US stocks rose on Monday, starting June with gains despite rising global trade tensions. The S&P 500 rose 0.4% and the Nasdaq gained 0.7%, while the Dow gained 35 points.
Tensions between the US and China have flared again after Beijing dismissed US accusations of violating a tariff truce, instead blaming Washington. Markets are eyeing a possible phone call this week between President Trump and Chinese President Xi, which could prove crucial for trade clarity. Meanwhile, Trump's plan to double tariffs on steel and aluminum to 50% has rattled the EU, which has warned that the move would undermine negotiations.
Steel stocks jumped on the tariff hike, including Nucor (+10.1%), Steel Dynamics (+10.3%), and Cleveland-Cliffs (23.2%), while automakers such as Ford and GM each fell 3.8%. Tesla shares fell 1.1% after May sales fell in key European markets. Meanwhile, U.S. manufacturing data showed continued contraction, as investors await May jobs data for signs of trade-related economic impact. (alg)
Source: Trading Economics
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