• President Donald Trump spoke to Chinese counterpart Xi Jinping Thursday.
• Friday is the monthly jobs report.
• Trump and DOGE architect Elon Musk had a public falling out.

Here are five key things investors need to know to start the trading day:

1. Up and back

The major indexes are up modestly for the week with one trading session remaining. The Dow Jones Industrial Average has gained just 0.12% over the period, while the S&P 500 has advanced 0.47% and the Nasdaq Composite has added 0.97%. Futures were slightly higher Friday morning, set to rebound from declines on Thursday. Follow live market updates.

2. Good call

President Donald Trump spoke to Chinese counterpart Xi Jinping Thursday as the countries look to resume trade talks. Trump said in a Truth Social post that the call lasted about 90 minutes, describing it as "very good." The Trump administration had previously accused Beijing of reneging on trade agreements, raising concerns that a potential trade truce was off the table. Meanwhile, China has taken issue with U.S. policies around international students and Chinese semiconductors. Beijing officials said Trump requested the call with Xi.

3. Role call

Friday is the monthly jobs report. The readout showed nonfarm payroll additions of 139,000 for May, compared with economists' expectations of 125,000. The national unemployment rate held steady at 4.2%. Those job gains are still below the additions from April, which were revised down to 147,000 as of Friday's updated report.

4. Fall out boys

Former fast friends turned foes. Trump and DOGE architect Elon Musk had a public falling out Thursday, trading insults on their respective social media platforms. Musk claimed Trump wouldn't have been elected without his help, while Trump claimed Musk had gone crazy and threatened to cut the Tesla and SpaceX CEO's government contracts. Tesla shares fell 14% as the tensions reached a boiling point, shedding $152 billion in market cap.

5. Lay off

Corporate job cuts are piling up. Companies from Amazon to Walmart are among the names that have announced headcount reductions in recent weeks. Procter & Gamble said Thursday it would slash 7,000 jobs, amounting to 15% of its non-manufacturing staff. Citigroup said it would cut 3,500 positions in China. The string of announcements comes as businesses pull back and hunker down in the face of trade and policy uncertainty.

– CNBC's Jesse Pound, Kevin Breuninger, Jeff Cox, Dan Mangan, Lora Kolodny, Chris Eudaily, Ali McCadden and Amelia Lucas contributed to this report.