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Americans love using their credit cards, the most secure and hassle-free way to pay. But DC politicians want to change that with the Durbin Marshall Credit Card Bill. This bill lets corporate megastores pick how your credit card is processed, allowing them to use untested payment networks that jeopardize your data security and rewards. Corporate megastores will make more money and you pay the price. Tell Congress to guard your card.
because Americans lose when politicians choose. Learn more at GuardYourCard.com.
Here's your Closing Bell Brief for Friday, May 30th. I'm Victoria Craig for The Wall Street Journal. U.S. stocks were mostly lower today as signs of friction with China injected fresh volatility into a whirlwind month for investors. The Dow Jones Industrial Average gained 54 points to close at 42,270. The S&P 500 was down about half a point, while the Nasdaq fell 62 points.
Overnight, President Trump accused China of violating its deal with the U.S. Stock declines accelerated in the afternoon after a report that the U.S. is planning wider sanctions on China, and JPMorgan Chase chief Jamie Dimon said the U.S. should engage with China.
on trade. The president's comments cast a shadow on what's been a largely positive, if turbulent, period for U.S. stocks. For the month of May, both the S&P and Nasdaq logged their biggest monthly gains since late 2023. Among individual companies, Costco posted a higher quarterly profit and said tariff-mitigating measures have helped it avoid raising prices. The warehouse club chain said prices were down for things like eggs, butter and olive oil. Shares rose more than 3%.
Meanwhile, shares of Ulta Beauty rallied 12 percent after the cosmetics retailer raised its annual outlook. It logged better than expected quarterly sales as consumers continued to buy, despite worries about a pullback on discretionary spending. Elsewhere, shares of clothing retailer Gap plunged 20 percent after the company said it expects quarterly sales to stagnate.
It also forecast up to $150 million in annual costs due to tariffs. That's after the company's efforts to mitigate those costs. And Sanofi and Regeneron said their experimental lung disease treatment delivered mixed results in late-stage trials. Shares of both companies sold off, with Regeneron tumbling 19%.
In the cryptocurrency space, Bitcoin prices fell below $106,000. And in commodities, U.S. oil futures declined slightly to $60.79 a barrel. OPEC Plus is expected to announce crude output hikes for July after a meeting this weekend. We'll have a lot more coverage of the day's news on WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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