T he U.S. and Japan have reached a trade agreement under which the longtime U.S. will face a 15% tariff—down from a previously threatened 25%—President Donald Trump announced on Tuesday, as Japan’s Prime Minister hailed the move as a “new golden era” in the relationship between the two countries.

The centerpiece is Tokyo’s pledge to set up a $550 billion US investment fund and the lack of detail is raising questions about the viability of an agreement that’s been floated as a potential templa...

Meanwhile, earnings estimates for the S&P 500 compiled by research group FactSet are 3% lower since then, the Journal said.