President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.

Wall Street was on track to open with losses as the initial euphoria over the 90-day truce in the U.S.-China trade war faded.

And in the Wall Street Research Corner, Goldman Sachs re-upped its target for the S&P 500 in the wake of tariff landscape 3.0. Strategist David Kostin raised his year-target for the benchmark index to 6,100 from 5,900. He also raised his 12-month target to 6,500 from 6,200.

Inflation is getting closer to the Federal Reserve's 2% target.

Inflation slowed to the lowest point in four years last month, but progress in reining it in will likely end there as higher tariffs start to push up the cost of consumer goods. The consumer price index climbed 2.

April’s inflation report could show tariffs’ effects, although some analysts say businesses are working through stockpiled inventory and are hesitant to raise prices yet.

Cooling inflation could shift gold prices — but other factors may have more of an impact right now. Here's why.