by Saeed Azhar

NEW YORK (Reuters) – The New York Stock Exchange ended up on Thursday, after a hectic session, while public tensions between Donald Trump and Elon Musk have plunged Tesla, whose billionaire is the owner, and erased the successive gains in the discussion between the President and his Chinese counterpart Xi Jinping.

The Dow Jones index sold 0.25%, or 108.00 points, to 42,319.74 points.

The wider S & P-500 lost 31.51 points, or 0.53%, to 5,939.30 points.

The Nasdaq Composite fell on its side from 162.04 points (0.83%) to 19,298.45 points.

Already in withdrawal during four of the previous five sessions, Tesla plunged more than 14% and lost around $ 150 billion in valuation after the comments of Donald Trump about Elon Musk, to whom he reproached for being “gone”, while the businessman expressed this week his opposition to the tax reform project of the American president – a flagship measure of his program.

The head of the White House assigned these criticisms to the bitterness of Elon Musk about the abolition of purchasing credits for electric vehicles provided by the bill, about which the businessman warned, as republican peers of Donald Trump, that the American debt would grow greatly.

Noting that the repercussions of this quarrel for Tesla action were “obvious”, Mark Spiegel, portfolio manager at Stanphyl Capital, said he did not anticipate significant consequences for the entire market, “apart from a slight impact on the indices”.

“The market as a whole has lots of problems. Tesla is not one of them,” he added.

The day had previously been punctuated by the telephone interview between Donald Trump and Xi Jinping, which agreed with the pursuit of Sino-American commercial discussions and sent respective invitations to make a visit.

Recent tensions about rare earths have threatened to derail the commercial de -escalation between the two largest world economic powers, which in May sealed an agreement to temporarily reduce their reciprocal customs duties.

Wednesday, less solid data than expected on the number of jobs created in the American private sector and on the activity of the service sector in the United States fueled concerns on an economic slowdown caused by uncertainty on customs duties.

Investors await the publication on Friday from a monthly employment report.

Data communicated Thursday show that the number of weekly unemployed registrations in the United States has increased for a second week in a row. The president of the Kansas City Fed, Jeff Schmid, said he was concerned that customs duties can relaunch inflation, believing that prices could appear over the next few months.

These comments again suggest that the American federal reserve should not change its monetary policy at its meeting on June 17-18, or even in the coming months, despite the repeated calls by Donald Trump for the institution to reduce interest rates.

Also note, on the values ​​side, Brown-Forman fell by almost 18% after having said to predict a drop in its annual results. Procter & Gamble lost 1.9% following the announcement of the abolition of 7,000 jobs, or about 6% of its number of employees.

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(Written by Jean Terzian)

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