Rise and Shine: Everything you need to know before the ASX opens

Good morning everyone and welcome to Rise and Shine on Friday, June 6, 2025. Here’s what you should know before the ASX opens today…

The ASX is expected to open flattish on Friday, with futures hovering near the zero line.

That’s despite a fairly bumpy session on Wall Street, where investors had their nerves rattled by a sell-off in Tesla on the back of Musk-vs-Trump’s escalating feud.

Wall Street stumbles

Overnight, the S&P 500 slipped 0.53%, the Nasdaq dropped 0.83%, and the Dow gave up 0.3%.

Tesla plunged more than 14% after CEO Elon Musk and President Trump took their bromance public, and not in a good way (more on this below).

Meanwhile, data tech firm Palantir slid 8% after Republican lawmakers raised fresh concerns about how much data the company’s collecting on Americans.

Over in Europe, the ECB did what everyone expected and trimmed rates by 25bp again, the eighth cut since last June, trying to breathe life into a sluggish euro zone economy.

But with inflation still sticky and trade tensions flaring, the jury’s out on whether this easing cycle’s got much left in the tank.

For Aussie investors, a tech sell-off can spook local growth names today, especially in sectors with sky-high valuations.

Billionaire bromance goes bust

Trump and Musk have gone from power couple to public enemies.

After days of Musk bagging Trump’s tax bill, the president hit back with fire: cut off the EV subsidies.

“The easiest way to save billions is to kill Elon’s contracts,” Trump posted.

And with that, Tesla’s share price did a swan dive.

Musk clapped back with a Clint Eastwood: “Go ahead, make my day”, then went nuclear, suggesting Trump’s name appears in the Epstein files and maybe, just maybe, impeachment isn’t off the table.

Time to drop the really big bomb:@realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.

Have a nice day, DJT!

— Elon Musk (@elonmusk) June 5, 2025

By the time the social media smoke cleared, Tesla had suffered its worst single-day market cap loss in history.

Trump and Xi pick up the phone

Buried under the Musk mayhem was a significant call between Trump and China’s President Xi.

After months of  mud-slinging, the two leaders agreed to resume trade talks, especially around rare earths.

Trump reckons the US-China trade deal is “back on track,” while Xi invited Trump to pop by for tea in Beijing.

For Aussie investors, this matters. Australia is a top producer of rare earths, and stocks like Lynas could keep climbing if China stays cagey with exports.

And finally…

The focus is tonight’s US non-farm payrolls.

Forecasts suggest 140,000 new jobs, wages ticking up 0.2%, and unemployment steady at 4.2%.

Whether that’s enough to convince the Fed to start cutting rates soon is the billion-dollar question.

Commodity/forex/crypto market prices

What got you talking

Also in the news…

In May, not a single mining stock listed to the ASX all month. This month, a new wave of explorers and producers are gearing up to hit the boards and ring the IPO bell.

Iron ore grades have been slipping from the Pilbara producers, and a new price index could bring greater transparency for investors.

Check out which ASX companies are giving control back to motor neurodegenerative disease sufferers ahead of the Big Freeze AFL event this long weekend.

TRADING HALTS

Dalaroo Metals (ASX:DLM) – acquisition of gold project in Côte d’Ivoire
Firebrick Pharma (ASX:FRE) – cap raise
FireFly Metals (ASX:FFM) – cap raise
Resolution Minerals (ASX:RML) – material acquisition
S2 Resources (ASX:S2R) – cap raise

At Stockhead, we tell it like it is. While Locksley Resources is a Stockhead advertiser, it did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.