Stocks tumbled Friday morning as President Donald Trump said China has “totally violated” its trade pact with the U.S., rattling markets after a week of tariff whiplash.
The Dow slipped 130 points, while the S&P 500 and Nasdaq each declined 0.35%, erasing gains from Wednesday’s court-ordered tariff rollback.
The volatility comes as the U.S. Court of International Trade struck down most of Trump’s April 2 tariffs, only for a federal appeals court to pause that decision on Thursday — leaving tariff policy in legal limbo and traders bracing for an aggressive White House appeal.
Even amid the turbulence, the S&P 500 is still up more than 6% in May — its best month since 1990 — and roughly 0.5% higher for the year.
Meanwhile, fresh data shows the Fed’s preferred inflation gauge cooled in April more than expected — but consumer spending took a notable hit.
