterday, described by Trump as “very good” and focused on resolving the U.S.-China trade war.

Trump announced on Truth Social that the call reached a “very positive conclusion,” with U.S. officials—Scott Bessent, Howard Lutnick, and Jamieson Greer—set to meet Chinese counterparts soon.

Tensions persist over China’s delays in exporting rare earth minerals, as pledged in May’s Geneva talks, and new U.S. restrictions on Chinese student visas and semiconductors, which Beijing views as punitive.

Trump clarified that rare earth issues were addressed, though details remain vague. The leaders also exchanged invitations for visits but did not discuss Russia, Ukraine, or Iran.

We know that the trade policy is making an impact. The U.S. deficit with its global trading partners tumbled by the largest amount on record in April. Imports slowed sharply during the month, falling 16.3% to $351 billion. At the same time, exports accelerated, rising 3%.

Global hits:

Silver shines: Silver futures soared to $36.27 per troy ounce, the highest since early 2012, before settling at $35.82, up over 3% for the day.

Silver has gained more than 20% year-to-date, trailing gold’s 28% rise. Unlike gold, which dipped slightly, silver’s rally narrowed the gold-silver price gap.

Driven by robust industrial demand, particularly in solar panels, and its role as a safe-haven asset, silver faces a persistent supply deficit, with 2024 demand exceeding supply by 15% and a fifth consecutive deficit projected for 2025, according to the Silver Institute.

Job cuts: People are losing jobs with Citi planning to slash 3,500 tech roles in China as global banks cut costs and Procter & Gamble cutting 7,000 jobs as part of broader restructuring.

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📈 Stocks

S&P 500 5,939.30 (-0.53%)
DJIA 42,319.74 (-0.25%)
NASDAQ 19,298.45 (-0.83%)
BRENT CRUDE 65.34 (+0.74%)
* Prices as of Jun 6th, 12:20 AM UTC

Battle of Billionaires: Musk vs. Trump

Tesla shares plunged -14% after Elon Musk and Donald Trump traded blows over a controversial spending bill, with Musk accusing Trump’s plan of ballooning the deficit and gutting key green energy incentives.

The Congressional Budget Office estimates the bill would add $2.4 trillion to the deficit — while slicing into Medicare, trimming overtime taxes, raising the standard deduction, lifting the debt ceiling, and pushing military spending past the $1 trillion mark.

Things picked up when Trump spoke candidly about his disappointment with Musk while meeting the German leader.

In response, Musk launched a series of extraordinary attacks on X, suggesting without evidence that Trump appears in unreleased files related to the late sex offender Jeffrey Epstein.

But Musk’s biggest gripe? The bill axes the EV and solar incentives that have long sweetened the deal for Tesla buyers, effectively hiking Tesla prices by $7,500 overnight. The removal comes just as Tesla posted its worst quarter for deliveries since 2022 — shipping 337,000 vehicles in May, well below the expected 390,000.

“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” Musk posted on X.

Trump fired back with this post:

Musk has walked back from an earlier threat to decommission a crucial SpaceX spacecraft used by US astronauts.

So now, while Washington bickers and billionaires brawl, Tesla investors are left watching their portfolio burn. Whether this is political theater or the start of a deeper rift between MAGAland and Muskworld — it’s clear the EV market just got a lot more combustible.

Good to know: Stablecoin issuer Circle soars as much as 235% in NYSE debut after pricing IPO above expected range. Also, Wise will move to a dual listing, with its main listing hub shifting to the U.S. while maintaining a secondary listing in London.

The Walt Disney Company said that its domestic theme parks generate $67 billion in combined annual economic impact.

Trump news: Trump is renegotiating Biden-era Chips Act grants that the current administration finds ‘overly generous’. The president is enrolled in another controversial matter.

Earnings:

  • Lululemon beat Wall Street expectations for fiscal first-quarter earnings, but cut its full-year earnings guidance, citing a “dynamic macroenvironment.” The company expects its full-year earnings per share to be $14.58 to $14.78 per share. Previously, it expected earnings per share to be in the range of $14.95 to $15.15 for the year. Shares of the apparel company plunged about 20% in extended trading.

  • Broadcom reported second-quarter earnings that beat Wall Street expectations and provided robust guidance for the current quarter. Revenue of $15 billion topped estimates of $14.99 billion, according to LSEG. Broadcom said it expects about $15.8 billion in third-quarter revenue, versus $15.70 billion expected by Wall Street analysts. Revenue in the latest quarter rose 20% on an annual basis. Still, the stock fell -4.5% after the bell.

  • Satellite imaging play Planet Labs pops more than 50% after posting earnings beat, record revenue.

  • MongoDB jumps 13% after company boosts guidance, cites confidence in cloud-based database service and beats expectations.

🔐 Crypto

Bitcoin $101,819 (-3.48%)
Ether $2,425 (-3.5%)
Solana $147 (-2.18%)
Total market cap $3.17T (-3.95%)
* Prices as of Jun 6th, 12:20 AM UTC

Bitcoin Dips, TRUMP Coin Crashes Amid Family Feud and Legal Chaos

Bitcoin slid 4% to $100,423, while the TRUMP meme coin plunged 12% to $9.67, capping a brutal week for Donald Trump’s crypto empire. Other currencies also fell.

The crash comes as Trump battles Elon Musk publicly and his sons launch legal action against Fight Fight Fight, the firm behind the TRUMP coin. The conflict erupted after the firm unveiled a $TRUMP Wallet with Magic Eden—without family approval.

World Liberty Financial, which holds major Trump investments, hit Fight Fight Fight with a cease-and-desist, accusing them of misusing the Trump name. Donald Trump Jr. and Eric Trump slammed the wallet online, denying involvement.

Behind the scenes, the Trump family was developing its own wallet tied to a $550M token sale and a stablecoin, USD1, now worth $2.2B.

Despite being booted off X and facing legal threats, Fight Fight Fight kept pushing TRUMP coin promos. The company holds 80% of the supply, and founder Bill Zanker had hosted a private event with Trump himself.

💵 Personal Finance

How Much Does an EV Road Trip Really Cost?

Planning an EV road trip? Expect to pay between $10 and $30 per commercial charge, especially when using fast Level 3 chargers. That puts EV travel costs roughly in line with gas-powered cars — but with far more variability.

Electricity prices can differ wildly by location, charger type, and pricing model (per kWh, per minute, or per session). Plus, charging times range from under an hour (Level 3) to a full day (Level 1), so planning is essential.

To minimize costs and time, use route-planning apps like PlugShare or A Better Route Planner, and aim for free or discounted chargers at hotels, supermarkets, and restaurants. Don’t overcharge — just top up enough to reach your next stop.

Bottom line? EVs are still road-trip capable — but smart planning makes all the difference.

💰 Be a Better Investor

"Bitcoin is a technological tour de force."

Bill Gates

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👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.