The bromance is over. Elon Musk and Donald Trump collide.

0:00 Speaker 1 Sunday morning. What did the markets do this week? Which with us today is John Kerrick? John, give us an update? What the heck is going on in the markets?

0:10 Speaker 2 Well, John, we have to begin with the severe and dramatic breakdown of the relationship between the world’s richest man and the world’s most powerful man. Everybody is talking about it because it played out in public on the socials.

0:23 Everybody could see the romance apparently over a feud apparently brewing. Now Wall Street’s view is that really their surprise that the relationship lasted this long? What was it about six months? Two hundred and fifty million dollars to get Trump reelected?

0:37 Something like that. Muscot a key post in the administration. But Wall Street thinks there’s no room in one administration for two giant egos like that. But they do expect a Rapprochemont, although the relationship will never be the same again, clearly.

0:49 Tesla Shars pummeled on Thursday, down fourteen percent and down another seven percent after the closing bell on Thursday, but on Friday they were up again along with the rest of the Magnificent seven. Friday was jobs Day for May of course, one hundred and thirty nine thousand jobs added.

1:03 Not bad, not good. Certainly it helps to stave off worries about recession for the time being. And the other big story of the week, President Trump doing a telephone call over ninety minutes with the Chinese president President She.

1:15 The focus, I’m told was entirely on trade. There was no talk about geopolitical issues whatsoever. There was progress made regarding rare earth materials, and that’s important because the big three automakers in Detroit, Stlantis and Ford and GM they need access to that kind of thing. Little else about the call is known. Also Friday, Boeing reopens deliveries to

1:35 China for the first time since April. Circle is a fintech company. They manage and support the USDC stable coin, which is linked to the dollar. They had their IPO at the New York Stock Exchange on Thursday. They closed up one hundred and sixty seven percent. The company’s worth about seven billion dollars now, and it shows Wall Street’s

1:52 enthusiasm for stable coins, which are at cryptocurrency that’s basically linked to currencies and in particular the dollar. Quickly. Robin Hood is seen to be the next company to join the s and P five hundred. The big US banks, including Bank of America, support it. Robin Hood shares up about six percent on Friday, and the markets all in

2:10 the green for the week. They’re best in fact since February. And so John, in the week ahead. On Monday, the leading regulator of the SEC has its cryptocurrency roundtable in Washington, d C. Tuesday, earnings from Game Stop, one of the meme stops, and then we have inflation Wednesday, CPI, Thursday, PPI, Wall Street very focused at the moment on inflation, very focused, indeed.

2:31 And on Saturday, President Trump gets his long awated military parade in Washington, DC. All of that in the week ahead, John.

2:39 Speaker 1 Well, thank you so much, John Tritt, And let’s catch up again soon. And I hope the markets go the right way.

2:48 Speaker 2 Well, they’re going the right way so far. We’ll see what happens next year.

2:51 Speaker 1 Data interest rates. Trump thinks that he’s yelling at Powell, saying you got to drop him at least one percentage point. Where do you think we’re going to know interest rates?

3:01 Speaker 2 I saw that this week. Well, the forecast on Will Street, I’ll tell you, is for two cuts before the end of the year. To stave off recession.

3:07 Speaker 1 We’ll see Thank you so much,