Amazon.com forecast second-quarter revenue largely above estimates, in a reassuring sign the e-commerce giant would navigate tariff-related uncertainty, but growth in its closely watched cloud unit lagged.
U.S. manufacturing contracted further in April while tariffs on imported goods were straining supply chains, keeping prices paid for inputs elevated. Manufacturing PMI dropped to a five-month low of 48.7 last month.
Wall Street stocks advanced while crude and gold prices slid as investors juggled corporate earnings, signs of progress in U.S. President Donald Trump’s tariff negotiations, and increased odds of a global recession.
Gold fell nearly 1% as signals of easing U.S.-China trade tensions reduced some safe-haven demand, while investors braced for key economic data this week to gauge the Federal Reserve’s policy outlook.
U.S. President Donald Trump will soften the blow of his auto tariffs through an executive order mixing credits with relief from other levies on parts and materials, after automakers pressed their case with the administration.
IBM will invest $150 billion in the U.S., including on facilities for quantum computer production, over the next five years, the latest American technology company to back the Trump administration’s push for local manufacturing.
