Updated 2 min read
In This Article:
US stock futures slipped on Wednesday as investors assessed a US-China plan to salvage their trade truce, with the latest reading on US consumer inflation on deck.
Futures on the S&P 500 (ES=F) and on the Dow Jones Industrial Average (YM=F) fell roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also moved down 0.2%.
Markets are giving a muted response to a US-China framework agreement to get the Geneva tariff truce back on track. Investors are still in the dark about the details of the deal, though it is expected to ease China’s grip on rare earths. Plus, the agreement has yet to get sign-off from Presidents Trump and Xi.
CME – Delayed Quote USD
As of 8:12:38 AM EDT. Market Open.
ES=F YM=F NQ=F
After two days of marathon talks in London, no other meetings are scheduled between the two sides — a potential concern for markets craving certainty around tariffs. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) have risen to within striking distance of record closing highs amid optimism for potential trade deals.
Read more: The latest on Trump’s tariffs
Investors are now looking to the consumer price index for May due later for any sign that tariffs are pushing up inflation.
The report, set for release at 8:30 a.m. ET., reflects the time after Trump’s “Liberation Day” hikes shook markets and businesses. It’s expected to show the headline rate ticked higher to 2.4% month-on-month, while the “core” reading — which strips out food and energy prices — accelerated slightly year-on-year to 2.9%.
With the Federal Reserve’s policy meeting coming next week, investors will be wary of any signs that costs associated with tariffs are being passed onto the consumer.
On the corporate front, Tesla (TSLA) shares rose nearly 2% in pre-market after CEO Elon Musk backed off his feud with Trump, saying some of his posts about the president “went too far”. Musk also set a tentative June 22 date for the launch of Tesla’s robotaxi services.
LIVE 5 updates
-
The biggest IPOs look a lot like the biggest stocks in the market
The largest tech stocks in the market are once again leading the market higher. And in recent weeks, investor excitement surrounding Big Tech has trickled down to newly issued public offerings, such as stablecoin issuer Circle (CRCL) and Nvidia-baked CoreWeave (CRWV).
Yahoo Finance’s Josh Schafer writes in today’s Morning Brief:
-
Good morning. Here’s what’s happening today.
-
Trending tickers: GameStop, Tesla, and Victoria Secret
Here are some top stocks trending on Yahoo Finance in premarket trading:
GameStop (GME) stock fell 4% before the bell on Wednesday after posting its first quarter earnings the day prior. The US video game retailer announced net sales of $732.4M, down from $881.8M in the same period of 2024.
Tesla (TSLA) stock rose 1% in premarket trading, after CEO Elon Musk backtracked on his comments towards President Trump. Musk said: “I regret some of my posts about President @realDonaldTrump last week,” he said on his social-media platform, X. “They went too far.”
Victoria Secret’s (VSCO) shares rose by 1% ahead of its earnings release on Wednesday. The retailer, which recently reported a cyberattack, is expected by analysts to reoort revenue of around $1.35B.
-
May CPI on deck: Inflation expected to tick higher as tariff uncertainty lingers
Yahoo Finance’s Allie Canal reports:
-
Gold rises even as US and China agree to framework for restoring trade truce
Gold prices are edging higher even after the US and China talks delivered a plan to ease trade tensions, a sign the market is not yet convinced of a breakthrough.
Futures rose 0.7% to around $3,366 an ounce in early trading on Wednesday.
Bloomberg reported:
