S&P 500 Rally Fades on Tariff Angst as Bonds Climb: Markets Wrap

Wall Street traders cheering solid results from Nvidia Corp. had to face the harsh reality of slowing economic data and legal uncertainties around Donald Trump’s trade war. The president told Federal Reserve Chair Jerome Powell he’s making a mistake for not cutting rates.

The S&P 500 pared most of an advance that earlier approached 1%. A federal appeals court offered Trump a temporary reprieve from a ruling threatening to throw out the bulk of his tariff agenda. Treasuries rose on bets the Fed will slash rates twice this year and after a solid $44 billion sale of seven-year notes. The dollar fell.