Reacting to Trump’s Call with Xi 6/5/25
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All right, the President of the United States there in the Oval Office for that bilateral meeting with the German Chancellor. And as you heard, there was some conversation clearly about the war between Russia and Ukraine. A good portion of the conversation today about the call with President Xi and President Trump and also about this fracture between the President and Elon Musk. But on the call with President Xi, President Trump saying, quote, we had a very good talk. We straightened out some complex stuff.

We have a deal, as you know. We have to make sure everyone understands what the deal is. That's interesting in and of itself, considering it was just a day ago when the president himself said how difficult it was to make a deal with President Xi. Of course, on May 12th, it was when the United States rolled back its tariffs from 145 percent.

to 30 percent and china also agreed to roll back tariffs as well on the criticism of elon musk the president said in musk's criticism of course of the tax bill i'm very disappointed in elon i've helped him a lot elon knew the inner workings of the bill only had a problem with it when we cut the ev mandate i've always liked elon i was very surprised i'll bring

I'll bring in Eamon Javers now, our Washington correspondent at the White House who's been following all of this. Let's leave Elon and the president to the second part of our conversation, Eamon. But let's first address this call between the president of the United States and China's President Xi, what the substance of that was, and this deal that the president is referring to.

Yeah, look, the deal that the president's referring to there is tariffs on China in the first place, right? I mean, what Trump is saying is that the deal has already been struck. I put the tariffs on and that's the deal. And then if we take the tariffs off at some point after this pause, you know, that will be a new deal. What we didn't get here, Scott, are any specifics of that new deal. I mean, this...

There was a lot of buildup to this call. The president himself talked about it. The White House talked about it for several days beforehand, giving a sense that, you know, once we got to that call, there might be some resolution here. But very little specifics now on the back end coming out of whatever they might have talked about. Obviously, some positive vibes in this conversation. We got the mutual invitations for both leaders to go to each other's countries, although no date on that. So there is some there's some diplomatic sort of

warmth there in that relationship. So to that extent, the existence of the call itself is a positive in this very fraught relationship right now. But what we didn't get, and I think what Wall Street might have been looking for here, are some specifics. Specific things agreed to, tariffs withheld, non-tariff barriers removed, at least initial stages of any of that. Nothing other than a sense that there's going to be another high-level meeting between the U.S. and the Chinese delegations

as there was back in Geneva. So to that extent, I think, Scott, you can say this is sort of a lukewarm readout of this call in terms of what Wall Street was looking for.

You know, on the Elon Musk angle, Eamon, I feel like we're in the earliest chapters still of how all of this is going to unfold, given what the criticism of Musk was to the bill and how the president addressed it today, going as far as to say Elon and I had a great relationship.

I don't know if it will anymore. It gives you an idea of where all of this may be heading next. And I should also note that the market took a bit of a turn on all of that.

because Tesla shares were near the lows of the day, down some 6%, which is obviously, given its weighting, going to have an impact on the S&P and the Nasdaq. But I'm curious your thoughts of how the president addressed this budding dispute between these one-time close allies.

Yeah, and close allies as of last week, right? I mean, Elon Musk was in the Oval Office recently being heaped with praise by the president for his efforts on Doge and saying, you know, it's just a shame that you have to leave so soon due to the government regulations. Now you get the sense that they're in the first stages or maybe second or third stages

of a breakup of this bromance that they've had for the whole year. Wild to watch this, Scott, because as the president was speaking there, German chancellor at his side, in the same Oval Office where Elon Musk was last week, Elon Musk was somewhere else in the world watching it and live tweeting it himself and responding. I'm just scrambling for my phone here because you can see some of the posts that Elon Musk is making during this actual

uh... precedent with the president we responding to the president apparently suggesting that he won must opposes this bill now because of the evie mandate being taken away you on musk posting whatever keep the evie solar incentive cuts in the bill even though no oil and gas subsidies are touched very unfair

but ditched the mountain of disgusting pork in the bill. In the entire history of civilization, there's never been legislation that's both big and beautiful. Everyone knows this. Either you get a big, ugly bill or a slim, beautiful bill. Slim and beautiful is the way to go. Elon Musk also tweeting here a direct response to a video of the president talking. Elon Musk saying, false. This bill was never shown to me even once.

and was passed in the dead of night so fast that almost no one in Congress could even read it. So the president suggesting in the Oval Office that Elon Musk had been totally briefed in on the bill, knew all the details, never expressed any problems until after he left, Musk taking to Twitter or X as he calls it now and responding that that is totally false. So a very fundamental dispute on the facts here and on the merits of the bill.

All right. We'll see where all this heads. This likely not the last chapter in all of that. Eamon, thank you. That's Eamon Javers on the north lawn of the White House for us. We will check the markets here one more time. We are green across the board. But as you can clearly see, Tesla's down some six percent. There's the majors still positive on the day, but losing a little bit of steam, really not getting much of a reaction out of news that the president.

and President Xi of China did hold that phone call, seemed to have a pretty positive spin to it. The investment committee is with me today too. Stephanie Link, Jim Labenthal, Bill Baruch, and Brian Belsky. Brian, I'll go to you. What do you make of the market's reaction to the idea that these two leaders had a conversation? And from what we can tell, at least what the president says, we had a very good talk.

I think it's really good because you've seen that space just get tighter and tighter and tighter and tighter in terms of where the numbers have been. This is part and parcel on why I think we're going to see continued volatility because I think to be able to say that the coast is clear and the screens are green, I think we're going to have a little bit more volatility here until we get an actual deal, Scott.

So I do ultimately think longer term it's very, very good. We're getting closer and closer and closer, but that's why the market has responded on a short-term basis that we're having at least some clarity out of China. - You surprised Bill that the market's not up more than it is based on this phone call that we've been hearing about, anticipating, and now we finally have.

on the Thursday of this week. We thought it might happen Friday, weren't really sure, but now we have the details. I do think there was some levitation this week in anticipation of that, but I think we do need to hear more facts, but also let's acknowledge the run that's happened and the overhead resistance that we now must chew through. I think it's really consolidating very nicely, and if we continue to do that, I think it will

party like it's 2019. You know, we'll see new record highs. But right now, and I'll follow the futures, you look back at the February closing level, it's 60-14. There's also a gap above there from previous close. So 60-14 in the S&P to 60-50 brings a tremendous amount of resistance.

But I think a good consolidation. I do think we'll get through there. It's just maybe an intermission here at the moment. Jimmy, we're two and a half percent or so away from a new high on the S&P. We are working on the best quarter for stocks since the first quarter of one year ago in 2024. And we do have a jobs report, oh, by the way, that's looming especially large, just given some of the other data points that have come out this week that have pointed to more weakness in the economy. It

They certainly have. And I'm not going to freak out about it. I'm not suggesting anybody panic about it. But, you know, to take the economy and using an analogy that my Midwestern brothers will appreciate here, I mean, the ice is not thick or thin that the economy is skating on, but let's not stress it out too much. And what I mean by that

You asked a second ago, are we surprised that the market's not up more? I'll say this, I'm surprised it's not down because of this stuff about rare earth elements. What that's leading to is things like we're talking about shutting down auto production. That's not good for an economy that is still on skatable ice, clearly is still on skatable ice. But you take yesterday's ISM non-manufacturing survey, you take today's jobless claims, and it just says, let's not put any more weight on this. So why is the market up?

because President Trump and Xi are talking. And that shows that President Trump is serious about resolving this. He doesn't have his head in the sand. He knows this is serious business. He loves volatility, and we're stuck with it. But he knows he's got to solve that problem. Steph, the market's been nothing if not resilient. And Piper Sandler points to that fact today and suggests because of that,

and how impressed they are with that, that stocks are heading higher this summer, that we are going to have a good summer. We'll get behind this. We'll get this trade stuff behind us. And one way or another, this bill gets done. Whether it's exactly in the current form or not, you're going to see it because the Republicans hold Congress. So they're going to get it through. What form it takes may be a question, but maybe it doesn't even matter at the end of the day.

Yeah, I mean, eventually we will get past this. This whole thing is so tiresome, right? I mean, it's like every day, up,

It's up, it's down, it's up, it's down, progress, no progress, no details though. So we have to get the details for us to feel better. But if you wait to feel better, the market is going to run away. And that is because of what you just said in that once we get through tariffs, we can focus on the tax bill, we can focus on deregulation. The deputy assistant attorney general yesterday talked, gave a speech and talked about

how positive he was and the DOJ is on M&A and how important it is for growth. So we can focus on that coming down the pike. In the meantime, I think the economy is actually, it's okay. It's actually stronger than what I had expected it to be.

think it's at the 4% level with what the trackers are telling you, but something like 2 to 2.5% is very healthy. And yeah, Jimmy, I'm not happy with the services numbers yesterday. And the initial claims today, initial claims are still historically very, very low. I'm not freaking out. And continuing claims actually fell. And the JOLTS numbers were good. And Challenger Gray layoffs were down 11% month over month. So let's not panic. I'm not saying you are. Let's not panic about the initial jobless claims right at this very moment.

and if you believe that the job market is continuing to be strong, well guess what? We just had great personal income numbers and actually decent spending numbers. Consumer is doing just fine. - Okay, we just had the opening of Circle, the IPO here on the floor of the New York Stock Exchange. That's what the commotion was about that you heard in the background, of course, with the signature bell to officially open that stock. And we'll track it, it's highly anticipated and it's a very, very large gain

right out of the gates for shares of Circle, CRCL. Keep that on your screen. We certainly will keep it on ours and we'll let you know. A stock that's up 144 plus percent in its very first moments of trade. Let's continue the conversation since we're talking about this. One month sector leaders, okay? Where the action's been? Technology, Brian, up 10%.

Let the hoopla do its thing. I mean, that's one of the great things, frankly, about our system of capitalism is you witness events like that and you see it in person here on the floor of the New York Stock Exchange and you can feel all the what was anxiety now to just sheer jubilation as a new stock and all these people. Congratulations to them as it opens officially for trade. Technology, is it going to continue to lead? I think it

I think it is, Scott. And we've been very fortunate to be overweight technology for several years now. But the thing that we have differentiated ourselves is that we're not overweight than Magnificent 7. We're overweight other areas of tech. And what we've seen so far in 2025 is more of a broadening out of tech. And we're seeing better performance from other areas. It doesn't mean that Magnificent 7 isn't going to do well.

We still have very strong core positions there. But we think tech, with respect to growth, but then also take two steps back and think about what these big tech stocks provide. They are the liquidity of the market. When you want to get in or out of the market, you use those tech stocks. Just like in the 90s, you used consumer staple stocks. So I think tech is here to stay, and the growth is real.

I'll double down on Tech is here to stay. I do think it's 2019. I've been saying this, and we're going to have a really strong second half of the year. Where I think tailwinds really do come from is if you look at the Magnificent Seven, we are at weight and overweight some of the Magnificent Seven names. You only have meta and outweighed.

alphabet that are actually positive on the year. Nvidia is kind of flirting into positive territory. The ones that are, sorry, it's meta in Microsoft. I think the ones that are negative, you're going to start to see some levitation there. There's room for them to run. And that's where I think we're starting to see out performance in the second half from those. And then if you look at the GDP, we talked about the economy, Atlanta Fed at 3.8, maybe a little lofty,

But Sasha Nadella, the Microsoft CEO, is talking about higher GDP is more spending. More spending feeds into AI trade. And then NVIDIA is powering that higher as well. All right. I know you can see this on your screen all, but circles halted for volatility. Maybe to nobody's surprise when you're up 144% right out of the gates for the IPO. So we'll keep watching that. We'll take a quick break. We will come back with some committee moves next.

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I want to call your attention to another event taking place of note, certainly for the markets today. That's Fed Governor Adriana Kugler, and she's speaking today with our very own Sarah Eisen. You see those two in the conversation at the New York Economic Club. We, of course, will monitor that for anything interesting that comes out of the conversation. We'll let you know, of course, what it is. Let's do some committee moves. Brian Belsky, pretty active. You bought Oklo and Checkpoint Software. Why?

We made a mistake in American Eagle last month. We were trying to be a little bit too contrarian, and so we blew that out. Stop laughing, Link. And so instead, I want to go with some themes. I want to add Oklo. It's a $7 billion market cap. Great for my SMID. And I want to come back to Checkpoint. Checkpoint is a name, $25 billion, cybersecurity, trading at half the multiple of CrowdStrike, strong

stronger earnings growth next year than CrowdStrike and it's perfect for my overall theme of cybersecurity. Okay. Evergy?

We sold out of it. What is that? It's a utility. I think we can get stronger growth from, obviously, from a thematic basis from Oclod number one. In terms of our large cap utility stuff, we like the OG utilities like Southern and I know you sold NextEra, but that's okay. But we like those old school stuff because we ultimately think that's really what's going to ultimately power AI. Old school. Old school. Utilities. Old school utilities. Think about this. Just like we love to talk about energy and

But energy companies are actually the largest investor in alternative energy going forward. They are. And so I think the old school utility companies are going to be the first because of the infrastructure to be able to power AI. You already said what Steph did. You sold Nextera. Yeah. Why'd you do that?

What Brian just said, it's a great story on the grid. I love it. However, I think there's much better growth in Vertiv. And so I bought Vertiv earlier this week. I've never owned it. The company is going to grow earnings in the mid-20s. They're outgrowing the industry by 300 to 500 basis points. Incremental margins are like 30%, 35%. And I love the management team. So I just prefer Vertiv to NextEra. But Vertiv

You can own both. I just needed the cash. Well, you used some of the cash to buy more ISRG. I did. Intuitive surgical. Yes. Right. Exactly. So I used some of the cash to do the vertive and then some of it to ISRG. I just think this is a secular grower in health care, and it's really hard to find secular growers in health care. They're growing 20%. Procedural growth is actually accelerating. They're the number one player. Not cheap at all.

but it's still down about 8% from its highs. So this is one I'm just going to continue to buy on any weakness and build it to a very large position. Okay, one of the stocks of the week, I think, is CrowdStrike. Let's take a look at it. It was obviously down substantially on earnings mostly, but also some news out of D.C. yesterday. The stock is selling off by another 1% today. You cut your position here in half. Why?

It's become a number nine holding and we've got a 3.5% weighting. So we wanted to trim this in half and now it's back down in the middle of the pack. We added to it last July, maybe a little early in that fallout, but we haven't touched it since. It's really kind of grown in the portfolio. The report wasn't awful, but you're seeing some shrinkage across. I mean, you look at free cash flow, you're looking at margins.

And it gives us just a moment to take a step back. Let's see some of this DOJ news develop. We were okay with the high multiple because of the ARR, but the ARR is a little bit of a question. We want to watch a little bit. We still like the name. And he mentioned Checkpoint. That's the one on our radar if we were to kind of lean back into cybersecurity to weigh it up again. Just noticing, too, just checking the markets again before we take a quick break. Guys, let's show the majors.

if we could, because we are turning red. The Dow's red, the S&P's red, NASDAQ is now red. Show Tesla too, if you wouldn't mind, please. Lows of the day, that stock's down 8%.

You heard the president address this controversy now about his big, beautiful bill and Elon Musk weighing in vehemently, I think you could say, opposed to it. What the president had to say in the Oval Office a short time ago, how disappointed he was in Elon Musk and what some of the public statements that he's made, either publicly or on social media, of course, and then Musk responding in kind. So that talks about the lows of the day.

as you might expect, just as I said earlier. Kind of the weighting that you have in a stock like this. No surprise, NASDAQ's weaker, S&P's weaker. No inference on the Dow, obviously, but the Dow's in the red, too. We'll come back. We do have the setup on Broadcom. Broadcom, that's a big earnings report in OT. We'll set the stage for it next.

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Big IPO today here at the New York Stock Exchange. Circle is back open. Circle is back open. And do I see that correctly, that it's up 200 percent now? Wow. What an amazing IPO this has been so far. Already halted once, at least for volatility. We'll continue to watch that. Now we're going to go back to Eamon Javers. We do have some more news at the White House. Eamon.

Yes, Scott, this is blistering criticism now from Elon Musk on social media, just responding to the president's event in the Oval Office a short time ago. Elon Musk posting on X, his social media platform, without me, Trump would have lost the election. Dems would control the House and the Republicans would be 51-49 in the Senate. He goes on to post two words,

such ingratitude. Now that follows on President Trump appearing in the Oval Office alongside the Chancellor of Germany. The president saying that he would have won Pennsylvania without Elon Musk. He was doing just fine. And the president, by his own terms, very measured in his criticism of Elon Musk. But he did say that Musk

was for his big spending bill until he came out against it after leaving government and that Musk had been totally briefed on that spending bill before he left government. Musk taking to social media during that press availability to say that was false. He had not seen the bill until after the fact and it was done in the dark of night. So an erupting political controversy and sort of political fisticuffs, I guess is the way to describe this, between Elon Musk and Donald Trump, two figures

who are just enormously powerful figures on the world stage who were joined at the hip politically from the summer until last week and now a major fracture here between the two. The president was, as I say, fairly measured in his criticism of Musk by his own terms in the Oval Office. We'll see if that holds for the rest of the afternoon. Scott, back over to you. This really is an incredible developing story. I'm wondering if as a reporter who's covered this from the get-go, who's been in the Oval

many times when Musk and the president were there addressing all of you, just what you make of this such high profile falling out. Some, I'm sure, would have said this was predictable at some point, that these two powerful personalities were not going to be able to last forever.

forever as buddies. I'm just curious through your own lens, Eamon, what you make of how this has turned into such a public fracture on what frankly is a very big stage, a bilateral meeting between the president and the German chancellor.

I mean, I think the way that Elon Musk is doing this speaks to his knowledge of the Oval Office and the knowledge of the pacing and timing of these events having been there. You know, sort of live tweeting during it, responding to the president in real time and saying that what the president is saying is false, saying the president's expressing ingratitude for the millions of dollars that Elon spent.

on his campaign. I mean, that is particularly prickly and particularly sticking the knife in politically here. But I think a lot of people would have said that it was remarkable that this political partnership made it as many months as it did. I mean, we're here in June. A lot of people were predicting this back in November.

because of these two titanic egos, two people with enormous success in their own chosen fields, two people who dominate the world media in real ways on a day-to-day basis. Just the idea that those two volatile forces couldn't exist in the same small space

for very long and yet they were able to have regular overnights in the oval office. Musk spent the night in the Lincoln bedroom several times, he said. The president would invite him over and say, "Be sure to get the ice cream from the kitchen. It's great here." That kind of thing lasted a lot longer than people thought it would. And now this split, and the split importantly over

funding you know elon made his political crusade about deficits and federal spending he's breaking with the president on that and then breaking with the president the president says after the president and his bill took away elon musk ev subsidies that benefit tesla musk has said in the past we should note go ahead take those ev subsidies away that's fine tesla can compete better than the other electric vehicle companies without them so tesla will win relatively against the others so

Where does all that leave us? I mean, I think Elon Musk has a longer political timeline than Donald Trump does. Trump is leaving office. There will be a 2028 election and the country will move on in three years. He's sort of weirdly already a lame duck in that sense. Elon Musk has generational time here and

financial, nearly infinite resources. If he wants to be a big player in American politics, he will continue to be a big player in American politics for decades to come. Trump doesn't have that kind of running room. I think you saw some of the resentment there from Trump in the Oval Office as he watched this. A man of a very different generation, very different temperament, very different interests, and yet they were able to make it work as a partnership for at least six months.

I mean, there are those, obviously, you're going to say that Musk himself needs a pretty heavy dose of reputational rehab, certainly in some quarters.

And maybe these are the earliest steps of doing that. Eamon, I got to run, but I appreciate you. I'll see you later this afternoon on Closing Bell. You can be certain. So put that on your daily calendar. We'll see you at 3 o'clock Eastern time. In the two and a half minutes I have left, I do want to address Broadcom's earnings because they are significant. And Stephanie Link owns the stock. I know. So what do we think?

That reaction sort of tells you the anxiety maybe is a good word leading into this print. 100%. And it has nothing to do with fundamentals, Scott. It has everything to do with expectations. The stock is up 75% from the April low. And it is now common to like this, to own this. Whereas, you know me, I kind of like to be on the other side of the boat, right? So I think the expectations are very, very high. But the company is very well run. And you've got AI.

You've got AI exposure, you've got software exposure, you've got cyclical exposure. That actually, that last piece should see a recovery. So if it is weak, that will be your opportunity to add to it. Yeah. I mean, look, the stock is up so much, Brian. It is. You look at like a CrowdStrike, different ballgame. Totally. Different industry, but same ballgame in terms of a stock that's just been off to the races going into a number.

Thus a lot to live up to even good might not be good enough. You just never know exactly and it's definitely nailed it Right. You have so many people including ourselves We've owned it for a while and we actually think it's probably has one of the best opportunities to be Pepsi to Nvidia's coke we want to think thematically about that and

But at the end of the day, they have to nail it to continue to hold these owners. But I would say that if you have some sort of a significant pullback, that's your next buying opportunity. Let's try and get some final trades in, too, from the group here. What a busy hour.

obviously, that we've had most of it geared towards Washington and that call between the president and China's President Xi, and then, of course, this very public falling out between the president and Elon Musk. Do you have a final trade, Steph, you want to drop on us? I have the gap. It is down 33 percent in a week.

And the stock trades at 9.7 times, has a yield of 3.1%. They actually had a very strong quarter where they're gaining market share. This new management is doing a phenomenal job. You use the weakness to be buying the stock.

Okay, Farmer Jim. Walt Disney. It's been in this 115-ish range for quite some time. I think it breaks out above 120. Okay, Bill Bruth. Silver, highest since 2012, if you have the stomach for it. Commodity super cycle. Here we go. Helski. Ulta Beauty. I need all the help I can get, number one. But number two, it's more of the staples and discretionary side of the mid-cap world. Need some powder. You're looking a little shiny. I do need a little. We'll see you soon. I'll see you soon as well at 3 o'clock.

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