Wall Street Pauses as Trump and Xi Prep for Trade Call

​Futures Flat at Record Highs
U.S. stock futures treaded water Friday, hovering near all-time highs. Traders kept positions tight ahead of a pivotal call between President Trump and China’s Xi Jinping, with hopes of progress on trade and a possible TikTok deal.

Trump Sets the Tone
Trump hyped the call, saying a TikTok agreement is “all but completed” and hinting the broader U.S.-China trade talks are close to a breakthrough. But he also floated the idea of extending the current tariff truce, dampening optimism for a sweeping deal.

FedEx Pops on Surprise Beat
Breaking from tariff jitters, FedEx stock jumped over 5% after smashing earnings expectations. Analysts braced for a hit from the loss of duty-free exemptions on low-value imports, but cost-cutting and stronger domestic demand gave the delivery giant a big lift.

Market Movers in Premarket
- Intel slid 2% after Thursday’s rally sparked by Nvidia’s $5 billion stake.
- Synopsys dipped 1% following a huge 12% pop the previous day.
- Lennar dropped 2% after profits plunged 46% and home delivery forecasts disappointed.

Gold Slips Again
Gold prices fell for a third straight day, weighed down by a stronger U.S. dollar and Powell’s less-dovish comments following the Fed’s quarter-point rate cut. The metal is still up nearly 40% this year on safe-haven demand, but the recent slide shows traders reassessing.

The Bigger Picture
​Investors are stuck in “wait-and-see” mode. With Wall Street at record highs, a Fed easing cycle underway, and Trump-Xi trade talks back on the table, the next headline could easily swing markets in either direction.