Stock Rally Pauses as Trump Tariff Deadline Looms – US Market Wrap

A stock rally stalled ahead of Donald Trump’s tariff deadline, as the White House demanded that drugmakers lower US prices. Treasuries barely moved in the run-up to jobs data. The dollar had its best month in 2025.

The S&P 500 reversed a 1% gain for the first time since April. Trump wrote letters to seventeen of the world’s largest pharmaceutical companies. A gauge of the “Magnificent Seven” reached all-time highs as Microsoft briefly surpassed $4 trillion and Meta Platforms jumped 11% on strong results. In the late hours, Apple Inc. reported revenue that exceeded iPhone sales estimates. Amazon’s outlook disappointed investors.

Trump will sign an executive order imposing new tariffs on trading partners, which will go into effect Friday. He has reached agreements with the European Union, the United Kingdom, Japan, and South Korea, as well as setting rates unilaterally for India and Brazil.

In addition, Trump is inviting bank leaders to meet with him one by one at the White House. According to people familiar with the situation, he is asking CEOs for pitches on how to monetise mortgage giants Fannie Mae and Freddie Mac, including a major public stock offering.

The 10-year Treasury yield remained relatively stable at 4.36%. The dollar strengthened at the end of its best month in 2025. The yen fell after comments from Bank of Japan Governor Kazuo Ueda were interpreted as less hawkish than expected