Trading results for 5 June 2025

Throughout Thursday, the market was caught in a whirlwind of contradictory headlines that kept investors on edge. The first knock came from the labour market: data showed initial jobless claims rose to 247,000 – worse than the forecast of 236,000 and higher than last week’s 240,000. That alone was enough to sour sentiment and nudge the main indexes into negative territory from the opening bell.

But it didn’t take long for the mood to shift. Just 30 minutes into the session came news of a phone call between U.S. President Donald Trump and China’s President Xi Jinping. This upbeat development sent a jolt through the market – investors jumped in, buying across the board and lifting the indexes into the green. At the height of the surge, the S&P 500 even touched 5999.70, coming within a whisker of the 6000-point milestone. Still, it could not break through, and soon turned back.

Then came a fresh wave of turmoil – again featuring President Trump. A highly publicised spat erupted between him and Elon Musk, with both trading accusations in the media. And where Musk goes, Tesla follows: the carmaker’s shares quickly came under heavy pressure from the bears, ending the day down nearly 15%.

As for the broader market – it was all downhill from there. A slow but steady sell-off dragged indexes lower throughout the afternoon. By the close, the Dow Jones (DJIA-30) had lost 0.25%, the tech-heavy NASDAQ Composite fell 0.83%, and the S&P 500 slipped by 0.53%.

The retreat swept across nearly every economic sector. Only four of the eleven managed to stay in positive territory – and even then, gains were modest at best. Materials led the way with an uninspiring 0.31% rise.

Cyclical stocks took the biggest hit, falling by almost 2% on average. To be fair, much of that was due to the sharp drop in Tesla (TSLA), which bore the brunt of the downturn.

The late-day slump also dragged down the ITS index family. The hardest hit was the ITS Shariah Index (ITSS), which consists entirely of large U.S. companies. It shed 1.75% by the close.

The ITS World Index (ITSW) fared slightly better, dipping just 0.52%, thanks to support from non-U.S. names. One bright spot was Kazakhstan’s Kaspi.kz (KSPI), whose shares rose more than 2% (+2.08%). Still, there was a sense of missed opportunity – the index, which had edged close to its all-time high the previous day, failed to push past it.

In the end, Thursday brought more uncertainty than clarity. With the market coiling ever tighter within a narrow range, the pressure is building. A breakout seems inevitable – but if sentiment is any guide, a fresh push to new highs might not be on the cards just yet.