President Trump and Elon Musk’s public spat drove US stock markets into deep losses on Thursday
The Canadian Vanguard Stock Market Report – Thursday, June 5, 2025 Edition
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The Toronto Market
The TSX composite index gained 13.29 points or 0.05%, to close the session at 26,342.29. The TSX barely avoided red ink but still performs better than the other major North American indexes that we report on every market day. Thanks to the gold and silver mining stocks, the TSX index remains the best performer of the four major North American market indexes over the past six weeks. The index has gained in twenty of the last twenty-three market sessions.
The Market Breadth
Only three of the ten sectors gained at Thursday’s market session. Basic Materials, up 0.64%; Energy, up 0.12%; and Financials, up 0.05%, were the three top sectors in that order at today’s market session. Durable Consumer Goods & Services declined -0.03%; Discretionary Consumer Goods & Services declined -0.06%; and Healthcare was down -0.17%. Utilities was down -0.24%; Technology declined -0.32%; and Telecommunications Services declined -0.38%.
Industry Groups: The top five industry groups in the TSX today were: Insurance -Multiline, up 3.87%; Mining & Metals – Specialty, up 2.88%; Chemicals – Specialty, up 2.19%; Highways & Railtracks, up 1.58%; and Aerospace & Defence, up 1.26%.
Today’s Statistics
Today, the issues that declined (Decliners) outnumbered those that gained (Advancers). There were roughly six Decliners for every five Advancers, or a more exact ratio of 1.31-to-1.0. In real numbers, there were 1,061 Decliners to 810 Advancers while 193 stocks remained Unchanged.
Today, there were 144 new 52-Week Highs and 16 new 52-Week Lows. There were 152 new 52-Week Highs and 14 new 52-Week Lows yesterday.
The total volume of shares traded at the TSX today was 435,308,228, or 8% higher than the volume of 403,053,023 shares traded yesterday.
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The US Markets
The Dow Jones Average index declined -108.00 points or -0.25% to close the session at 42,319.74. The S&P 500 index was down -31.51 points or -0.53% to close at 5,939.30. The Nasdaq Composite declined -162.04 points or -0.83%, to close at 19,298.45. In small caps, Russell 2000 was down -1.13 or -0.05% to close at 2097.35.
The Market Breadth: The market breadth was narrow today as only four of the major sectors gained. Telecommunications Services, up 0.73%, was the top sector on Thursday. Basic Materials, Energy and Healthcare, up 0.33%, 0.09% and 0.04% respectively were the other three sectors that gained on Thursday. Financials, Industrials, Utilities and Technology, down -0.03%, -0.15%, -0.18% and -0.24% respectively, were the next sectors in order of performance on Thursday. Durable Consumer Goods & Services down -0.72%, and Discretionary Consumer Goods & Services down -2.10% were the laggards.
Industry Groups: The top five industry groups in the US markets on Thursday were: Textiles & Leather Goods, up 4.58%; Retails – Department stores, up 2.07%; Mining & Metals – Specialty, up 1.82%; Diversified Trading & Distributing, up 1.67%; and Rails & Roads – Passengers, up 1.66%.
Today’s Market Statistics
At the NYSE, the issues that declined (Decliners) outnumbered the issues that gained (Advancers). There was roughly one Decliner for every Advancer, or an exact ratio of 1.10-to-1.0. In actual numbers, there were 2,148 Decliners to 1,942 Advancers with 289 Unchanged.
Today, there were 253 new 52-Week Highs and 49 new 52-Week Lows. There were 123 new 52-Week Highs and 45 new 52-Week Lows yesterday.
The total volume of stocks traded today at the NYSE was 5,175,656,657, or 7% less than the total volume of 4,829,202,720 shares traded yesterday.
On the NASDAQ, the Decliners totally outnumbered the Advancers. There were roughly three Decliners for every two Advancers, or an exact ratio of 1.48-to-1.0. In actual numbers, there were 2,662 Decliners to 1,796 Advancers with 272 Unchanged.
Today, there were 164 new 52-Week Highs and 62 new 52-Week Lows. There were 181 new 52-Week Highs and 48 new 52-Week Lows yesterday.
The total volume of shares traded at the NASDAQ today was 9,080,984,314, or 16% higher than the total volume of 7,810,515,910 shares traded yesterday.
Market Roundup Report
President Trump actions and interactions with either other countries’ presidents or other American billionaires dominated the market today. His comments about President Xi were not helpful, but the real market spoiler was the public spat between him and former DOGE secretary and Tesla founder, Elon Musk. The indexes were all down, and the volumes of stocks traded at the exchanges were up. It is not good for the markets when indexes are down on higher volumes. That implies that institutions are dumping stocks. When institutions, the traditional big buyers, are selling rather than buying, the prices of stocks are not going up any time soon. All the major indexes were down today, of course.
The markets have the job reports to worry about tomorrow morning, in addition to a possible continued public spat between billionaire Elon Musk and President Trump. Some caution is called for before trading. Currently, Trump’s statements move the markets like nothing else.
Oil Price: US Oil futures rose today. Oil prices climbed to around $63.35 a barrel. US Oil price was $63.06 per barrel as of the time (11:30pm ET, Thursday) of this post update.
10 –year Treasury Yield: The US 10-year Treasury yield rose three basis points to settle above 4.39%. The 10-year yield was at 4.395% as of the time (11:30pm ET, Thursday) of this post update.
After-hours action: Futures were up slightly Wednesday evening. Dow Futures was up 143.00 points or 0.34% vs. fair value. S&P 500 futures was up 20.25 or -0.34%, and Nasdaq 100 futures was up 62.50 or 0.29% as of the time (12:30 am ET, Friday) of this post update.
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Stock In The News /Stock To Watch
The US Markets
Typically, we often discuss stocks that are likely to climb in price in this section, but today we are discussing stocks that declined heavily today. Two big decliners today are Tesla Inc. (TSLA) and CoreWeave Inc. (CRWV), a recent IPO stock. CRWV stock price has been up 397% since late April and is currently extended. On Thursday, the stock declined -17.20% or -$28.05 to close the session at $135.05 with a volume of 51M shares traded.
The main reason for Tesla’s massive decline was the public spat between Elon Musk and President Trump. Tesla stock cratered -14.3% or -$47.35, closing at $284.68 with 292.82M shares traded. The stock dove below the 21-day, 200-day and 50-day lines and erased all of the gain for most of the month of May.
Palantir (PLTR) also declined on Thursday. PLTR stock declined -7.7% but stayed at least for now around $120.00 support area. Broadcom Inc (AVGO) declined later, in the after-hours, after reporting earnings. PLTR, NVDA and AVGO are stocks that should be on your watchlist, especially in the intermediate and long term.
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The TSX has outperformed the other indexes in the past several weeks.
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