From Nasdaq: 2025-06-02 12:58:00

Stock indexes are down today due to escalating trade tensions between the US and China. China accused the US of introducing new discriminatory restrictions, leading to a selloff in asset markets. Bond yields are up, with the 10-year T-note yield at 4.43%. US manufacturing activity and construction spending unexpectedly declined, contributing to economic concerns. Energy and steel producers are rallying after President Trump pledged to double tariffs on steel and aluminum imports. The US ISM manufacturing index fell to 48.5 in May, weaker than expected.

In response to trade tensions, US stocks are falling, while European government bond yields are rising. Fed Governor Waller’s comments on potential rate cuts later this year provided some support. Overseas markets are lower, with the Euro Stoxx 50 down -0.26%. Interest rates are down for T-notes, while the German and UK government bond yields are higher. The German and UK manufacturing PMIs were revised, with swaps predicting a rate cut by the ECB.

Stock movers include Adobe, CDW Corp, and Science Applications International in the red, while US steel and aluminum producers are up after Trump’s tariff announcement. Energy producers are also climbing with the rise in WTI crude prices. Chip stocks are performing well, and Zscaler leads gainers in the Nasdaq 100. Moderna gains after FDA approval for its Covid vaccine, while Vera Therapeutics sees a significant increase after positive trial results. Earnings reports include Credo Technology, Science Applications International, and The Campbell’s Company.



Read more at Nasdaq: Stocks Slip on Trade Risks and Weak US Manufacturing Activity