The White House confirms international trade deal deadlines
White House Press Secretary Caroline Leavitt confirmed that the administration had sent letters to all trading partners ahead of the tariff deadline.
US stock futures have been lower inflation data and details of US-China trade contracts in May.
After two days of consultations in London, US and Chinese representatives said they have reached a trade agreement and will now seek approval of the framework from the US and Chinese presidents before implementing it. The deal includes the US rolling back several export restrictions on advanced technology in exchange for China’s more rare earth releases.
Other trade news reports that President Donald Trump’s administration has raised 50% tariffs on limited volumes of imported steel, as it is close to a contract with Mexico.
Separately, the Court of Appeals also granted the Trump administration’s request to maintain the president’s widespread tariffs at this time, but agreed to quickly track the lawsuit to hear oral debate on July 31.
Before the opening bell, investors will also watch inflation in May. It may reflect the first month of price data since Trump announced his aggressive tariff plans on April 2nd. The economists voted by Dow Jones expect an increase of 0.2% per month, an increase of 2.4% per year.
Treasury Secretary Becent will testify at 10am Eastern Standard Time in Congress.
Blue Chip Dow-linked futures fell -0.19%, while Broad S&P 500 futures fell -0.20%, while Tech Heavy Nasdaq Futures slipped -0.20%.
Corporate News
- Dave & Buster reaffirmed the year-round guidance and said the data so far in June was encouraging.
- Gitlab has surpassed analyst estimates in the first three months of the company’s year, but its second quarter outlook was soft.
- GameStop’s revenue for the first three months of the year missed analysts’ expectations.
(The story has been updated with new information.)
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.