Inflation likely rose in May, bouncing back after three months of declining as President Donald Trump's tariffs start to push up prices.

In early April, after President Trump announced crippling tariffs on nearly every country in the world, the global watch industry was suddenly faced with a 31% levy on American imports from Switzerland—the primary source for new luxury watches—and similarly high taxes on countries like Japan,

The Dow Jones Industrial Average surged 2,159 points ... Walmart, often viewed as a barometer of tariff impact due to its global supply chain, climbed 9%. Broad market participation was strong ...

Consumer prices rose less than expected in May, CNBC reported, as Trump’s controversial tariffs have yet to have a significant impact on inflation. The broad consumer price index, which measures the cost of goods and services across the economy, increased 0.1% for the month, putting the annual U.S. inflation rate at 2.4%.

Stocks jumped Friday after the latest nonfarm payrolls data came in better than expected, easing concern the economy faces an imminent slowdown.

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, increased 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%.

Chinese media outlet Xinhua reported Thursday that President Donald Trump and China President Xi Jinping held a phone call.

In the bond market, Treasury yields made significant gains. The yield on the 10-year Treasury rose to 4.51% from 4.39% late Thursday. The two-year Treasury yield, which more closely tracks traders’ expectations for what the Federal Reserve will do with overnight interest rates, rose to 4.04% from 3.92% late Thursday.