The market is awaiting a press conference from President Donald Trump on China. The press conference could lead to further friction between Washington and Beijing.
Trump said he would make an announcement Friday “with respect to China,” following a move from Chinese lawmakers to approve a national security law that could limit freedoms in Hong Kong.
The president also has sharply criticized China's response to the coronavirus outbreak.
Now, let’s take a look at yesterday’s market.
U.S. stocks declined Thursday, turning lower in the last hour of trading, after Trump said he would hold a press conference about China. No time for Trump's announcement Friday was specified.
Now, focusing on economic data, U.S. consumers pulled back on their spending in April after the coronavirus pandemic had shoppers purchasing mostly just essential items.
Consumer spending dropped 13.6% in April, the steepest drop in Commerce Department records back to 1959, according to Bloomberg.
Personal income, on the other hand, jumped 10.5% in April as coronavirus-related jobless benefits from the U.S. government were distributed.
Jim Cramer says that he's worried that, without a stimulus bill, that the market could see another round of bad earnings.
Watch the video above for more.