Stocks were headed for their third straight day of losses before the USTR announcement. Investors were worried the trade war with China would tip the economy into a recession as the yield curve raised red flags.
Retailers cheered the potential delayed rise in costs for apparel and electronics. Best Buy soared 10%, while Nike jumped 2%. Macy’s and Nordstrom also both surged more than 4%. The SPDR S&P Retail ETF is up more than 4%, on pace for its best day of the year.