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Wall Street Journal
4 hours ago
- Lifestyle
- Wall Street Journal
News Quiz for May 31, 2025
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Yahoo
15 hours ago
- Business
- Yahoo
Stocks flat after Trump says China ‘totally violated' trade agreement with U.S.
The major stock indices ended Friday mostly flat despite President Donald Trump claiming China had violated a trade agreement hammered out more than two weeks ago between the People's Republic and the U.S. Stock markets finished the week on an even note despite President Donald Trump calling out China on social media. The S&P 500 posted a slight dip of 0.02%, the Nasdaq dropped 0.4%, and the Dow Jones was up just 0.1%. On Friday morning, Trump posted on Truth Social, his own social media platform, that his administration struck a 'FAST DEAL' more than two weeks ago to ratchet down a trade war between the People's Republic and the U.S. He was referring to an agreement hashed out between Treasury Secretary Scott Bessent and Chinese in Switzerland to institute a 90-day pause on U.S. tariffs on Chinese exports and reciprocal tariffs from China. The deal saw the U.S. agree to reduce the surcharge on Chinese products from 145% to 30%, and the People's Republic pledging to drop its retaliatory taxes from 125% to 10%. But Trump claimed on Friday, without providing any evidence, that China had 'TOTALLY VIOLATED ITS AGREEMENT' with the U.S. His allegation follows comments from Bessent Thursday evening on Fox News that negotiations between the two superpowers were 'a bit stalled.' Trump's claims against China came on the heels of court rulings that found he lacked the authority to impose all of the extensive slate of tariffs he had unveiled in early April. On Wednesday, the Court of International Trade, the top federal legal body that oversees trade disputes in the U.S., ruled that the 47th president didn't have the legal authority to issue the sweeping tariffs he announced on what he called 'Liberation Day' on April 2. But, on Thursday, a federal appeals court said, without ruling on the taxes' legal merits, that many of Trump's tariffs could temporarily remain while litigation plays out. The next hearing on the case is on June 5. 'The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm. Thank you for your attention to this matter!' Trump posted Thursday on Truth Social after the appeals ruling. Despite the muddled picture on Trump's trade war, stocks were still up since markets opened last Friday. The S&P 500 has increased about 2.2% over the past week. (They were closed for Memorial Day on Monday.) Over the weekend, the president declared, after threatening the European Union with a 50% tariff, that he would delay implementing the taxes on European exports until July 9. This story was originally featured on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Hamilton Spectator
16 hours ago
- Business
- Hamilton Spectator
S&P/TSX composite slides on Friday but caps off month near record highs
Canada's main stock index on Friday continued to trim the gains that pushed it to a record closing high two days earlier, as investors retreated to defensive stocks while energy and information technology took a hit. 'It's been another roller-coaster day in markets, capping off generally strong equity index returns for the month,' said Kathrin Forrest, equity investment director at Capital Group. The S&P/TSX composite index inched down 35.51 points to 26,175.05. In New York, the Dow Jones industrial average rose 54.34 points to 42,270.07. The S&P 500 index slipped 0.48 points to 5,911.69, while the Nasdaq dipped 62.11 points to 19,113.77 — but both logged their biggest monthly percentage gains since November 2023. Investors in the U.S. shored up their stakes in telecom companies, utilities and consumer staples and shied away from resource and IT firms. 'We see the same defensive bias there,' Forrest said of Canada. 'Uncertainty is clearly one of the recurring, underlying themes. And with that you see some volatility' — in energy due to supply concerns and in tech thanks to U.S.-China trade tensions — she said. 'Staples you generally would expect to hold up better in times when there's some uncertainty around.' The S&P/TSX achieved its third-highest close ever on Friday, in spite of ongoing anxiety over the tariff war. 'Overall, we have continued to see relatively strong underlying economic data,' Forrest said. 'Despite all the headlines and the concerns around trade and uncertainty in that regard, the underlying fundamental data, in particular in the U.S., has largely held up well.' This week and month on Wall Street have been dominated by questions about what will happen with Trump's tariffs, which investors worry could grind the economy into a recession, slash companies' profits and pile even more challenges on households already dealing with the high cost of living. Hopes had largely been rising that the worst of such worries had passed, which in turn sent stocks rallying, after Trump paused his tariffs on both China and the European Union. A U.S. court then on Wednesday blocked many of Trump's sweeping tariffs. That allowed the S&P 500 to notch its first winning month in four and its best in a year and a half. But the tariffs remain in place for now while the White House appeals the ruling by the U.S. Court of International Trade, and the ultimate outcome is still uncertain. Trump also briefly shook markets shortly before Wall Street opened for trading Friday, when he accused China of not living up to its end of the agreement that paused their tariffs against each other. On Bay Street, investors will be watching whether the Bank of Canada will cut interest rates on Wednesday. 'Currently the market is pricing a 20 per cent chance of a cut. That is down from a 67 per cent chance just two weeks ago,' Forrest said. The shift stems from a surprising 2.2 per cent annualized rise in economic output in the first quarter of 2025 that Statistics Canada reported Friday, up a tick from 2.1 per cent in the fourth quarter. Market watchers will also be on the lockout for national employment figures slated to drop on June 6. The Canadian dollar traded for 72.68 cents US compared with 72.43 cents US on Thursday. The July crude oil contract was down 15 cents US at US$60.79 per barrel and the July natural gas contract was down seven cents US at US$3.45 per mmBTU. The August gold contract was down US$28.50 at US$3,315.40 an ounce and the July copper contract was flat at US$4.68 a pound. — With files from The Associated Press This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
CTV News
17 hours ago
- Business
- CTV News
S&P/TSX composite trades lower on Friday, U.S. markets mixed
The TMX Market Centre is shown in Toronto, Wednesday, Sept. 11, 2024. THE CANADIAN PRESS/Paige Taylor White TORONTO — Canada's main stock index closed lower on Friday along with some U.S. markets as commodities also trended down. The S&P/TSX composite index was down 35.51 points at 26,175.05. In New York, the Dow Jones industrial average was up 54.34 points at 42,270.07. The S&P 500 index was down 0.48 points at 5,911.69, while the Nasdaq was down 62.11 points at 19,113.77. The Canadian dollar traded for 72.68 cents US compared with 72.43 cents US on Thursday. The July crude oil contract was down 15 cents US at US$60.79 per barrel and the July natural gas contract was down seven cents US at US$3.45 per mmBTU. The August gold contract was down US$28.50 at US$3,315.40 an ounce and the July copper contract was flat at US$4.68 a pound. This report by The Canadian Press was first published May 30, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press
Economic Times
20 hours ago
- Business
- Economic Times
US stock market today: Dow edges up but S&P 500 and Nasdaq fall as Trump's China tariff threat hits Apple, Nvidia, Regeneron and Gap—even as inflation cools
US Stock market today saw the S&P 500 and Nasdaq slip as investors reacted to rising US-China tensions while inflation showed signs of cooling. President Trump's fresh comments on China reignited trade fears, even as the Fed's preferred PCE inflation index pointed to easing price pressures. The Dow edged slightly higher, but uncertainty remains as trade talks stall and tariffs return to the spotlight. Despite the volatility, stocks are set to close May with strong gains. From tech rallies to falling Regeneron shares, this market update covers all key moves and numbers that investors need to watch closely right now. Tired of too many ads? Remove Ads Market summary – how the major indexes moved S&P 500: Fell 0.1% Nasdaq Composite: Dropped 0.3% Dow Jones Industrial Average: Rose 0.1% Key market drivers 1. Trump's tough talk on China renews trade war fears President Trump accused China of 'totally violating its agreement' with the U.S. Trade talks are reportedly 'a bit stalled,' according to Treasury Secretary Scott Bessent. Tariff tensions are escalating beyond goods to include chip export restrictions and visa issues. A U.S. appeals court paused a lower court ruling that blocked Trump's tariffs—giving the White House until Monday to respond. 2. PCE inflation data shows cooling price pressures Core PCE (month-over-month): +0.1% (unchanged from March, in line with forecasts) Core PCE (year-over-year): +2.5% (down from 2.7% in March) Headline PCE (year-over-year): +2.1% (slightly below the expected 2.2%) Monthly market performance – is May still ending strong? S&P 500: Up +6% for May Dow Jones: Gained +4% Nasdaq Composite: Surged nearly +10%, led by a tech stock rebound Tired of too many ads? Remove Ads Stocks to watch today Regeneron Pharmaceuticals (REGN) Shares plunged over 17% Reason: Disappointing late-stage trial results for its smoker's lung disease drug Despite earlier promising results, the final trial failed to meet expectations, triggering a sharp selloff Other notable movers: Gap (GPS): Fell 17% after a weak Q2 forecast Ulta Beauty (ULTA): Rose 7% after strong Q1 results Dell Technologies (DELL): Up 1.7% on strong revenue beat Consumer sentiment – signs of stabilization University of Michigan's final May reading: Held steady, breaking a 4-month decline streak Positive factor: Temporary China tariff pause boosted economic optimism Inflation expectations Long-run (5-10 years): Dropped to 4.2% (from 4.4% in April) Short-run (1 year): Ticked up to 6.6% (from 6.5%) Why are investors worried about Trump's new China tariff comments? How is the cooling PCE inflation data affecting market sentiment? Is the stock market still on track for a strong may finish? Tired of too many ads? Remove Ads S&P 500: +6% in May Dow Jones: +4% for the month Nasdaq Composite: Nearly +10%, boosted by a tech sector rebound What happened to Regeneron stock and why did it fall so sharply? Is consumer sentiment improving or staying flat? Long-run inflation outlook fell to 4.2% from 4.4% in April Short-run (1-year) expectations rose slightly to 6.6% from 6.5% What's next for the stock market and economy? FAQs: US Stock Market Today: S&P 500 and Nasdaq Slip as US-China Tensions Flare Up, Even as Inflation Cools- The stock market today showed mixed signals as Wall Street reacted to fresh concerns over US-China trade tensions while digesting key inflation data. The S&P 500 dropped 0.1%, and the Nasdaq Composite slipped around 0.3%. In contrast, the Dow Jones Industrial Average inched up by 0.1%, showing some faced two competing stories: cooling inflation pressures and growing uncertainty around tariffs between the world's two biggest economies. President Trump's latest remarks about China 'totally violating its agreement' with the US reignited trade concerns, especially as talks appear to have stalled. Meanwhile, inflation data brought a bit of relief, showing price pressures are starting to trade concerns, the Dow showed resilience, while tech-heavy indexes slipped slightly amid cautious sentiment takeaway: Easing inflation could reduce pressure on the Federal Reserve to raise interest rates daily volatility, May is closing with solid gains across the Friday, President Trump escalated rhetoric against China, accusing Beijing of breaking its deal with the US just weeks after the two nations had agreed on a temporary tariff truce. 'They've totally violated their agreement with us,' Trump told reporters, stoking fears of a renewed US-China trade between Washington and Beijing have reportedly hit a roadblock. Scott Bessent told Fox News that discussions are 'a bit stalled,' suggesting only a direct call between Trump and Chinese President Xi Jinping could push things forward. The standoff isn't just about tariffs anymore—it now includes chip restrictions and visa issues, adding layers of complexity to already tense to the legal confusion, a US appeals court on Thursday paused a trade court decision that had blocked Trump's global tariffs. The White House now has until Monday to challenge the ruling, which could reshape how tariffs are handled going trade headlines dominated attention, the latest PCE inflation report also moved markets. The core Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation gauge, rose just 0.1% month-over-month in April. That's the same rate as in March and exactly what economists had a yearly basis, core PCE inflation came in at 2.5%, down from March's 2.7%, and matched analyst expectations. Meanwhile, headline PCE rose 2.1% year-over-year, slightly below the 2.2% projection. These numbers suggest that inflation is easing, though still above the Fed's 2% market took this as a positive sign, as it could reduce pressure on the Fed to hike interest rates further. Still, uncertainty from trade tensions has kept investors the choppy session, US stocks remain on pace to close May with solid gains. Here's where the major indexes stand heading into the final trading day of the month:Even with the ups and downs triggered by trade headlines and inflation reports, investors are looking at a winning week and month. The strong performance from tech giants has helped power the Nasdaq's rally, reflecting renewed optimism in growth individual stock news, Regeneron Pharmaceuticals (REGN) took a hard hit on Friday. Shares dropped over 17% after the biotech firm announced mixed trial results for its new drug targeting smoker's lung the drug failed to show strong results in a late-stage trial, it did perform better in an earlier-stage study. Still, investors were disappointed by the setback, leading to a sharp selloff in the stock during early to the University of Michigan's consumer sentiment survey, confidence among US consumers stabilized in May. The final reading for the month showed sentiment holding steady compared to April, breaking a four-month decline factor that helped? A temporary pause on certain China tariffs, which boosted optimism about the economy's direction. Joanne Hsu, director of consumer surveys at the university, explained: 'Expected business conditions improved after mid-month, likely a consequence of the trade policy announcement.'While this data shows some relief, Hsu noted that consumers remain concerned. 'These positive changes were offset by declines in current personal finances stemming from stagnating incomes throughout May,' she May wraps up, investors will likely stay focused on US-China developments, especially with Monday's court deadline looming for the White House on tariffs. At the same time, attention will turn to whether the Fed sees enough progress on inflation to hold off on further rate solid month-end gains across major indexes and cooling inflation numbers, markets have reasons to stay optimistic—as long as geopolitical tensions don't boil over stock market today reflected a tug-of-war between easing inflation and renewed global trade worries. While Friday was mixed, the broader month paints a more hopeful picture for US US-China tensions and renewed tariff fears made the market slip despite cooling inflation PCE index showed inflation is easing, giving hope the Fed might avoid more rate hikes.
