02:08 PM EDT, 05/30/2025 (MT Newswires) -- US benchmark equity indexes were lower intraday after President Donald Trump accused China of violating a preliminary trade agreement.

The Nasdaq Composite was down 1.2% at 18,953.5 after midday Friday, while the S&P 500 fell 0.7% to 5,873.2. The Dow Jones Industrial Average lost 0.3% to 42,080.7. Among sectors, technology saw the biggest drop, while consumer staples paced the gainers.

Earlier this month, Washington and Beijing agreed to suspend most tariffs on each other's imports for 90 days. However, Trump on Friday accused China of breaching 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.

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.

US Treasury yields were lower intraday, with the two-year rate falling 3.5 basis points to 3.9% and the 10-year rate decreasing 2.2 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 separate 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.

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.

West Texas Intermediate crude oil was down 1.1% at $60.29 a barrel intraday Friday.

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 were down 18%. 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 11% intraday Friday, the best performer on the S&P 500. The beauty retailer delivered a quarterly beat late Thursday.

Costco Wholesale ( COST ) shares were up 3.6% intraday Friday, among the top 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 1% at $3,284.6 per troy ounce, while silver fell 1.3% to $32.99 per ounce.