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Here’s What Happened in Markets Yesterday:

Trade tensions showed signs of further easing. The Trump administration moved to soften the blow of auto tariffs, preventing duties on foreign-made cars from stacking on top of other tariffs and easing some levies on foreign parts used to manufacture cars in the U.S.

U.S. officials hinted at trade deals to come soon. Commerce Secretary Howard Lutnick told CNBC he had reached a trade deal with an unnamed country. Treasury Secretary Scott Bessent said the U.S. is making progress on trade agreements with South Korea and Japan, and is “very close” with India.