Stocks end lower on Middle East tensions and skepticism over US-China trade deal, with most sectors declining. Economic data shows lower than expected inflation. Asia markets also down, led by losses in Japan and Australia. European stocks also lower, while oil and metal prices rise due to safe-haven demand. US futures and dollar decline.
Crude oil futures pulled back below the $68-a-barrel mark after jumping about 5% in the New York session on Wednesday amid escalating geopolitical tensions between the U.S. and Iran.
After announcing sizable tariff rates for trading partners in early April, the Trump administration put on hold the implementation of much of the levies, except for a baseline 10% rate.
When asked about the bill resulting in a potential deficit increase of $2.4 trillion over the next decade, Bessent refrained from providing details but said the Trump administration’s proposal would result in “smart spending.”
As part of the London deal, China will supply the U.S. with rare earth resources and magnets, while Chinese students will be allowed to access colleges and universities in the United States.
The U.S. President also stated that he will work closely with Chinese President Xi Jinping to revamp the U.S.-China trade, which he believes will be great for both nations.
Apple Inc. (NASDAQ:AAPL) is under scrutiny as CNBC's “Mad Money” host Jim Cramer declared that the tech giant's stock buyback program "is not working right now."
