The European Commission sought clarity from the United States after this morning’s 50% tariff announcement on EU goods. The Commission said it wouldn’t comment until the 11 AM EST call between European Trade Commissioner Maros Sefcovic and U.S. Trade Representative Greer.

Greer is expected to speak later today and could have good news from the EU talks.

All major indices are still in the red, with the Nasdaq as the worst performer. Notably, the S&P 500 (SPX) is holding above its 200-day moving average (MA).

Apple (AAPL) is the worst performer of the Magnificent Seven after Trump threatened tariffs if they do not onshore production.

Utilities (XLU) is the only best performing sector, with nuclear power stocks driving most gains as President Trump is set to sign an executive order to expand nuclear energy in the U.S., aiming to strengthen domestic power production and energy security.

The Ten-Year Treasury Yield (TNX) is moving lower, losing 5.8 basis points and sitting right below the 4.5% level.

Economic Data

Builders are off to a better Spring than expected. New home sales rose by 10.9% M/M in April following a downward revision to a 2.6% rise (from 7.4%) in March.

On the flip side, building permits fell 4% M/M in April from a 1.9% rise in March, but above expectations of a 4.7% decline.

The market will be closed on Monday for Memorial Day.

Special thanks to all veterans who made the ultimate sacrifice defending this country. Wishing everyone a great Memorial Day Weekend!