12:48 PM EDT, 05/30/2025 (MT Newswires) -- US equity indexes fell after President Donald Trump accused China of breaching a preliminary trade agreement, with his tirade coming a day after a federal appeals court agreed to stay a ruling that blocked the bulk of import tariffs.

The Nasdaq Composite declined 1.6% to 18,870.8, the S&P 500 retreated 1% to 5,851.1, and the Dow Jones Industrial Average fell 0.7% to 41,938.2. All sectors except utilities and consumer staples fell intraday. Energy and technology led the decliners.

President Donald Trump has alleged that China has breached a preliminary trade agreement brokered by US Treasury Secretary Scott Bessent in Switzerland.

"Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US," Trump wrote in a social media post.

Trade discussions with China have slowed and may require direct talks between Trump and Chinese President Xi Jinping, Fox News reported Thursday, citing an interview with Bessent.

Most US Treasury yields fell, with the 10-year down 1.8 basis points to 4.41% and the two-year traded 3.1 basis points lower at 3.91%.

A federal appeals court on Thursday 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.

In economic news, the annual headline PCE price index decelerated to 2.1% in April from March's 2.3% increase, compared with the Bloomberg-compiled 2.2% forecast. Prices edged 0.1% higher month-over-month, meeting expectations, following a flat reading in March.

The Fed's preferred core measure, which excludes food and energy, cooled down to 2.5%, which was the Bloomberg consensus, from 2.7% growth in March. Sequentially, the core measure remained steady at 0.1%, matching the pace estimated by analysts.