Musk calls Congressional spending bill “outrageous” and a “disgusting abomination”
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:
JOBS REPORT:
U.S. ADP announced private payrolls increased a lean 37k in May, much weaker than forecast, after the 60k (was 62k) gain in April. It is the smallest gain since March 2023. The goods producing sector declined -2k, while service sector jobs added 36k. Professional and business services shed -17k workers, with a -13k drop in education and health services. Leisure, hospitality added 38k, while financial activity rose 20k, and construction jobs increased 6k. Jobs at medium sized companies rose 49k, while declined -13k at small firms and -3k at large firms.
President Donald Trump said via Truth Social, “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!”
EXTREMELY HARD:
President Trump said on Truth Social, “I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!”
“OUTRAGEOUS” BILL:
Elon Musk, the CEO of Tesla (TSLA) and former head of a government-efficiency initiative dubbed DOGE, stated in a post to X, “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.”
MEDICAID CUTS:
President Donald Trump originally resisted cutting funds for Medicaid, until his budget director Russell Vought convinced the president reductions to health coverage were weeding out fraud and abuse, Nancy Cook of Bloomberg reports. Trump has adopted this rhetoric and has declared his bill contains “no cuts” to the social safety program, even as the Congressional Budget Office estimates at least 7.6M will become uninsured if the bill goes into effect. The Medicaid cuts of about $723B represent a major bill payer as Republicans look to counter the effects of tariffs.
—
Originally Posted June 4, 2025 – Trump Trade: Trump says Fed ‘must now’ lower rates after jobs report
Disclosure: Interactive Brokers Third Party
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from The Fly and is being posted with its permission. The views expressed in this material are solely those of the author and/or The Fly and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: ETFs
Any discussion or mention of an ETF is not to be construed as recommendation, promotion or solicitation. All investors should review and consider associated investment risks, charges and expenses of the investment company or fund prior to investing. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at the Warnings and Disclosures section of your local Interactive Brokers website.
Join The Conversation
If you have a general question, it may already be covered in our FAQs page. go to: IBKR Ireland FAQs or IBKR U.K. FAQs. If you have an account-specific question or concern, please reach out to Client Services: IBKR Ireland or IBKR U.K..
Visit IBKR U.K. Open an IBKR U.K. Account