The price of U.S. copper futures hit a record high after Mr. Trump told reporters at the White House that a 50 percent tariff on the metal was imminent.

President Donald Trump and his advisers promised a lightning round of global trade negotiations with dozens of countries back in April.

“This is not consistent,” Sløk adds. “Either the bond market is wrong, and rates must move higher due to accelerating growth. Or, equity markets are wrong, and stocks have to move lower because growt...