07:41 AM EDT, 06/06/2025 (MT Newswires) -- US equity markets were trending higher before the open Friday as traders await the national employment situation report for May and assess signs of a potential truce between President Donald Trump and Tesla (TSLA) Chief Executive Elon Musk following their feud on social media.

The S&P 500 and the Dow Jones Industrial Average rose 0.4% each in premarket activity, while the Nasdaq added 0.5%. The indexes finished the previous trading session lower, with the S&P 500 and the Nasdaq posting their first declines in four days.

White House aides have reportedly scheduled a call to help broker peace between Trump and Musk following their public spat on Thursday, according to Reuters. The two had clashed over the Trump administration's tax bill.

In a Truth Social post on Thursday, Trump suggested terminating subsidies and government contracts awarded to Musk. "I don't mind Elon turning against me, but he should have done so months ago," Trump said.

"Without me, Trump would have lost the election," Musk said in a post on social media platform X.

Tesla's shares rebounded nearly 5% pre-bell after closing the previous trading session down about 14%.

Investors also weighed signs of easing trade tensions between the US and China after Trump said Thursday that he had a "very good" phone call with his Chinese counterpart, Xi Jinping. In a social media post, Trump said his call with Xi "resulted in a very positive conclusion" for both the US and China.

Tensions between Washington and Beijing were recently renewed after the two accused each other of violating the preliminary trade deal reached last month.

The nonfarm payrolls report for last month is scheduled for an 8:30 am ET release. Government data is expected to show that the US economy added 126,000 nonfarm jobs in May, which would mark a drop from the 177,000 gain posted for April, according to a Bloomberg poll.

Weekly applications for unemployment insurance unexpectedly increased, reaching the highest count since October 2024, government data showed Thursday. US job cuts totaled 93,816 last month, up 47% year on year, but down 12% sequentially, according to a separate report released by Challenger Gray & Christmas on the same day.

Tariffs will likely drive prices higher through 2025 and could lead to job losses, Federal Reserve Governor Adriana Kugler said Thursday as she voiced support for keeping interest rates steady.

US Treasury yields were down slightly in premarket action, with the two- and 10-year rates retreating 1 basis point each to 3.91% and 4.39%, respectively.

Broadcom ( AVGO ) shares were down 3% even though the chipmaker reported better-than-expected fiscal second-quarter results. Lululemon Athletica ( LULU ) tanked 21% as the athletic apparel retailer cut its full-year earnings outlook. DocuSign ( DOCU ) tumbled 19% after the electronic signature company lowered its full-year billings guidance.

ABM Industries ( ABM ) , Manchester United ( MANU ) and G-III Apparel ( GIII ) report their latest financial results before the bell, among others.

West Texas Intermediate crude oil edged down less than 0.1% to $63.36 a barrel before the opening bell. The weekly Baker Hughes domestic oil-and-gas rig count is out at 1 pm.

Gold inclined 0.2% to $3,380 per troy ounce, while bitcoin rose 1.5% to $103,738.