U.S., China reach trade pact, GM to invest $4B in U.S. plants: Morning Buzz

The major averages are mixed near noon following today’s Consumer Price Index release and news that China and the U.S. have reached a trade agreement. The U.S.-China trade framework emerging from London includes assurances on rare‑earths supply and potential tariff easing.

Looking to commodities, gold prices were fractionally higher following earlier declines this week. Meanwhile, the price of oil is sharply higher, rising over 2% following yesterday’s API crude inventories data.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• The U.S. and China have reached a preliminary trade agreement, with President Trump saying China getting 10% tariffs is a “done” deal
• May’s consumer price index rose 0.1% from last month, coming in lower than the consensus growth estimate of 0.2%
• Tesla (TSLA) CEO Elon Musk said he regrets some posts about Trump, saying some “went too far”
• General Motors (GM) will invest $4B in U.S. manufacturing plants
• The U.S. Air Force has reduced its request to Congress for Lockheed Martin’s (LMT) F-35s, Bloomberg reports

2. WALL STREET CALLS:

• Baird downgrades UnitedHealth (UNH) on difficult Medicare Advantage path forward
• Arete downgrades Etsy (ETSY) to Sell on advertising growth limitations
• Urban Outfitters (URBN) upgraded at Baird following investor day
• First Solar (FSLR) upgraded at Jefferies, here’s why
• Summit Therapeutics (SMMT) initiated with an Underperform at Leerink

3. AROUND THE WEB:

• General Mills (GIS) is considering selling its Haagen-Dazs ice-cream stores in China, Bloomberg says
• Genetic testing company 23andMe (ME) is being sued by 27 states and Washington, DC to oppose the sale of DNA data from its customers without their direct consent, NY Times reports
• Amazon (AMZN) says over 1M people now have access to Alexa+, up from “hundreds of thousands” in May, and plans to “make it even more broadly available over the summer,” an Amazon spokesperson told The Verge
• WPP (WPP) has lost the $1.7B ad account for Mars, the owner of M&Ms and Snickers, to Publicis (PUBGY), Bloomberg reports
• Airbus (EADSY) is nearing a deal with Royal Air Maroc for around 20 of its small A220 passenger jets, while the carrier also prepares to renew ties with an order from Boeing (BA), Reuters says

4. MOVERS:

• Ouster (OUST) gains after announcing its OS1 digital lidar was approved by the Department of Defense
• Oklo (OKLO) higher after being selected as intended awardee for a DoD contract
• Rigetti Computing (RGTI) increases after completing a $350M at-the-market equity offering
• AMSC (AMSC) lower after announcing a 4.125M share offering
• Chewy (CHWY) falls after reporting Q1 results and providing guidance for Q2 and FY25

5. EARNINGS/GUIDANCE:

• GameStop (GME) reported Q1 results, with EPS beating consensus
• Vera Bradley (VRA) reported Q1 results and suspended its forward guidance
• Dave & Buster’s (PLAY) reported Q1 results and provided guidance for FY25
• J.Jill (JILL) reported Q1 results and withdrew its guidance for FY25
• GitLab (GTLB) reported Q1 results, with CEO Bill Staples commenting, “First quarter fiscal year 2026 results underscore the power of our AI-native DevSecOps platform”

INDEXES:

Near midday, the Dow was up 0.25%, or 105.21, to 42,972.08, the Nasdaq was down 0.09%, or 17.06, to 19,697.93, and the S&P 500 was down 0.01%, or 0.68, to 6,038.13.