The U.S. economy contracted for the first time in three years in the first quarter, swamped by a flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive nature of President Donald Trump's often chaotic trade policy.

The Dow and S&P 500 look to notch a sixth day of gains as investors await more trade news and an easing of tariffs on automakers expected to be announced by President Trump as his 100 days are marked this week.

President Donald Trump signed a pair of executive orders on Tuesday to ease his tariffs targeting automobile and auto part imports, marking another reversal of his tariff policy amid domestic industry concerns.

President Donald Trump on Wednesday acknowledged that his tariffs could result in fewer and costlier products in the United States, saying American kids might "have two dolls instead of 30 dolls," but he insisted China will suffer more from his trade war.