By Robert Teitelman

Markets: In a busy week, China and the U.S. sniped at each other over trade and rare-earth minerals, President Donald Trump doubled aluminum and steel tariffs to 50%, and Treasury Secretary Scott Bessent said the U.S. would "never default on its debt." Stocks opened down as Treasuries climbed and May manufacturing contracted, then rose as tech rallied. The Congressional Budget Office warned the GOP tax bill would add $2.4 trillion to the deficit, and Trump finally talked to China's Xi Jinping. Stocks then plunged as Trump and Elon Musk engaged in a brutal public tweet war; Tesla fell 15%. The U.S. added 139,000 jobs in May. On the week, the Dow industrials rose 1.2%; the S&P 500, 1.5%; and the Nasdaq Composite, 2.2%.

Companies: The Food and Drug Administration approved a new Moderna Covid vaccine for those over 65. Musk is selling $5 billion in debt and $300 million in shares for his artificial-intelligence start-up xAI, valuing it at $113 billion. Meta Platforms signed a 20-year deal to buy electricity from a Constellation Energy nuclear plant. Regulators lifted Wells Fargo's asset cap after seven years. Procter & Gamble will cut 7,000 jobs.

Deals: Sanofi agreed to buy U.S.-based biotech Blueprint Medicines for up to $9.5 billion... Bristol Myers Squibb will pay BioNTech up to $11 billion to partner on a cancer drug to compete with Merck's blockbuster Keytruda...Stablecoin issuer Circle Internet went public, rising 170% in its debut to a $20 billion market cap.

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(END) Dow Jones Newswires

June 06, 2025 21:31 ET (01:31 GMT)

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