05:21 PM EDT, 05/30/2025 (MT Newswires) -- Equities were mixed on Friday as markets apparently turned pessimistic about the near-term possibility of a full-fledged trade deal between the US and China, while the Nasdaq Composite and the S&P 500 registered their best monthly performance since November 2023.

The tech-heavy Nasdaq fell 0.3% to 19,113.8, while the Dow Jones Industrial Average added 0.1% to 42,270.1. The S&P 500 ended nearly flat at 5,911.7. All sectors advanced, excluding energy, consumer discretionary and technology.

The Nasdaq surged 9.6% this month, while the S&P 500 added 6.2%, both posting their biggest monthly gains since November 2023. Dow climbed 3.9%. All three benchmarks posted weekly gains.

Earlier this month, Washington and Beijing agreed to suspend most tariffs on each other's imports for 90 days. However, US President Donald Trump on Friday accused China of violating the pact, without providing details. "China, perhaps not surprisingly to some, has totally violated its agreement with us," Trump said in a social media post.

In response, China criticized the US for "discriminatory restrictions" in its use of export controls in the semiconductor industry, CNBC reported.

US Treasury Secretary Scott Bessent reportedly said on Thursday that Washington-Beijing trade discussions were "a bit stalled" and might require direct involvement of Trump and his Chinese counterpart, Xi Jinping, to provide a breakthrough.

The renewed tensions between the US and China come amid judicial developments surrounding Trump's tariffs. On Thursday, a federal appeals court granted the Trump administration's request to temporarily pause a ruling that struck down a series of tariffs announced by the White House. The US Court of International Trade on Wednesday ruled that Trump overstepped his authority by imposing duties under the International Emergency Economic Powers Act.

US Treasury yields were lower, with the two-year rate falling 3.9 basis points to 3.91% and the 10-year rate decreasing 2.3 basis points to 4.4%.

In economic news, US consumer spending growth slowed down last month in line with Wall Street's expectations, while the Federal Reserve's preferred inflation metric decelerated at the annual level, government data showed.

"Consumer spending came off the burner in April as the implementation of reciprocal tariffs weighed on consumer confidence and began to bring an end to the front-loading behavior we had seen in March," TD Economics Economist Andrew Foran said in a note. "We expect consumer spending to grow at a modest pace of 1.8% in the second quarter as the economy continues to adapt to a higher cost environment."

US consumer sentiment stabilized in May after declining over the past four months as the US-China preliminary trade deal helped lift expectations, a survey by the University of Michigan showed.

West Texas Intermediate crude oil was down 0.1% at $60.90 a barrel.

A pending decision by the Organization of the Petroleum Exporting Countries and its allies on output is "looming large in the oil market, with crude prices headed for a second consecutive weekly decline on the prospect of rising supplies," D.A. Davidson said in a client note.

In company news, Gap (GAP) shares slid 20%. UBS Securities said Friday that the apparel retailer's earnings through 2027 are likely to take a hit amid larger-than-projected headwinds from tariffs. The company late Thursday reiterated its net sales growth outlook for fiscal 2025, but said it didn't include the potential impact of tariffs, given their dynamic nature.

Ulta Beauty ( ULTA ) shares jumped about 12%, the best performer on the S&P 500. The beauty retailer delivered a quarterly beat late Thursday.

Costco Wholesale ( COST ) shares rose 3.1%, among the top five S&P 500 gainers. The warehouse chain late Thursday logged fiscal third-quarter earnings and revenue above market estimates, though its comparable sales fell short of expectations.

Gold was down 0.9% at $3,314.80 per troy ounce, while silver fell 1.1% to $33.07 per ounce.