Breaking: US goods trade deficit shrinks, is still expected to weigh on Q2 GDP growth

Trade deficit narrows but Q2 GDP drag remains in focus mid-session.

The US goods trade deficit shrank, yet the print is still expected to weigh on Q2 GDP growth. Risk appetite is split: MSFT is surging +2.4% to $398.55, while quantum names RGTI and IONQ are getting hit hard, down 5.56% and 5.83% to $14.785 and $33.86 respectively. Macro-sensitive growth plays are feeling the GDP headwind most acutely intraday.

Watch: IONQ $33.00 as near-term support — a break accelerates selling in the quantum complex. MSFT $400 is the key intraday level to clear; a hold above $398.55 keeps large-cap tech as today's defensive rotation trade.