Stock market today: Dow, S&P 500, Nasdaq futures surge as markets cheer US-China trade talks
Stock futures on Wall Street surged Sunday evening as the US cited "substantial progress" in trade negotiations with China, raising hopes of a potential deescalation in tensions between the world's two largest economies.
Dow Jones Industrial Average (YM=F) futures rose by over 400 points, or 1%, while S&P 500 (ES=F) futures advanced 1.2%. Nasdaq 100 (NQ=F) futures led gains with a 1.6% jump.
The market-friendly momentum followed a weekend of high-level trade talks in Switzerland, which Treasury Secretary Scott Bessent called "productive." While details remain scarce, Bessent promised further clarity during a briefing on Monday.
The rally in futures comes after a downbeat week for stocks. All three major indexes fell last week, with the Dow snapping a two-week winning streak in the latest volatile action on Wall Street.
Inflation fears are gripping markets, with the impact of sweeping 145% tariffs on Chinese imports, a move met with retaliatory 125% duties from Beijing, coming to American consumers' pockets. Year-ahead inflation expectations sit at their highest level in more than 40 years.
Commerce Secretary Howard Lutnick added Sunday that the U.S. remains committed to a 10% baseline tariff rate on all imports to the US, signaling the administration's aggressive stance even as talks with more nations are underway.
Traders will get their first sense of the initial inflationary effects of the tariffs with the release of key inflation data this week. April's Consumer Price Index (CPI) report is due Tuesday, followed by retail sales and the Producer Price Index (PPI) on Thursday.
Notable earnings this week include Fox Corporation (FOXA), Monday.com (MNDY), Chegg (CHGG) all releasing reports Monday, with Sony (SONY), Alibaba (BABA), and Wallmart (WMT) all due later in the week.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
After 4 Decades On Sunset Blvd., A Beloved Chinese Restaurant Is Leaving West Hollywood
Sunset Boulevard, a long stretch of road that runs through West Hollywood casually called the Sunset Strip, is home to some of the most iconic restaurants in Los Angeles. However, it will no longer be the home of a cherished restaurant staple — Chin Chin. The restaurant that has called West Hollywood home for 45 years, will be closing this summer, with its last night of service on July 27. In a statement made on the restaurant's Facebook page, it notes that the reasoning for the closing is unexpected, but that its other locations in Brentwood, Studio City, and Las Vegas will remain open. "Over the decades, we've celebrated countless milestones, shared unforgettable meals, and built lasting connections with our cherished guests," the statement said. "None of this would have been possible without your unwavering support, and for that, we are deeply grateful." The statement also notes that the restaurant has launched a GoFundMe page to help them look for a new home in the area, and to support the staff during the transition. Understandably, fans of Chin Chin had a lot of memories to share on social media about how much the restaurant has meant to them. One user noted that his first experience eating there was in 1987, and since then he has always ordered the famed Chinese Chicken Salad and Chicken Fried Rice for parties. Others expressed disappointment and disbelief with the sudden closing, asking fans to visit the other locations to show support. Read more: 13 Chinese Restaurant Chains, Ranked Worst To Best While Chin Chin is the latest business to have to shut its doors on Sunset Boulevard, it's not the only one. According to CBS News, the strip has gone through a tough time recently, with many of its most well-known businesses closing. Le Petit Four, a famous French bakery that had called West Hollywood home for 44 years, had to close in Marchm and is still looking for investors and a new location to call home. According to KTLA, Rock and Reilly's Irish pub, which had been open for nearly 15 years on the Sunset Strip, shut down unexpectedly just before St. Patrick's Day. Sunset Strip Liquor Store, which opened in 2020 and replaced Sun Bee Liquor Market, also announced its closure at the end of March. So why has Sunset Boulevard gone through such troubled times as of late? An Instagram post from Le Petits Four in March cited a litany of reasons, which while specific to this establishment, may also explain the rest of the shutdowns in the area. "Owner Alexandre Morgenthaler, who has lovingly run Le Petit Four since 1999, did everything possible to keep our doors open," the statement reads. "But with rising costs — including a 30% minimum wage increase since COVID and soaring rent — along with a decline in foot traffic, the decision became unavoidable." Read the original article on Tasting Table.
Yahoo
17 minutes ago
- Yahoo
China's Chip Dreams Just Hit a Wall--But a New Tech Power Could Rise From the Wreckage
Xiaomi (XIACY) just unveiled a big leap in its chip journeya 3nm self-designed processor called XRING O1, built by TSMC in Taiwan. But it might be the last of its kind for a while. A new directive from the US government now restricts the sale of advanced electronic design automation (EDA) software to Chinese companies, hitting the very tools that helped make that chip possible. Sources familiar with the matter say Xiaomi, along with companies like Lenovo and Bitmain, could be first in line to feel the impact. These firms have been quietly investing years into developing their own silicon, while relying on EDA software from US players like Synopsys and Cadence. Now, with access to future updates and tech support potentially cut off, that roadmap just got a lot bumpier. Warning! GuruFocus has detected 3 Warning Signs with XIACY. The restrictions don't revoke existing licenses, but they do freeze the futureno upgrades, no fixes, no help. That's a problem, because keeping chips manufacturing-ready at TSMC demands constant fine-tuning with the latest software patches. So far, chips for smartphones and tablets appear exempt from the AI-level restrictions, but the writing is on the wall. The move signals a wider push to choke off China's long-term access to bleeding-edge chip development, not just hardware. While giants like Alibaba and Baidu also design their own processors, the exact fallout for them remains murky. But one thing is increasingly clear: China's chip strategy can't depend on foreign tools forever. That might be where the real story begins. Empyrean TechnologyChina's leading homegrown EDA providerhas been quietly building an alternative software stack. It's not yet on par with US offerings, but insiders say it's already usable for 7nm chips and above. Empyrean, along with firms like Primarius and Semitronix, saw their shares surge after news of the US restrictions broke. There's also a darker undercurrent: analysts point out that hacked versions of US EDA tools are already being used inside China. As one expert noted, It's very easy to reverse-engineer what you need. That reality helps explain why Synopsys and Cadence have seen lagging China revenues despite growing chip demand. Whether the US ban slows China downor pushes it faster toward self-reliancemay depend on how fast its EDA ecosystem matures. Either way, this fight just shifted from factories to source code. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
18 minutes ago
- Yahoo
Pre-Markets Slightly Lower Ahead of Open; JOLTS, Earnings to Come
Tuesday, June 3, 2025Pre-market futures are mostly flat-to-down this morning, giving back some of the overall modest gains posted in Monday's session. The Dow is -74 points, -0.17%, the S&P 500 and the Nasdaq are both -6 points, -0.11% and -0.03%, respectively. The small-cap Russell 2000 is the only major index in the green at this hour: +6 points, +0.32%. Dollar General DG posted a strong Q1 this morning, with the discount retail chain outperforming on its bottom line by +21%: earnings of $1.78 per share versus $1.47 in the Zacks consensus. Revenues of $10.44 billion in the quarter are up +1.45% from projections. Shares are up +9% in pre-market trading on the news, adding to the +28% gains year to date. For more on DG's earnings, click Dollar General is not the only discount retail company reporting earnings this week; we'll also hear from Five Below FIVE and Dollar Tree DLTR. Both stocks carry a Zacks Rank #3 (Hold) at this time. All three companies are also expected to be affected by current tariff policy, as many or most of their inexpensive wares are imported from China and other countries will high tariffs pending. (You can see the full Zacks Earnings Calendar here. The biggest report due after today's open is the latest Job Openings and Labor Turnover Survey (JOLTS) report for April, which is expected to further tick down from 7.19 million job openings in March. Analysts are looking for 7.1 million openings, which would match the low in the past 12 months, set back in September of last is the first of the 'Jobs Week' data to come out for this trading week. Its numbers are a month in arrears from the following data, which includes private sector payrolls from Automatic Data Processing ADP Wednesday morning, Weekly Jobless Claims Thursday ahead of the bell and the U.S. Employment Situation report out early Friday. We've seen plenty of resilience in the jobs market over the past several months — even going back the past few years — so we'll be interested to see whether that Orders for April will also hit the tape after the regular session begins. A headline -3.3% estimate would be a swing to the negative from March's +4.3%. Considering that the ordering of factory materials is closely aligned with trade policy, we see these numbers carrying a lot of water in our ongoing tariff narrative. These projections suggest companies ordered supplies in March, head of the April 2nd reciprocal tariff launch. After today's close, more key earnings will continue their slow trickle. Cybersecurity major CrowdStrike CRWD is expected to bring in strong double-digit revenue growth, although earnings per share will lag. Hewlett Packard Enterprises HPE also expects healthy revenue growth for the quarter with a pullback in or comments about this article and/or author? Click here>> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report Dollar General Corporation (DG) : Free Stock Analysis Report Dollar Tree, Inc. (DLTR) : Free Stock Analysis Report Five Below, Inc. (FIVE) : Free Stock Analysis Report Hewlett Packard Enterprise Company (HPE) : Free Stock Analysis Report CrowdStrike (CRWD) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
