📈 Musk Meltdown

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Good Morning & Happy Friday! 

Big moves and bigger drama this week, Trump and Xi finally talk, Musk melts down (then cools off), and Circle rockets into public markets. Plus: all eyes on today’s jobs report, and somehow, the ruble is winning 2025.

Grab your Iced Latte and let’s get into it the drama. ☕️ 👇️ 

Markets

📈 Trump speaks with Xi
Stocks got a boost yesterday morning after Presidents Trump and Xi had a 90-minute call that Trump called “very good,” focused almost entirely on trade. The two leaders agreed to resume U.S.-China trade talks soon, with Treasury Secretary Scott Bessent and others heading the U.S. team. Their last face-to-face was back in May in Geneva, where both sides agreed to pause some tariffs—a sign tensions might be cooling.

😠 Elon Explodes at Trump
Elon Musk and Donald Trump’s feud hit a new high after Musk called for Trump’s impeachment and hinted he was hiding Epstein-related files. Trump fired back, suggesting cutting Musk’s government contracts.

After Tesla shares plunged 14% and Musk lost $34 billion in personal wealth, he appeared to walk things back, reversing a decision to scrap SpaceX’s Dragon spacecraft.

“Good advice,” Musk posted, responding to a random X user urging both men to cool off.

Now, GOP leaders are stuck in the middle, trying to mediate between two of the party’s most influential forces.

📆 The May Jobs Report Comes Out Friday — Here's What You Need to Know
All eyes are on Friday’s jobs report, as investors brace for signs of how tariffs are hitting the labor market. If job growth slows or unemployment ticks up, the pressure will mount on the Fed to cut rates, something Trump’s been pushing hard for. But the Fed’s stuck in a bind: cut rates to help hiring, or keep them high to fight potential tariff-driven inflation. This report could tip the scales.

🇷🇺 Russian ruble: The curious case of the world’s best-performing currency this year
Despite war, sanctions, and a shaky economy, Russia’s ruble is surging, up over 40% this year, making it the world’s top-performing currency. This rally isn’t investor-driven, but fueled by strict capital controls, a sky-high 21% interest rate, and falling demand for imports. Weaker dollar + peace talk rumors are giving it an extra push.

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IPO

Circle (CRCL) is still climbing after a massive debut on the public markets. Shares soared as much as 200% on Thursday, eventually closing up 168% at $83.23, and they're up another 13% in pre-market trading Friday.

Volatility halted trading multiple times, as Circle opened at $69 and quickly took off, ending the day with a market cap over $16 billion.

Circle, the issuer of the USDC stablecoin, reported $578.6 million in Q1 revenue and reserve income, mostly from earnings on cash and Treasury holdings backing USDC. Adjusted EBITA came in at $122.4 million.

With $60 billion USDC in circulation, Circle remains second only to Tether in the stablecoin world. This IPO comes after a failed SPAC attempt in 2021 and lands during a bullish moment for crypto, helped by Trump’s pro-crypto stance and Bitcoin’s recent surge past $110,000.

Quick Links

🤔 Revolutionizing Asset Tokenization with CHEX.
🏃 Lululemon stock plunges 20% as company's second quarter outlook misses Wall Street estimates.
💊 Drug imports plummeted in April despite tariff threat.
🤯 Rippling calls Deel ‘a criminal syndicate’ and claims 4 other competitors were spied on, too.
⛏️ Long-awaited Trump-Xi call isn’t enough to resolve looming critical mineral shortage this summer.
💵 Dollar poised for weekly loss, hurt by economic weakness and trade limbo.

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