US stock futures little changed ahead of US-China trade talks
US stock futures little changed ahead of US-China trade talks
Show Caption
Hide Caption
Fed Chair Powell says tariffs may increase inflation
Federal Reserve Chair Jerome Powell says the economy is in "good condition," but notes inflation's uncertainty.
U.S. stock futures are little changed with inflation data due and possibly, some clarity on where the U.S. and China stand on trade issues and how the Senate may vote on the more than 1,000-page tax bill before it.
The May consumer price index report, due midweek, could provide insight into whether the tariff rollercoaster is reviving inflation. It is the first full month of data since President Donald Trump announced his aggressive tariff plan on April 2. Many of the harshest tariffs have been rolled back or paused, but some have kicked in.
Wholesale price data are due the next day and could give investors an idea of whether there is inflation coming down the pipeline to Americans. Wholesale prices are what businesses pay for their goods and services.
At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations.
Separately, officials from the U.S. and China are expected to hold trade talks in London, Trump said last week. The talks follow a phone call between Trump and Chinese President Xi Jinping after Trump accused China of violating terms of a tariff pause agreed on last month in Switzerland.
At 5:45 a.m. ET, futures linked to the blue-chip Dow rose 0.12%, while broad S&P 500 futures added 0.12% and tech-heavy Nasdaq futures were flat. All three indexes closed higher last week, and the S&P 500 is now less than 3% from its record high. The S&P 500 topped the 6,000 mark for the first time since Feb. 21.
Investors will also continue to watch the path of the One, Big Beautfil bill in the Senate after a public and fierce tit-for-tat exchange between Tesla chief executive Elon Musk and Trump over social media about the tax bill. Musk called the bill a "pork-filled Congressional spending bill is a disgusting abomination," and Trump called Musk "crazy."
Cryptocurrency
Cryptocurrency platform Gemini said it confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of class A shares. The IPO is expected after the SEC review process, it said in a release.
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
3 minutes ago
- Business Insider
Trump's former Commerce Secretary, Wilbur Ross, says the US-China deal is still far from comprehensive
President Donald Trump's former Secretary of Commerce doesn't think the trade deal between the US and China is close to being "done." "It looks as though they made a fairly modest deal, mostly focusing on export controls on both the US side and the China side," Wilbur Ross, who was part of the first Trump administration, told Business Insider. "So it's far from a comprehensive deal." On Wednesday morning, Trump said on Truth Social that the deal with China is now "done." "It seems more or less to be reiterating the deal they thought they had set a few weeks ago," Ross said of the deal. China and the US reached a trade framework agreement on Tuesday, after their respective negotiation teams held two-day talks in London. The current Secretary of Commerce, Howard Lutnick, is part of the US trade talk team. "Full magnets, and any necessary rare earths, will be supplied, up front, by China," Trump added in all caps in the post. "Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!)." Ross said that the deal has not addressed many important issues, including intellectual property, so it may be too soon to call this a victory. "The Chinese side has been very careful to say it still needs to be approved by President Xi," said Ross. "When we negotiated with the China side last time, it wasn't unusual for the trade negotiators to agree to something, and then they would go back to Xi, and he would not go along with it." This year in duties on imports from China reached up to 245% on some goods. On May 14, many of the tariffs on China were reduced to 30% for 90 days, with a deadline of August 12. A 10% baseline tariff is still in place on the rest of the world, while additional higher tariffs on 75 countries have been paused until July 9. Ross said that it would be important to complete at least a few deals with key trading partners before the tariff pause on 75 countries expires. "I think that will help clear the air for the stock market because it'll start to show a direction and that there is a way to get all these things resolved," he said. "It's very important from a bond market point of view and from an equity market point of view."
USA Today
5 minutes ago
- USA Today
Costco announces earlier shopping hours for executive members, more benefits
Costco announces earlier shopping hours for executive members, more benefits Show Caption Hide Caption The companies standing up to Trump on DEI Companies like Costco and Levi's are rejecting the White House's position on diversity, equity and inclusion. Costco has announced the rollout of new benefits for executive members, set to go into effect at the end of the month. The retail warehouse giant told members on June 11 in an email, and confirmed to USA TODAY, that its locations will open at 9 a.m. exclusively for its upper-level members starting June 30. The company also said its warehouses will remain open an extra hour on Saturdays for all members, closing at 7 p.m. Costco revealed that executive members will receive a monthly $10 credit for orders of $150 placed through the company's "Same-Day" service or Instacart. The company did not provide further comment on the new benefits when contacted by USA TODAY on June 11. Costco's early executive membership shopping hours Monday – Friday: 9 a.m. – 10 a.m. Saturday: 9 a.m. – 9:30 a.m. Sunday: 9 a.m. – 10 a.m. Costco executive membership benefits Costco Executive Members already receive the benefits of Gold Star membership, including: warehouse access, Costco fuel access and a free household card. Executive Members also receive an annual 2% reward on qualified purchases, as well as discounts on Costco services. The membership costs $130 per year.
New York Post
13 minutes ago
- New York Post
Three cheers for the US-China trade war ceasefire
Yay! High-level US-China talks in London this week reached a trade-war ceasefire, offering some stability for nervous markets. Days of talks, following on President Donald Trump's call with China's Xi Jinping last Thursday, settled on a framework that leaves a 55% US tariff on Chinese goods and a 10% Chinese levy on American imports. Plus, Beijing will ease restrictions on rare-earth exports while Washington will back off on its developing ban on Chinese students attending American universities. Plenty of issues remain: China's key role in world fentanyl production, for one thing; its long history of intellectual-property theft, currency manipulation and so on. Not to mention the outright espionage that so many of those students are dragged into. And of course in the longer term the United States needs to be less dependent on China for rare earths, pharmaceutical precursors and many other critical needs. The two sides are supposed to reach a comprehensive deal by Aug. 10, but at least the summer should be calm. The chaos of on-again, off-again tariffs had led to turbulence in US markets and had mom-and-pop shops bracing for 'the end'; now they can plan at least a couple of months ahead, with solid reason to hope the worst is over. US businesses can adapt to 55% tariffs on Chinese goods, as long as they've got some certainty that the rate will remain stable. Kudos to Treasury and Commerce Secretaries Scott Bessent and Howard Lutnick, the top US negotiators in London, for mastering 'the art of the framework'; let's hope Trump and Xi can close a final deal.
