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Key topics include billions of dollars in expected EV write-downs, a retrench to “core” businesses for automakers and a collapse of the auto industry in China.

The drop comes as shares of the EV maker saw a 22% rally in May with Musk wrapping up his time as head of Trump’s Department of Government Efficiency, or DOGE.

Dogecoin tumbled Thursday as Elon Musk’s feud with President Donald Trump spilled into public view and their alliance quickly crumbled.

The Trump administration signed a proclamation Wednesday suspending entrance to the U.S. for citizens from 12 countries.

• Prior +0.2%
• GDP Q1 y/y +1.5% vs +1.2% second estimate
• Prior +1.2%

The Q1 GDP got revised higher at every release.

Household final consumption expenditure increased by 0.2% both in the euro area and in the EU. Government final consumption expenditure remained stable in the euro area and decreased by 0.1% in the EU. Gross fixed capital formation increased by 1.8% in both the euro area and the EU. Exports increased by 1.9% in the euro area and by 1.6% in the EU, and imports increased by 1.4% in both the euro area and the EU

This article was written by Giuseppe Dellamotta at www.forexlive.com.

• Prior -0.1%
• Retail sales y/y +2.3% vs +1.3% expected
• Prior +1.5%

Retail sales remain on a strong trend. The increased fiscal spending and ECB rate cuts should keep the momentum going.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

• Decision-making at each meeting remains key.
• Not committing to any rate path.
• ECB keeps full freedom of movement at all coming meetings.

The ECB will now be much more data-dependent as they are near the lower bound of their estimated neutral range (1.75%-2.25%)

This article was written by Giuseppe Dellamotta at www.forexlive.com.

• Lowering rates at a time of high savings and low investments has no effect except a monetary effect.
• I didn’t affect the outcome of the Governing Council meeting with my lone vote.
• We are currently expansive in our monetary policy.
• Lagarde said we are at the end of the cycle, I wanted to discuss whether that is the case.
• Current nominal neutral rate is around 3%.

No surprise here that he dissented as that was telegraphed pretty well in his comments preceding the ECB decision. He’s been the most hawkish member for quite some time now.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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S&P 500 Technical Analysis: Elon vs. Trump Feud Won’t Shake Bulls Just Yet

Despite the recent headline-grabbing feud between Elon Musk and Donald Trump, the S&P 500 E-mini futures have held their ground firmly. In a market where sentiment often shifts rapidly due to external noise, the resilience demonstrated by bulls is noteworthy.

Technical analysts have observed the S&P 500 futures respecting an extended downward channel, adjusted to align precisely with recent price wicks. Channels can vary depending on algorithms and analyst approaches—some take openings, others prefer extreme wicks—but the current channel remains a key battleground for market participants.

Thus far, despite provocative exchanges between Musk and Trump, traders have not panicked. Instead, the market has shown relative composure, signaling continued bullish confidence. Price action, after all, frequently reveals underlying market truths, and the current stability suggests bulls are not ready to relinquish control.

This stability does not assure a guaranteed outcome, but it highlights a critical junction offering a favorable risk-reward scenario. The prevailing technical structure could potentially lead the S&P 500 toward new all-time highs if this channel remains intact.

However, caution is warranted. A sustained breakdown below the critical support around 5,900—specifically marked by two consecutive days closing beneath that level—would alter the bullish narrative significantly.

For now, the bullish premise remains robust, undeterred by external noise, but traders should remain vigilant for potential changes if key support levels are breached.

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Stay tuned for more insights, risk management updates, and strategic entry opportunities, ensuring you capitalize on optimal buy-the-dip scenarios.

ForexLive.com is evolving to become investingLive.com later this summer. Stgay tuned.

(Disclaimer: Trading cryptocurrencies carries inherent risks. This article does not constitute financial advice. Always conduct your own research and consider your risk tolerance before making any investments.)

This article was written by Itai Levitan at www.forexlive.com.

Economists expect that when the Bureau ofLabor Statistics reports the May nonfarm payrolls numbers, they will show a gain of just 125,000.