Stocks, Bonds, Dollar Fall As Trade Risks Flare Up: Markets Wrap
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Wall Street kicked off the week on the back foot, with stocks, bonds and the dollar falling amid renewed trade tensions and geopolitical uncertainties. Oil rallied.
Coming off the best May for the S&P 500 in 35 years, the benchmark edged lower at the start of what’s historically one of its quietest months for gains. Longer-term Treasuries led losses, with the spread between five- and 30-year yields near 100 basis points, a level it last closed above in 2021. The greenback dropped against most major currencies. Gold climbed on revived demand for safer assets.
The latest twists in Donald Trump’s tariff agenda have heightened market uncertainty, following mutual accusations between the Washington and Beijing of breaching a trade deal, and the US president’s pledge to double levies on all steel and aluminum imports. Meantime, Russia and Ukraine resumed peace talks in Istanbul a day after Kyiv staged one of its boldest aerial attacks.
“We continue to expect market volatility as investors digest fresh tariff headlines and incoming US economic data. Fiscal worries remain, and geopolitical tensions are heating up,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Traders will next focus on US manufacturing data, forecast to show an improvement, but remain in contraction territory below 50. Federal Reserve Chair Jerome Powell is among policymakers scheduled to speak, with the week culminating in jobs data on Friday.
Corporate Highlights:
Key Events This Week:
Some of the main moves in markets:
Stocks
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Cryptocurrencies
Bonds
Commodities
