U.S. stock futures are lower before May inflation data and details of a U.S.-China trade deal.
After two days of talks in London, U.S. and China representatives said they reached a trade agreement and will now seek approval on the framework from the U.S. and Chinese presidents, before implementing it. The deal includes the U.S. rolling back some export restrictions on advanced technology in exchange for China’s release more rare earths.
In other trade news, President Donald Trump’s administration is close to a deal with Mexico to lift the 50% tariff on a limited amount of imported steel, according to Bloomberg.
Before the bell, investors will also see May inflation. May reflects the first full month of price data since Trump announced his aggressive tariff plan on April 2. Economists polled by Dow Jones expect a 0.2% month-over-month increase for a 2.4% annual increase.
Treasury Secretary Bessent will testify at 10 a.m. ET to Congress.
Futures linked to the blue-chip Dow fell -0.19%, while broad S&P 500 futures dropped -0.20% and tech-heavy Nasdaq futures slipped -0.20%.
Dave & Buster’s reaffirmed its full-year guidance and said data so far in June were encouraging.
GitLab topped analyst estimates in the company’s first three months of the year but its second-quarter outlook was soft.
GameStop’s revenues in the first three months of the year missed analysts’ expectations.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures lower after US and China reach trade agreement
