Markets are navigating with a sense of caution this afternoon, even after signs of contained inflation and trade progress between the U.S. and China emerge. Commerce Secretary Howard Lutnick has moved to reassure investors, declaring the latest agreement between the White House and Beijing a done deal. Lutnick told CNBC, “You can definitely say that,” when pressed on whether the tariff table would remain unchanged. The markets are little changed, with the SPY ETF up 0.18%.
Vice President J.D. Vance has unleashed a blistering attack on Federal Reserve Chairman Jerome Powell, branding his failure to lower interest rates as “monetary malpractice.” This shot comes just ahead of next week’s crucial Federal Open Market Committee (FOMC) meeting. The recent Consumer Price Index (CPI) report, which unveiled surprisingly tame inflation, only intensifies the growing chorus clamoring for an interest rate cut.
The SPY ETF is currently up 0.18%.
JPMorgan CEO Jamie Dimon remains unconvinced by any signs of a growing economy, instead warning that conditions are poised to worsen before any recovery takes hold. Dimon contends that the U.S. economy is highly susceptible to a downturn, attributing this vulnerability to extensive government overspending during the pandemic era and the absence of supportive monetary policy. Speaking candidly at a recent Morgan Stanley event, he reportedly stated, “I think there’s a chance real numbers will deteriorate soon.”
The SPY ETF is currently up 0.15%.
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The markets are catching their breath today, buoyed by signals of inflation holding steady and the continued progress in U.S.-China trade discussions. May’s Consumer Price Index (CPI) data delivered an unexpected positive, showing inflation nudging just slightly higher to 2.4% compared with year-ago levels. President Trump announced that the trade deal with China is a done deal, describing the relationship between Washington, D.C. and Beijing as “excellent.”
While marginally warmer than April’s 2.3% reading—fueled in part by higher grocery prices—the mere 0.1% monthly increase surprisingly surpassed economists’ expectations. Notably, price upticks in categories like food and shelter were offset by declines in energy, autos, and apparel, a striking development even amidst current tariffs.
On the index front, the Nasdaq Composite, S&P 500 and Dow Jones Industrial Average are all gaining modest ground. The SPDR S&P 500 ETF (SPY) is currently up 0.15%.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 49.34 (+0.12%)
Nasdaq Composite: Up 48.64 (+0.25%)
S&P 500: Up 10.68 (+0.18%)
Technology stocks are firmly in the green. Nvidia (Nasdaq: NVDA | NVDA Price Prediction) CEO Jensen Huang recently weighed in on the future of quantum computing, asserting that he fully expects these formidable machines to tackle real-world issues in the not-too-distant future. “Quantum computing is reaching an inflection point,” stated Huang during his keynote speech at Nvidia’s GTC 2025 developer conference. This bullish outlook has sent quantum stocks like Rigetti Computing (Nasdaq: RGTI) and IonQ (NYSE: IONQ) enjoying a nice bump today.
Chewy (NYSE: CHWY) is taking a notable hit, falling 11.1% after reporting weaker-than-expected Q1 net income.
Intel (Nasdaq: INTC) is sliding 4% on the day, extending its recent struggles, having lost approximately 28% of its value over the past 12 months.
Starbucks (Nasdaq: SBUX) is perking up with a 3% gain on reports that the coffee giant is exploring interest from other parties in its significant China business.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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