Elon Musk proves in-office work has its benefits

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Elon Musk proves in-office work has its benefits

Elon Musk interviews on CNBC from the Tesla Headquarters in Texas.

CNBC

Studies regarding the benefits of return-to-office mandates have been mixed.

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find that hybrid workers are as productive as on-site ones, while

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conclude that in-person work cultivates mentorship and training.

In some cases, however, the results of being physically in the office are unequivocal. Tesla CEO Elon Musk

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on X that he would be “spending 24/7 at work and sleeping in conference/server/factory rooms.” Investors appeared glad that Musk would be pivoting away from his involvement in politics to refocus on his companies, pushing up shares of the electric vehicle company nearly 7% Tuesday.

Other tech stocks, such as AMD, Apple and

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, also climbed, juiced by positive developments on the trade front. Apart from U.S. President Donald Trump’s Sunday pause on tariffs of 50% on the European Union, U.S. National Economic Council director Kevin Hassett told CNBC’s “Squawk Box” Tuesday that “we’ll probably see a few more deals even this week.”

For the U.S. stock market to sustain its blazing start to the week, investors will be banking on Musk — and U.S. authorities — to continue their in-person work leading companies and negotiating trade deals with countries.

What you need to know today

S&P jumps to snap losing streakU.S. stocks popped Tuesday. The S&P 500 soared 2.05% and the Dow Jones Industrial Average gained 1.78%, with both indexes snapping a four-day losing streak. The Nasdaq Composite surged 2.47%. Europe’s Stoxx 600 index added 0.33% as U.S. President Donald Trump described the European Union “quickly” scheduling meeting dates with America as a “positive event.” Germany’s DAX index climbed 0.83% to close at a record.

All eyes on Nvidia’s first-quarter earningsNvidia continues to see massive growth from sales of graphics processors. But with the Trump administration’s new restrictions on the chipmaker’s exports to China — which Nvidia says will cause it to take a $5.5 billion write-down on inventory —  the mood heading into the chipmaker’s earnings report, out Wednesday, is different than it’s been in recent quarters.

Musk will be ‘super focused’ on workTesla shares jumped nearly 7% after CEO Elon Musk

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 to his social media platform X that he will return to “spending 24/7 at work” and needs to be “super focused” on his companies. Musk’s involvement in politics, such as endorsing Germany’s far-right AfD Party, has affected Tesla’s reputation in Europe, causing April sales on the continent to plunge 49% year on year, according to the European Automobile Manufacturers’ Association.

U.S. Steel to be acquired at $55 per shareJapan’s Nippon Steel is expected to close its acquisition of U.S. Steel for $55 per share, sources familiar with the matter told CNBC’s David Faber. U.S. Steel gained about 2% Tuesday to close at $53.04 per share, and rose more than 20% Friday on the back of Trump’s clearance of the deal. The $55 per share bid for U.S. Steel is the offer that Nippon originally made for the company before the deal was blocked in January.

U.S. consumer confidence in May soaredConsumer optimism in the U.S. was much better than expected in May, data from the Conference Board’s Consumer Confidence Index showed. May’s reading came in at 98.0, far higher than the Dow Jones consensus estimate for 86.0. Much of the positive sentiment, according to board officials, came from developments in the U.S.-China trade impasse. May’s rebound followed five straight months of declines.

[PRO] Stocks to be ‘rangebound’: JPMorganDespite the surge in stocks Tuesday, JPMorgan thinks the S&P 500 could “remain rangebound,” with those gains being short-lived because of two reasons. The bank recommends clients to buy call options on this index to hedge against potential downside.

And finally…

Diamond rings and bracelets on display in a show window in Antwerp, Belgium. (Photo by Yuriko Nakao/Getty Images)

Yuriko Nakao | Getty Images News | Getty Images

Diamonds are forever? Not with tariffs in the way

They might be made of the hardest material on earth, but diamonds, with their complex supply chains and expensive price tag, are particularly fragile to U.S. President Donald Trump’s aggressive tariff agenda. 

The precious mineral is facing a baseline 10% import duty to the U.S. — a market accounting for over half of the global demand for polished diamonds. The sector is also bracing for additional duties should Trump’s 90-day pause come to an end with no new agreements. 

“It’s very clear that the diamond industry, on a global level, has been facing a perfect storm of challenges,” Karen Rentmeesters, chief executive of the Antwerp World Diamond Centre told CNBC, adding that tariffs are just “the latest blow.” 

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