US stock futures up after Trump-Xi call

USA Today

5 days ago

US stock futures up after Trump-Xi call
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Reaction from around the world as steel tariffs double
"Strongly regret," and "unfair" were some of the reactions from trade partners around the world as the U.S. doubles tariffs on steel imports.
U.S. stocks opened higher after Chinese media reported a phone call between President Donald Trump and Chinese President Xi Jinping.
The call comes after Trump accused China of violating a trade agreement last month that put some tariffs on ice. It also marks their first known formal contact since Trump took office, and investors hope could lead to averting a trade war. Trump has said direct talks with Xi would be the only way to resolve trade differences, but Xi has previously relied instead on advisers to negotiate trade terms.
Weekly jobless claims rose by 8,000 to 247,000 in the latest week, topping the 236,000 economists polled by Dow Jones had expected and adding to the mixed jobs picture. Earlier in the week, data showed more-than-expected job openings in April, but a private jobs survey showed a marked slowdown in new hiring.
The key monthly jobs report for May is due before the bell on June 6. Economists, on average, expect 130,000 new jobs created and a 4.2% unemployment rate.
Separately, unit labor costs, which measure compensation against productivity, unexpectedly increased 6.6% in the first three months of the year, according to a revised estimate from the Bureau of Labor Statistics. Productivity fell 1.5%, more than expectations for a decline of 0.8%. Higher labor costs coupled with lower productivity is generally seen as inflationary.
Corporte news
Discount retailer Five Below's quarterly estimates topped analysts' forecasts.
Software company MongoDB topped analysts' estimates with its quarterly results.
PVH Corp reported better-than-expected results in the first three months of the year but lowered its profit outlook for the current quarter due to tariffs.
Winnebago said it expects to adjust headcount and shift production plans due to eroding demand for motorhomes.
Procter & Gamble said it would cut 7,000 jobs, or roughly 15% of its nonmanufacturing workforce, over the next two years.
Broadcom, Docusign and Lululemon will follow after the close.
Cryptocurrency
Circle Internet Group priced its initial public offering at $31 per share, above expectations for $27 to $28 per share.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [e-mail] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.