The S&P 500 (SPX) and Nasdaq 100 (NDX) failed to close higher for a third consecutive day, ending the Friday session with small losses of 0.07% and 0.01%, respectively.
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This morning, President Trump posted on Truth Social that an “80% Tariff on China seems right! Up to Scott B.” Over the weekend, Treasury Secretary Scott Bessent will meet with top trade representatives from China in a high-stakes trade talk. Trump also added that many trade deals are in the pipeline.
China provided its own remarks ahead of the meeting, with Commerce Minister Wang Wentao saying that China opposes the U.S. abusing the use of reciprocal tariffs.
Meanwhile, the Federal Bank Reserve of New York released its latest Nowcast GDP update, forecasting second quarter growth of 2.42%, up from 2.34% a week ago.
In other news, the U.S. is considering entering into a Compact of Free Association (COFA) agreement with Greenland, according to Reuters. While details are still developing, the agreement typically includes benefits like mail services, military protection, and duty-free trade on a varying scale. It also provides the U.S. with the power to set up its military on the COFA partner’s land. The Trump administration is still weighing its options with no decision set in stone yet.
The S&P 500 finished the trading week with a 0.12% loss while the Nasdaq 100 moved higher by 0.31%.
