The S&P 500 (^GSPC) trimmed gains to fall back from an intraday record high. The benchmark index touched record highs after optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later.

The Nasdaq Composite (^IXIC) also shed some earlier gains after touching a record intra-session high. Meanwhile, the Dow Jones Industrial Average (^DJI) also lost steam but remained up around 0.5%.

Trump posted on social media Friday afternoon that he was “terminating ALL discussions on Trade with Canada, effective immediately,” citing Canada’s digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week.

Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have “signed” a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.

Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.

Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn’t be firm on its July 9 tariff deadline.

Meanwhile, the Fed’s rate path also remained in focus. The latest reading of the Fed’s preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed’s 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves.

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19 updates

The S&P 500 (^GSPC) trimmed gains to fall back from an intraday record high. The benchmark index touched record highs after optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later.

The Nasdaq Composite (^IXIC) also shed some earlier gains after touching a record intra-session high. Meanwhile, the Dow Jones Industrial Average (^DJI) also lost steam but remained up around 0.5%.

Trump posted on social media Friday afternoon that he was “terminating ALL discussions on Trade with Canada, effective immediately,” citing Canada’s digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week.

Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have “signed” a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.

Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.

Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn’t be firm on its July 9 tariff deadline.

Meanwhile, the Fed’s rate path also remained in focus. The latest reading of the Fed’s preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed’s 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves.

LIVE

19 updates

The S&P 500 (^GSPC) trimmed gains to fall back from an intraday record high. The benchmark index touched record highs after optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later.

The Nasdaq Composite (^IXIC) also shed some earlier gains after touching a record intra-session high. Meanwhile, the Dow Jones Industrial Average (^DJI) also lost steam but remained up around 0.5%.

Trump posted on social media Friday afternoon that he was “terminating ALL discussions on Trade with Canada, effective immediately,” citing Canada’s digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week.

Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have “signed” a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.

Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.

Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn’t be firm on its July 9 tariff deadline.

Meanwhile, the Fed’s rate path also remained in focus. The latest reading of the Fed’s preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed’s 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves.

LIVE

19 updates

The S&P 500 (^GSPC) trimmed gains to fall back from an intraday record high. The benchmark index touched record highs after optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later.

The Nasdaq Composite (^IXIC) also shed some earlier gains after touching a record intra-session high. Meanwhile, the Dow Jones Industrial Average (^DJI) also lost steam but remained up around 0.5%.

Trump posted on social media Friday afternoon that he was “terminating ALL discussions on Trade with Canada, effective immediately,” citing Canada’s digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week.

Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have “signed” a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.

Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.

Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn’t be firm on its July 9 tariff deadline.

Meanwhile, the Fed’s rate path also remained in focus. The latest reading of the Fed’s preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed’s 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves.

LIVE

19 updates