NEW YORK–U.S. stock indexes drifted closer to their records on Monday, coming off their\u00a0stellar May, which was Wall Street\u2019s best month since 2023.<\/p>\n
The S&P 500 rose 0.4% after erasing an early loss from the morning. The Dow Jones Industrial Average added 35 points, or 0.1%, and the Nasdaq composite climbed 0.7%.<\/p>\n
Indexes had been down close to 1% in the morning following some discouraging updates on U.S. manufacturing.\u00a0President Donald Trump\u00a0has been warning that U.S. businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, and their\u00a0on-and-off rollout\u00a0has created lots of uncertainty.<\/p>\n
But stocks rallied back as the day progressed, and gains for a few influential stocks helped lift the S&P 500 even though more stocks within it fell than rose. Nvidia climbed 1.7%, and Meta Platforms rose 3.6%, for example.<\/p>\n
Some of Monday\u2019s strongest action was in the oil market, where the price of crude spurted more than 3%. The countries in the OPEC+ alliance decided to increase their production again, a move that often pushes crude prices down because it puts more on the market, but analysts said investors were widely expecting it.<\/p>\n
The past weekend\u2019s\u00a0attacks by Ukraine in Russia, meanwhile, helped to raise uncertainty about the flow of oil and gas around the world.<\/p>\n
Monday\u2019s market moves also came after more harsh rhetoric crossed between the world\u2019s two largest economies, just a few weeks after\u00a0the United States and China had agreed to pause\u00a0many of their tariffs that had threatened to drag the economy into a recession.<\/p>\n
China blasted the United States\u00a0for moves that it said hurt China\u2019s interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China and planning to revoke Chinese student visas.<\/p>\n
\u201cThese practices seriously violate the consensus\u201d reached during trade discussions in Geneva last month, the Commerce Ministry said in a statement. That followed\u00a0President Donald Trump\u2019s\u00a0accusation at the end of last week, where he said China was not living up to its end of the agreement that paused their tariffs against each other.<\/p>\n
Hopes for lower tariffs because of potential trade deals between Trump and other countries were the main reasons for\u00a0Wall Street\u2019s big rally last month, which brought the S&P 500 back within 3.8% of its all-time high. The index had dropped\u00a0roughly 20% below\u00a0the mark in April.<\/p>\n
But Trump on Friday\u00a0told Pennsylvania steelworkers\u00a0he\u2019s doubling the\u00a0tariff on steel imports\u00a0to 50% to protect their industry, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods. That helped stocks of U.S. steelmakers climb. Nucor jumped 10.1%, and Steel Dynamics rallied 10.3%.<\/p>\n
On the losing side of Wall Street were automakers and other heavy users of steel and aluminum. Ford fell 3.9%, and General Motors reversed by 3.9%.<\/p>\n
All told, the S&P 500 rose 24.25 points to 5,935.94. The Dow Jones Industrial Average added 35.41 to 42,305.48, and the Nasdaq composite climbed 128.85 to 19,242.61.<\/p>\n
Lyra Therapeutics soared nearly 311% for one of the market\u2019s biggest gains after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients.<\/p>\n
In the bond market, Treasury yields rose as\u00a0worries continue about how much debt the U.S. government will pile on\u00a0due to plans to cut taxes and increase the deficit.<\/p>\n
The yield on the 10-year Treasury climbed to 4.44% from 4.41% late Friday and from just 4.01% roughly two months ago. That\u2019s a notable move for the bond market.<\/p>\n
Besides making it more expensive for U.S. households and businesses to borrow money, such increases in Treasury yields can deter investors from paying high prices for stocks and other investments.<\/p>\n
Yields had dipped briefly in the morning, before rallying back, following the updates on manufacturing, which suggested that effects of Trump\u2019s tariffs are taking root in the economy.<\/p>\n
\u201cThe impact of ever-changing trade policies of the current administration has wreaked havoc on suppliers\u2019 ability to react and remain profitable,\u201d one manufacturer in the transportation equipment industry said in the Institute for Supply Management\u2019s survey, which came in weaker than economists expected.<\/p>\n
A separate report from S&P Global on manufacturing came in better than expected, but the overall figure \u201cmasks worrying developments under the hood of the U.S. manufacturing economy,\u201d said Chris Williamson, chief business economist at S&P Global Market Intelligence. He said uncertainty caused by tariffs has worries high about supplier delays and rising prices.<\/p>\n
In stock markets abroad, Hong Kong\u2019s Hang Seng fell 0.6% following the harsh words tossed between the United States and China. A report over the weekend also said that\u00a0China\u2019s factory activity\u00a0contracted in May, although the decline slowed from April.<\/p>\n
Indexes also dipped across much of the rest of Asia and Europe. Japan\u2019s Nikkei 225 was one of the biggest movers after falling 1.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK–U.S. stock indexes drifted closer to their records on Monday, coming off their\u00a0stellar May, which was Wall…\n","protected":false},"author":2,"featured_media":153671,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5311],"tags":[65395,51,2122,12,49,978,659],"class_list":{"0":"post-153670","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-asahi-shimbun","9":"tag-business","10":"tag-japan","11":"tag-news","12":"tag-united-states","13":"tag-us","14":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114617098214894818","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/153670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=153670"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/153670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/153671"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=153670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=153670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=153670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}