Trump-Musk Clash Rattles Markets Amidst Economic Turmoil

Wall Street tumbled on Thursday, affected by tense interactions between U.S. President Donald Trump and Tesla CEO Elon Musk, which eclipsed ongoing trade negotiations between Washington and Beijing. Crude prices ascended as the market reacted to various international dynamics.

In the wake of President Trump's threat to eliminate Musk's government subsidies following Musk's critique of Trump's fiscal policies, Tesla stocks fell sharply, contributing to Nasdaq's significant losses. Despite minor downturns in the S&P 500 and the Dow, conflicting opinions regarding the financial impacts of Trump's tax laws created uncertainty.

Trade conversations between Trump and China's President Xi Jinping offered a glimmer of economic optimism, amidst a backdrop of disappointing labor statistics and tariff issues affecting U.S. economic indicators. Financial markets grappled with unpredictability as investors weighed potential trade resolutions against economic instability.

(With inputs from agencies.)