How Fentanyl reaches the US and the role of Trump’s China fees
US President Donald Trump has cited new tariffs on Chinese products and that Beijing did not stop exporting chemicals used to produce fentanyl.
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U.S. stocks have barely risen as investors continue to wait for news from the second day of the US-China trade talks in London.
Previously, Kevin Hassett, director of the National Economic Council, said he hopes that an agreement will emerge that will loosen control over US exports of semiconductors in exchange for the release of more rare earths in China.
US Secretary of Commerce Howard Lutnick said the talks are “going well.”
London talks follow a call between President Donald Trump and Chinese leader Xi Jinping. This is the first between the two after Trump took office and accused him of violating the terms of the tariff suspension agreed to in Switzerland last month.
At 9:40am ET, the Blue Chip Dow rose 0.01% or 6.4 points to 42,768.16. The Broad S&P 500 increased its 0.18% (11.04 points) to 6,016.92. And the high-tech Nasdaq rose 0.29%, or 56.4 points to 19,647.64. The benchmark 10-year Treasury yield fell to 4.446%.
Meanwhile, the barometer of emotions for small businesses rose last month to record the first increase of the year. The optimism index from the National Federation of Independent Business in May rose to 98.8 as tax concerns waned and optimism that Trump’s tax bill could boost the economy.
Later this week, investors will look at May inflation data. The May report reflects the first month of price changes since Trump announced aggressive tariffs on April 2nd. Many of the highest tariffs have been put on ice since then, while others have been enforced.
Corporate News
- Taiwan Semiconductor said its revenues in May increased by 40% compared to a year ago. Stocks rose 2%.
- Insmed said the blood pressure drug achieved key goals in the mid-term trial. The shares have turned 26.7%.
- JM Smucker’s revenue over the past three months of the fiscal year missed analysts’ expectations, but revenue won. That outlook fell below Wall Street forecasts. The food manufacturer’s shares fell to 6.1%.
- Cracker Barrel Old Country Store said it plans to sell $275 million in its Convertible Senior Notebook, which is scheduled for private products in 2030. Shares in restaurants and general merchandise chains slipped 8.13%.
- Limonilla said the fiscal results for the second quarter were worse than that period a year ago. Stocks rise in fragments.
- Paramount Global is once again cutting jobs. This time, 3.5% of the US-based workforce, or even hundreds, are fired. Stocks fell slightly.
- Casey’s General Store quarterly results surpassed expectations. Stocks rose 13.8%.
Cryptocurrency
Paraguay’s X-Account President of Santia Gopena could have been hacked to say that the Latin American country has made Bitcoin the legal currency and will roll out a $5 million Bitcoin aid reserve.
The post was removed and the government said “the official X-account of the president presented irregular activities suggesting possible fraudulent entries.”
Bitcoin fell 0.71% at $109,457.40.
(This story has been updated with new information.)
Medora Lee is a money, market and personal finance reporter for USA Today. You can contact her at mjlee@usatoday.com and subscribe to our free daily money newsletter for personal finance tips and business news every Monday to Friday morning.