🚀 Trump won't sign trade agreements in the short term

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Trump dismissed growing pressure to finalize trade agreements, saying the U.S. doesn’t “have to sign deals” because other countries are more eager to access the American market than vice versa. Speaking alongside Canadian Prime Minister Mark Carney, Trump’s comments contradicted recent statements from Treasury Secretary Scott Bessent, who claimed multiple deals were near. Despite weeks of White House promises, no formal trade frameworks have been announced, frustrating investors amid market downturns and fears of tariff-driven economic slowdown. Trump shifted blame to his aides for fueling expectations, likening the U.S. economy to a “super luxury store” that sets its own terms.

2. Diamondback Energy CEO Travis Stice warned that U.S. oil production has likely peaked and will begin declining this quarter as plunging crude prices—down 17% this year—force operators to scale back activity, especially in the Permian Basin. In a letter to shareholders, Stice said recession fears fueled by Trump’s tariffs and oversupply from OPEC+ have pushed prices near 20-year lows, threatening U.S. energy security and economic stability. Fracking crews are down 15%, and rig counts are expected to fall further, with Diamondback slashing its capital budget by $400 million and scaling back drilling. “We’re taking our foot off the accelerator,” Stice said, signaling a cautious approach amid deepening uncertainty.

3. Nvidia CEO Jensen Huang warned that being locked out of China’s AI market, estimated to reach $50 billion within a few years, would be a “tremendous loss” for the U.S. economy, citing lost revenue, taxes, and job creation. Speaking at ServiceNow’s Knowledge 2025 conference, Huang emphasized support for U.S. policy while noting Nvidia must stay agile amid evolving export restrictions. The company recently took a $5.5 billion charge after the Trump administration barred shipments of its H20 chips to China, further straining its relationship with a major market. Despite a 15% dip in Nvidia’s stock this year, the firm is still expected to post 65% year-over-year revenue growth when it reports earnings on May 28.

4. Headlines

   1. The Trump Administration will begin garnishing the wages of 5.3M people who are behind on their student loan payments this summer.

   2. A short-term decline in consumer prices due to stockpiling before tariffs is expected to provide short-term relief before a significant increase in prices.

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