Markets wobble after Trump’s China trip wraps

New day, same jittery market

U.S. stock futures were in the red on Friday, giving back some of Thursday’s record-setting pep. The market’s mood? Basically: “Cool, but what happens next?”

The big overhang is President Trump’s business-focused trip to Beijing, which wrapped with deals for names like Boeing and Nvidia. Nice for those companies, sure — but investors are still staring down the unresolved stuff: Taiwan, Iran, and the usual headline roulette that makes traders reach for the sell button before breakfast.

Rates, yields, and the vibe check

The bond market is not exactly screaming panic, but it’s not sending love notes either. The 10-year Treasury yield sat at 4.54%, while the 2-year was at 4.06%, a setup that says investors are still trying to handicap where growth, inflation, and Fed policy go from here.

Meanwhile, CME FedWatch is basically telling you the central bank may hit the snooze button in June, with markets pricing a 99.4% chance rates stay unchanged. Translation: the Fed isn’t giving traders a new toy just yet.

A few stocks still had their own storylines

Even on a macro day, the tape was full of side quests:

• Figma jumped after beating Q1 expectations and lifting FY26 sales guidance.
• Applied Materials slipped despite beating Q2 estimates and sounding upbeat on Q3.
• Nu Holdings disappointed on EPS, while dLocal got whacked despite solid results and a new $300 million buyback.
• Winnebago beat on both earnings and sales, which is a nice reminder that not every consumer-adjacent stock is having a rough week.

Big picture: the market is still willing to reward winners — but when geopolitics gets loud and the Fed stays put, investors tend to get picky fast.