Market Wrap / bromance brawl

The high was nigh, but ultimately it was denied. The S&P/ASX 200 finished the week on a flat note, down 0.3% at 8515.70 points, but gained more than 1% over the week.The day began with a very public spat between US President Donald Trump and his former White House sidekick, Elon Musk, that saw Tesla shares tumble and soured market sentiment. Such was the spectacle of the bromance blowup that it eclipsed a warming in US-China trade relations with presidents Trump and Xi promising further talks.Locally, the materials sector was lower, with critical minerals stocks sold off on expectations China could ease export restrictions on rare earths. PLS lost 5.2%. But BHP gained 0.7% as it considered re-entering the nickel space.Meanwhile, profit taking hit the gold miners with Evolution down 2% as its gold reserves came in lower than expected and West African Resources fell 8.4% as it flagged that Burkina Faso would increase its stake in local projects.Profits were also taken in the tech sector, while CBA retreated from its recent record, falling 0.8%.Qantas shares gained altitude after competitor Virgin Australia revealed strong demand for its $685 million IPO.

Over the ditch, casino operator SkyCity is seeking more than $300 million in compensation from Fletcher Building for delays in the completion of the NZ Convention Centre.Tonight, investors will drag themselves away from the Trump/Musk drama to focus on US non-farm payrolls. And next week there are readings on US and China inflation, while we get a three-day weekend courtesy of the King as we mark his birthday.