Overview

• President Donald Trump declared on social media that China has “totally violated” the May trade agreement with the United States.
• Dow futures fell by about 100 points and S&P 500 and Nasdaq futures slid 0.3% following the president’s announcement.
• A federal appeals court paused a lower court ruling that had blocked most of Trump’s tariffs, extending uncertainty over their legality.
• April’s preferred inflation gauge cooled more than expected, but fresh data also showed a notable drop in consumer spending.
• The S&P 500 has rebounded over 6% in May, recovering from an early April slump driven by tariff policy swings.