S&P 500 turns lower as Tesla shares slide, traders weigh Trump-Xi talk 6/5/25

The S&P 500 fell on Thursday, spurred by a drop in shares of electric vehicle maker Tesla. Tesla was a big laggard in the session, down more than 11%, after President Trump said he was “very disappointed” in CEO Elon Musk. Musk shot back at President Donald Trump, saying in a post on X that “without me, Trump would have lost the election.” The feud further escalated after Trump called Musk ”‘CRAZY” and signaled that he could cut his companies’ government contracts. We’ll cover all of the angles for you.