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US stocks flat at open on Thursday: Nasdaq up 0.2%

June 5, 2025
in Travel
US stocks flat at open on Thursday: Nasdaq up 0.2%

US stocks were little changed on Thursday despite fresh headlines from the US-China trade front.

The S&P 500 hovered near the flatline, while the Nasdaq Composite edged up 0.2%.

The Dow Jones Industrial Average was also largely unchanged during the session.

Sentiment briefly improved after Chinese state media Xinhua reported that President Donald Trump held a phone call with Chinese President Xi Jinping.

Beijing’s Ministry of Foreign Affairs confirmed the call, stating it was initiated by Trump.

The renewed contact between the two leaders came amid heightened trade tensions and policy disagreements.

Markets were also digesting a rise in jobless claims. Weekly claims totalled 247,000, up 8,000 from the prior week and above the Dow Jones estimate of 236,000.

The data followed Wednesday’s disappointing ADP private payrolls report, which showed a gain of just 37,000 jobs in May—far short of the 110,000 expected—amplifying concerns about a cooling labor market.

Investors are now turning their attention to Friday’s key nonfarm payrolls report.

Economists surveyed by Dow Jones anticipate a gain of 125,000 jobs for May, down from 177,000 the previous month.

The figures could shape expectations for future Federal Reserve policy moves, especially as signs of economic softness begin to accumulate.

Donald Trump speaks to Xi Jinping

US President Donald Trump held a phone call with Chinese President Xi Jinping, according to Chinese state media outlet Xinhua on Thursday.

The call, reportedly initiated by Trump, comes amid renewed tensions in US-China trade relations.

China’s Ministry of Foreign Affairs confirmed Trump had requested the call, which marks only the second direct conversation between the two leaders this year—the last occurring on January 17, ahead of Trump’s inauguration.

The outreach follows recent friction despite an earlier tariff de-escalation agreement reached during talks in Switzerland.

The Trump administration has accused Beijing of stalling its commitment to increase critical mineral exports, a key point from the Geneva negotiations.

China, in turn, has voiced strong opposition to Washington’s latest curbs on Chinese student visas and a formal advisory discouraging the use of Chinese semiconductors.

Beijing views these moves, along with expanded US export restrictions on chips, as damaging to the progress made in prior trade discussions.

While the specifics of the Trump-Xi conversation have not been publicly disclosed, the call underscores rising diplomatic stakes as both sides reassess the trajectory of bilateral trade and technology policy.

Jobless claims climb

US jobless claims rose unexpectedly last week to their highest level since October, reinforcing concerns that the labor market is beginning to lose steam.

Initial filings for unemployment benefits increased by 8,000 to 247,000 in the week ending May 31, according to Labor Department data released Thursday.

The reading came in above the Bloomberg consensus estimate of 235,000 and marks a notable uptick during a week that included the Memorial Day holiday, often a period of volatility in weekly claims.

While seasonal factors around holidays can distort the numbers, the broader trend points toward softening.

The four-week moving average, which smooths out short-term fluctuations, climbed to 235,000, also the highest since October 2023.

The latest data adds to mounting signs of a slowdown in the labor market.

With private payrolls and job openings also coming in below expectations this week, economists are watching closely to see whether the May nonfarm payrolls report, due Friday, confirms a broader cooling trend.

The post US stocks flat at open on Thursday: Nasdaq up 0.2% appeared first on Invezz

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