Stock Market Live June 5: Trump and Xi Talk, S&P 500 (VOO) Rises
Key Points
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China’s President Xi and America’s President Trump held a phone call to discuss trade matters this morning.
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Brown-Forman, an alcohol maker whose products may be targeted by other countries’ retaliatory tariffs, missed earnings this morning.
Live Updates
Thursday Ends in a Loss
The Vanguard S&P 500 ETF closed at 545.18 Thursday, down 0.5%.
Delta Warns on Tariffs Impact
Delta Air Lines (NYSE: DAL | DAL Price Prediction) warned the U.S. Commerce Department today that if President Trump’s planned tariffs on European imports go into effect, Delta may be forced to stop accepting deliveries of Airbus (OTC: EADSY) planes already ordered. Such action could force Delta to cancel as many as “10 million” flights, warns the airline.
The S&P 500 component company’s stock is down 0.1% today.
He Said, Xi Said
And now we have President Trump’s version of this morning’s call with President Xi. In a post on Truth Social, the U.S. President confirmed discussing “some of the intricacies of our recently made, and agreed to, Trade Deal.” Over the course of about a 90 minute call, Trump hinted at getting rare earth metals exports from China freed up, and said further talks are ongoing, and “our respective teams will be meeting shortly at a location to be determined.”
That’s a somewhat more optimistic spin on the phone call, than what we heard out of China earlier.
We Didn't Violate the Trade Pact, Says Xi -- You Did!
We finally have some detail about that Trump-Xi call that happened earlier this morning. According to China Central Television, President Xi told President Trump: “The Chinese people always keep their promises and follow through on their actions. Now that a consensus has been reached, both sides should abide by it. After the Geneva talks, China implemented the agreement seriously. The US should look at the progress made in a realistic way and withdraw its negative measures against China. The two sides should enhance exchanges in various fields such as diplomacy, economy and trade, military and law enforcement, enhance consensus, reduce misunderstandings and strengthen cooperation.”
How does the old saying go: “Admit nothing, deny everything, and make counter-accusations?” It honestly doesn’t look like much progress was made, but at least the Voo is holding onto its 0.1% gain.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) opened higher Thursday morning after China’s Xinhua reported that President Donald Trump and China President Xi Jinping held a call this morning to discuss the trade impasse. There’s no details yet on what they talked about, or on whether they reached any solutions to their respective nations’ complaints about alleged violations of a trade agreement reached in Geneva, Switzerland on May 10.
But investors seem optimistic just knowing that talks have resumed.
In other good news/bad news, the U.S. Department of Labor reports that unemployment claims in the week ending May 31 were up 8,000 sequentially to 247,000, and above expectations. That sounds like bad news, but bad news increases the chance the Fed will lower interest rates this year — and for stock market investors, that sounds like good news, and one more reason to buy the Voo.
The Vanguard S&P 500 ETF is currently up 0.1%.
Earnings
S&P 500 component company Brown-Forman (NYSE: BF.B) reported an earnings miss this morning. $0.31 per share in Q1 earnings came in three cents below expectations, and the liquor company’s $894 million in sales were well below the $968 million expected.
Satellite company Planet Labs (NYSE: PL) managed to beat expectations however, reporting breakeven profits where analysts had forecast a $0.03 per share loss for fiscal Q1 2026. Revenue for the quarter was $66.3 million, also ahead of expectations.
Analyst Calls
Japan’s Mizuho upgraded S&P 500 component company Visa (NYSE: V) to buy with a $425 price target this morning. “We see more reason for optimism as the remaining cash-to-card runway in the US is longer than previously expected,” said the analyst. “This leaves room for another decade of solid top-line growth domestically.”
Austrian bank Erste Group upgraded S&P 500 component company Intuitive Surgical (Nasdaq: ISRG) to buy, arguing “profit growth will be lower this year due to the introduction of tariffs on products that the Group mainly produces in Mexico. However, the operating margin should rise again in 2026 and profit growth should also increase significantly.”
Joel South covers large-cap stocks, dividend investing, and major market trends, with a focus on earnings analysis, valuation, and turning complex data into actionable insights for investors.
He brings more than 15 years of experience as an investor and financial journalist, including 12 years at The Motley Fool, where he served as an investment analyst, Bureau Chief, and later led the Fool.com investing news desk. He has also co-hosted an investing podcast and appeared across TV and radio discussing market trends.
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