Daily Summary: Wall Street up slightly as Trump pressures Apple, Walmart warns of costs

US stocks edge higher with the US500 rising 0.46%, US30 and US100 gaining 0.42%. Markets are searching for the next catalyst after US-China trade-truce euphoria has faded.

Trump pressures Apple to shift from India to US production during the Middle East trip, telling CEO Tim Cook "We're not interested in you building in India" and pushing for domestic manufacturing as Apple shifts away from China. Apple shares were little changed despite the president's comments, having lost about 15% year-to-date.

Walmart warns of unavoidable price increases due to tariffs, with CFO John David Rainey stating "When you look at the magnitude of some of the cost increases on certain categories of items that are imported, it's more than what retailers can bear." Most impacted areas will include baby strollers, furniture, and toys, with double-digit price increases likely on items facing 30% tariffs beginning later this month.

Oil prices tumble on Iran deal prospects with WTI crude falling over 1.77% to $61.76 per barrel and Brent crude dropping to around $64.69 after President Trump hinted that the US is nearing a nuclear deal with Iran that could increase global crude supply. "We're in very serious negotiations with Iran for long-term peace," Trump stated during his Qatar visit.

Producer prices show surprise decline as the PPI unexpectedly fell 0.5% in April (versus expectations of a 0.2% increase), marking the biggest monthly drop since Covid. The decline was driven by a 1.7% plunge in trade services, indicating companies' margins are being squeezed by higher tariff costs that will likely spill over to consumers soon.

Retail sales growth slows dramatically with April's 0.1% increase representing a sharp deceleration from March's 1.7% surge when consumers rushed to make purchases ahead of tariff implementation.

30-year mortgage rates edge higher to 6.81% from 6.76% last week, returning to levels from three weeks ago but remaining below the 7.02% rate from a year ago.

JPMorgan CEO warns recession still possible with Jamie Dimon telling Bloomberg "I wouldn't take it off the table at this point," citing the country's large deficit, rising long-term interest rates, and inflation concerns. However, JPMorgan economists recently lowered their recession probability to below 50%.

Coinbase reveals major data breach after refusing to pay a $20 million ransom demand from cybercriminals who bribed overseas customer support agents to steal sensitive user data. The incident could cost $180-400 million in remediation and reimbursements, sending COIN shares down over 5%. CEO Brian Armstrong announced a $20 million reward fund for information leading to the attackers' arrest.

US-UAE finalizing tech framework agreement expected to be signed during Trump's Gulf tour, with reports suggesting Abu Dhabi could be allowed to import 500,000 of Nvidia's most advanced AI chips annually beginning in 2025.

Treasury yields retreat as the 10-year yield declined 8 basis points to 4.46% after economic data showing cooling inflation and slowing growth bolstered the case for Fed rate cuts. Fed Chair Powell warned of "supply shocks" potentially making inflation more volatile.

Bitcoin trades above $100,000 after breaking the milestone for the first time since February, up 0.4% to $103,914 in recent trading. Ether fell 0.4% to $2,588.

UnitedHealth shares plunge 15% on reports of a criminal investigation for possible Medicare fraud, while Foot Locker soared 85% after Dick's Sporting Goods reached a $2.4 billion deal to acquire the retailer.