Wall Street tiptoes into June amid mixed trading as oil prices jump
By STAN CHOE Associated Press Business Writer NEW YORK AP U S stocks are drifting on Monday as momentum slows following their sprint through May which was their best month since The S P was lower in early trading The Dow Jones Industrial Average was down points or as of a m Eastern time and the Nasdaq composite was higher Selected of the strongest action was in the oil industry where the price of crude jumped roughly 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 realm but analysts commented investors were widely expecting it The past weekend s attacks by Ukraine in Russia also helped to raise uncertainty about the flow of oil and gas around the world Related Articles What cases are left on the Supreme Court s exigency docket Here s a look What we know about the suspect and casualties in the Boulder Colorado attack This day in History June Queen Elizabeth II crowned Multiple people injured in terror attack on Boulder s Pearl Street Mall suspect in custody A vigorous and open dialogue Sens Fetterman and McCormick to debate at Kennedy Institute A barrel of U S crude rose to while Brent crude the international standard gained to The swings also came after more harsh rhetoric crossed between the world s two largest economies just a minimal weeks after they had agreed to pause a multitude of of their tariffs that had threatened to drag the financial market into a recession China blasted the U S on Monday for moves that it reported hurt China s interests including issuing AI chip export control guidelines stopping the sale of chip design system to China and planning to revoke Chinese attendee visas These practices seriously violate the consensus reached during exchange discussions in Geneva last month the Commerce Ministry reported in a message That followed President Donald Trump s accusation at the end of last week where he noted China was not living up to its end of the agreement that paused their tariffs against each other Hopes for lower tariffs because of agreement deals that Trump could reach with other countries were the main reasons for last month s rally for stocks which brought the S P back within of its all-time high The index had dropped roughly below the mark in April But Trump on Friday informed Pennsylvania steelworkers he s doubling the tariff on steel imports to to protect their industry a dramatic increase that could further push up prices for a metal used to make housing autos and other goods Later in a post on his Truth Social platform Trump verified the steel tariff and mentioned that aluminum tariffs would also be doubled to Both tariff hikes would go into effect Wednesday Trump revealed That helped stocks of U S steelmakers climb Nucor jumped and Steel Dynamics rallied But automakers and other heavy users of metals weakened Ford fell and General Motors reversed by In stock markets abroad Hong Kong s Hang Seng fell following the harsh words tossed between the United States and China A assessment over the weekend also explained that China s factory activity contracted in May although the decline slowed from April Indexes also dipped across much of the rest of Asia and Europe Japan s Nikkei was one of the biggest movers after falling In the bond sphere Treasury yields rose as worries continue about how much debt the U S regime will pile on due to plans to cut taxes and increase the deficit The yield on the -year Treasury rose to from late Friday and from just roughly two months ago That s a notable move for the bond domain 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 AP Writers Jiang Junzhe and Matt Ott contributed
