President Donald Trump said China violated its current trade agreement
China-U.S. trade talks are weighing on Wall Street sentiment to end the month. Earlier this morning, Treasury Secretary Scott Bessent called negotiations "a bit stalled," while President Donald Trump took to social media to claim that China violated its current trade agreement. Dow Jones Industrial Average (DJIA), Nasdaq-100 Index (NDX), and S&P 500 Index (SPX) futures are lower in response, though all three major indexes remain on track for monthly and weekly gains.
Traders are also unpacking the latest inflation data, with the Federal Reserve's preferred gauge -- the personal consumption expenditures (PCE) price index -- slipping to a lower-than-expected reading of 2.1% in April.
Continue reading for more on today's market, including:
- Keep tabs on 3 mining stocks amid tariff turmoil.
- How to use options to maximize commodity gains.
- Plus, COST earnings; analysts bullish on NFLX; and Gap's dismal outlook.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and over 1.1 million put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.53, while the 21-day moving average stayed at 0.59.
- Costco Wholesale Corp (NASDAQ:COST) stock is flat ahead of the open, brushing off an earnings and revenue win for its fiscal third quarter, as well as an 8% sales jump. The retail stock is still up 10.1% so far in 2025.
- Netflix Inc (NASDAQ:NFLX) stock is up 0.4% premarket, following a price-target hike from Evercore ISI to
, with the analyst citing the streaming giant's live events. BofA Global Research also lifted its price objective $1,490 from $1,175. NFLX sports a 32.9% year-to-date lead.
- Gap Inc (NYSE:GAP) beat first-quarter earnings and revenue expectations, but a lackluster current-quarter sales forecast is weighing on the shares. GAP is 14.5% lower before the bell, but added 18.3% so far this year.
- June kicks off next week with a big batch of jobs, services, and manufacturing data.
Asian Markets Fall on Economic Data, Tariff Concerns
Asian stocks slipped Friday amid global trade uncertainty. Tech and auto stocks bore the brunt of the sell-off, while inflation data out of Tokyo added to investor jitters. Japan’s Nikkei dropped 1.2%, as Tokyo’s core inflation hit a 16-month high of 3.6%. South Korea’s Kospi lost 0.8% amid weaker factory output and retail sales. China’s Shanghai Composite shed 0.5% and Hong Kong’s Hang Seng fell 1.2%, led by steep losses in major tech names like Alibaba (BABA).
European markets are modestly higher, as traders weigh tariff volatility against economic data. Germany’s DAX is up 0.9%, even after inflation came in hotter than expected -- rising 2.1% in May, just above forecasts and nearing the 2% target set by the European Central Bank (ECB). France’s CAC 40 is 0.3% higher, while London’s FTSE 100 has added 0.6%.