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The U.S. trade deficit narrowed in April by the most on record on the largest-ever plunge in imports, illustrating an abrupt end to the massive front-loading of goods by some companies.

U.S. factory activity contracted in May for a third consecutive month and a gauge of imports fell to a 16-year low as firms pulled back in the face of higher tariffs.

Consumer sentiment fell to a more than two-year low and long-term inflation expectations jumped by the most since 1993, illustrating growing apprehension about the impact from tariffs.

U.S. small-business optimism in January suffered the biggest drop since 2022, due to weak profits and sales expectations, according to the National Federation of Independent Business.