FX.co ★ US Stocks Gain as Markets Eye Trump-Xi Call Amid Tariff Spat

U.S. stocks began June with a positive trajectory on Monday, despite escalating global trade tensions. The S&P 500 increased by 0.4%, the Nasdaq saw a 0.7% rise, and the Dow climbed by 35 points. Renewed friction between the U.S. and China emerged as Beijing countered American claims of a tariff truce breach, redirecting the blame towards Washington. Market participants are closely monitoring an anticipated phone call this week between President Trump and Chinese President Xi Jinping, which may be crucial for trade resolution. Additionally, President Trump's intention to raise steel and aluminum tariffs to 50% created apprehensions within the EU, which cautioned that the decision could disrupt ongoing negotiations. Steel stocks soared in response to the tariff escalation, with notable increases for companies such as Nucor (up 10.1%), Steel Dynamics (up 10.3%), and Cleveland-Cliffs (up 23.2%). Conversely, automakers, including Ford and General Motors, experienced a decline of 3.8% each. Tesla shares decreased by 1.1% following a drop in May sales across key European regions. Meanwhile, U.S. manufacturing data indicated continued contraction, as investors eagerly await May employment figures to assess any economic ramifications stemming from trade influences.