Overview

• The S&P 500 closed down 0.27% and the Nasdaq fell 0.50%, ending the former’s three-day winning streak.
• The US and China reached a preliminary deal to restore the Geneva tariff truce and ease rare-earth export controls.
• Negotiations with Mexico are underway to scale back or scrap President Donald Trump’s 50% steel tariff on volumes within a set quota, weighing on steelmakers such as Nucor.
• May’s inflation data came in cooler than forecast, underlining that recent tariff measures have had limited effect on price pressures.
• Starbucks shares jumped over 4% after introducing Green Dot Assist, an AI-driven virtual barista assistant, and GE Vernova rallied on a Bank of America price-target boost, while Lockheed Martin fell more than 4% after the Pentagon halved its F-35 orders and Tesla paused gains after CEO Elon Musk revised the projected robotaxi rollout.