U.S. markets rebounded following a better-than-expected May jobs report, despite ongoing tensions between President Trump and Elon Musk. The labor report alleviated investor concerns, with the S&P 500 and Nasdaq gaining 1.1% and 1.4%, respectively, by mid-afternoon on Friday. The political drama erupted when Trump acknowledged a rift in his relationship with Musk, sparked by Musk's criticisms of a proposed tax and budget bill that impacts electric vehicle tax credits and government spending. Despite the feud, shares of Circle, a newly-public stablecoin, remained unaffected, trading significantly above its IPO price. Tesla's stock, however, dropped 14% following the feud's announcement. Trump's chief of staff suggested no reconciliation efforts were planned, and Trump is reportedly considering selling a Tesla from the White House fleet. As the midterms approach, both figures may see it beneficial to mend their relationship amidst the political backdrop.

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