Bonds & Stocks
Following a torrid rally that put the S&P 500 on track for its best May gain since 1990, the gauge lost steam, dropping 0.4% on Friday. Action in the bond market was muted, though Treasuries are headed toward their first monthly fall this year, buffeted by tariff uncertainty and anxiety over government debt.
Economy
US consumers hit the brakes in April while goods imports plummeted by a record as companies adjusted to higher tariffs. Inflationadjusted personal spending rose 0.1% after rising 0.7% a month earlier, Bureau of Economic Analysis data showed Friday. Separate data showed an almost 20% slump in imports, leading to a massive narrowing in the US merchandise-trade deficit in April.
World
A spike in custom import duties shows proceeds from retaliatory tariffs are starting to roll into the coffers of Canada’s federal government. Duties paid on imports rose a nominal C$546 million ($396 million) to C$1.95 billion in the first three months of the year, a 39% quarterly increase, according to data released Friday by Statistics Canada.