Stock Market Update

[BRIEFING.COM] Stocks have continued their downward trajectory over the last half hour following the release of the May Treasury Budget which hit at the bottom of the hour. Currently, the S&P 500 (-0.33%) is in second place, shedding about 20 points.

The Treasury Budget for May showed a deficit of $316 billion compared to a deficit of $347.1 billion in the same period a year ago. The May deficit resulted from outlays ($687.2 billion) exceeding receipts ($371.2 billion). The Treasury Budget data are not seasonally adjusted so the May deficit cannot be compared to the April surplus of $258.4 billion.

The key takeaway from the report is that the deficit narrowed in May by 9% compared to last year, driven largely by a surge in customs receipts -- up nearly fourfold to a record $23 billion -- thanks to President Trump's sweeping import tariffs. Adjusted for timing shifts, the deficit fell 17%, while interest payments on public debt also declined, offering rare fiscal relief.