US Equity Handover: Are Trump’s Mexico Tariffs a Bluff? Stocks Think So!

See a summary of the top stock themes and trends from today's US session!


  • US indices built on yesterday’s gains, with major indices tacking on nearly 1% today.
  • Energy stocks (XLE) were the weakest sector as oil prices dumped another 3% on a surprise build in inventories. Interest-rate sensitive REITs (XLRE) and utilities (XLU) each rose in excess of 2% today.
  • Today’s top-tier US data painted a mixed picture: The May ADP Employment report printed at just +27k, well below expectations of 185k and the lowest reading since 2010. On the other hand, the ISM Non-Manufacturing PMI rose to 56.9, above 55.4 expected. The widely watched employment component of the report rose to 58.1 from 53.7 last month.
  • The market is becoming increasingly convinced that the US will NOT impose tariffs on Mexico, a sentiment recently echoed by Republican Senator (and head of the Senate Finance Committee) Grassley. Negotiations just kicked off ahead of Monday’s deadline.
  • Uber (UBER) rallied back to retest its IPO price at $45.00 for the first time since last month’s IPO.
  • Gamestop (GME) plunged 35% after reporting weak earnings and eliminating its dividend.

*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*

Macroeconomic Calendar

*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.

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