US stock futures lower after US, China reach trade deal that awaits presidential sign offs
US stock futures lower after US, China reach trade deal that awaits presidential sign offs
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White House confirms deadline for international trade deals
White House Press Secretary Karoline Leavitt confirmed the administration has sent a letter to all of its trading partners ahead of a tariff deadline.
U.S. stock futures are lower before May inflation data and details of a U.S.-China trade deal.
After two days of talks in London, U.S. and China representatives said they reached a trade agreement and will now seek approval on the framework from the U.S. and Chinese presidents, before implementing it. The deal includes the U.S. rolling back some export restrictions on advanced technology in exchange for China's releasing more rare earths.
In other trade news, President Donald Trump's administration is close to a deal with Mexico to lift the 50% tariff on a limited amount of imported steel, according to Bloomberg.
Separately, an appeals court also granted the Trump administration's request to keep the president's far-reaching tariffs in effect for now but agreed to fast track the case to hear oral arguments on July 31.
Before the opening bell, investors will also see May inflation. May reflects the first full month of price data since Trump announced his aggressive tariff plan on April 2. Economists polled by Dow Jones expect a 0.2% month-over-month increase for a 2.4% annual increase.
Treasury Secretary Bessent will testify at 10 a.m. ET to Congress.
Futures linked to the blue-chip Dow fell -0.19%, while broad S&P 500 futures dropped -0.20% and tech-heavy Nasdaq futures slipped -0.20%.
Corporate news
Dave & Buster's reaffirmed its full-year guidance and said data so far in June were encouraging.
GitLab topped analyst estimates in the company's first three months of the year but its second-quarter outlook was soft.
GameStop's revenues in the first three months of the year missed analysts' expectations.
(The story was updated with new information.)
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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