Dealmakers had big expectations for middle-market mergers and acquisitions in 2025. Although deal activity this year started off strong, the Trump administration’s tariff roller coaster has more recently cooled the market.

Stocks jumped on Tuesday, after Mr. Trump announced over the Memorial Day weekend that he would pause the implementation of steep tariffs on the European Union until July 9 to allow more time for trade negotiations with the 27-country bloc.

There is now a "healthy debate" within the Federal Reserve about whether any inflation triggered by President Trump’s tariffs will prove to be transitory, according to Minneapolis Fed president Neel Kashkari.

Sentiment improved a little as wage expectations grew and views of the economic outlook calmed, a monthly survey said.

Investors have seen a lot of volatility so far in 2025, as they try to grapple with the impact of new tariffs from the Trump administration on the economy. The S&P 500 rose to start the year, but fell sharply, ultimately entering a bear market, following the announcement of the new tariffs on so-called “Liberation Day.”

With flip-flopping trade policies dominating the news cycle, job seekers are stressed about how they could impact their ability to get a job. More than a third of people looking for work (35%) say they expect tariffs to make it more challenging for them to land a job,

"If that is not the case, a tariff of at least 25% must be paid by Apple to the US."Adding uncertainty to his ultimatum, Trump later said the tariff wouldn't apply to just the iPhone but also to any smartphone made outside the US.

The S&P 500 was up 1.6 percent in its first trading since President Trump said that the United States will delay a 50 percent tariff on goods coming from the European Union until July 9 from June 1.