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US stock market turning higher
Snapshot of major US stock indices on Friday: Dow -0.6%, NASDAQ -1%, S&P 500 -0.7%, S&P 500 at 5,802, range 5,400–6,200.
Importantly, on Monday morning, US index quotes in electronic trading show a noticeable rise. The S&P 500 was trading at 5,868, up roughly 1%. The likely reason is that Trump announced a delay of new 50% tariffs against the EU until July 9, following a conversation with European Commission President Ursula von der Leyen.
US markets are closed on Monday for Memorial Day.
Recap of trading on Friday, May 23: Markets were tense following several posts from President Trump before the opening bell, which increased concerns over growth and added uncertainty about potential tariff changes ahead of the holiday weekend.
The first post warned Apple (AAPL 195.37, -5.99, -3.0%) that it would face at least a 25% tariff on iPhones sold in the US unless they were manufactured domestically.
The second post caused a bigger stir. Trump stated he would recommend a direct 50% tariff on the EU starting June 1, claiming that "trade talks will lead nowhere." (See the update at the beginning of this report.)
This last message triggered a flight to safety in US Treasuries. The 10-year yield dropped sharply from 4.54% to 4.45%, and the 30-year yield fell from 5.04% to 4.98%. However, this didn't calm the equity market, which sold off risk assets as the CBOE Volatility Index (VIX) spiked to 25.53 from Thursday's close of 20.28.
The Dow, Nasdaq, S&P 500, and Russell 2000 fell by 1.2%, 1.7%, 1.3%, and 1.7% respectively shortly after the open — losses worsened by disappointing earnings forecasts and a lack of full-year guidance from retailers Deckers Outdoor (DECK 101.05, -25.04, -19.9%) and Ross Stores (ROST 136.99, -15.26, -10.0%).
Calm returned when CNBC reported that a White House spokesperson said the president's comments should be viewed as part of negotiation tactics — nothing had been implemented yet. The spokesperson also added that the stock market had overreacted to the headlines.
Separately, Treasury Secretary Scott Bessent told Bloomberg TV he was not concerned about rising Treasury yields, noting that yields in other countries had risen even more and that this could reflect bond market expectations for stronger growth following the reconciliation bill.
Bond market:
So, the stock market declined. The sell-off was led by Apple and other large-cap names, evident in sector performance:
The Vanguard Mega-Cap Growth ETF (MGK) fell 1.1%.
Market breadth: Decliners outpaced advancers by a ratio of 5:4 on the NYSE and about 13:9 on the Nasdaq.
US markets will be closed on Monday on the occasion of Memorial Day.
Year-to-date performance:
Economic calendar
New Home Sales Rose 10.9% month-over-month in April to a seasonally adjusted annual rate of 743,000 units (consensus: 679,000), up from a downwardly revised 670,000 (previously 724,000) in March. Sales were up 3.3% year on year.
Key takeaway: April's rise in new home sales was driven by a drop in the median sales price. However, excitement over the headline figure was tempered by the sharp downward revision to March's data. Overall, from March to April, not much changed relative to what economists already expected when preparing the April report.
Energy market Brent crude is now trading at $65, unchanged from the previous trading day
Conclusion
The Monday rally in US markets during electronic trading shows that the market's bullish momentum is far from exhausted. Investors can continue buying on dips.
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