Market Highlights

Wall Street traders drove stocks higher as data showed the US labor market is holding up despite concerns about risks stemming from President Donald Trump’s tariff war. Bonds fell. The dollar rose. Just days ahead of the US payrolls report, an unexpected increase in job openings buoyed sentiment. Tech giants led the S&P 500’s bounce, with Nvidia Corp. up almost 3%. Energy shares joined a rally in oil. Earlier equity losses were driven by a cut in OECD’s growth forecasts as the institution said combative trade policies have tipped the world economy into a downturn.

A rebound in big tech drove stocks higher after a slide driven by weak manufacturing, trade and geopolitical risks. Bonds fell as the dollar hit its lowest since 2023. Coming off the S&P 500’s best May in 35 years, the benchmark edged up at the start of what’s historically one of its quietest months for gains. Nvidia Corp. led an over 1.5% rally in a measure of chipmakers. US steel and aluminum shares surged on Donald Trump’s pledge to double levies on the metals. Longer-dated Treasuries underperformed, with the spread between five-and 30-year yields near a level it last closed above in 2021. Oil climbed.

Volatility gripped stocks in the last stretch of the month, with the market bouncing from its lows as Donald Trump said he expected to speak to Xi Jinping after accusing China of a trade-deal breach. Following a slide that earlier reached 1.2%, the S&P 500 briefly erased losses to close little changed. The gauge notched its best May since 1990. Shorter-term Treasuries outperformed, with the market set for its firstmonthly drop this year. The dollar barely budged, while posting a fifth straight month of declines - the longest slide since 2020.

Wall Street traders cheering solid results from Nvidia Corp. had to face the harsh reality of slowing economic data and legal uncertainties around Donald Trump’s trade war. The president told Federal Reserve Chair Jerome Powell he’s making a mistake for not cutting rates. The S&P 500 pared most of an advance that earlier approached 1%. A federal appeals court offered Trump a temporary reprieve from a ruling threatening to throw out the bulk of his tariff agenda. Treasuries rose on bets the Fed will slash rates twice this year and after a solid $44 billion sale of seven-year notes. The dollar fell. Asian shares fell on concern President Donald Trump’s tariffs are here to stay after his administration reiterated its resolve to keep the levies amid a legal tussle.

Wall Street kicked off the week with a rally in stocks as consumer confidence rebounded sharply while the US and the European Union sped up trade talks. A global surge in bonds also helped sentiment. As equities halted a four-day slide, the S&P 500 climbed 2%. Nvidia Corp. paced gains in megacaps ahead of its results. Treasuries got a boost, pushing the 30-year yield below 5% on signs Japan will be ready to calm jittery debt markets. The moves in the US extended after a sale of two-year notes was met with solid bidding metrics. The dollar rose against all developed-market currencies.

European stocks climbed along with US equity futures after President Donald Trump extended a deadline on aggressive euro area tariffs, reinforcing a pattern of leaving markets guessing by making trade threats before backtracking. The Stoxx Europe 600 index erased Friday’s losses sparked by Trump’s threat of 50% tariffs on the European Union. The US President later said he had agreed to delay the date for the levies to July 9 from June 1. Contracts for the S&P 500 and the Nasdaq 100 advanced more than 1%. A gauge of the dollar hovered near its lowest level in almost two years. Cash Treasuries didn’t trade due to holidays in the UK and US. Bonds rallied worldwide after Japan indicated it’s looking to stabilize its debt market after weeks of selloff. The dollar rebounded.

Wall Street was rattled by President Donald Trump’s threats to impose aggressive tariffs on the European Union and Apple Inc., with stocks falling and the dollar hitting its lowest level since December 2023. The S&P 500 extended losses into a fourth straight day as Trump said he’s “not looking for a deal” with the EU, reiterating tariffs would be set at 50%. Earlier Friday, the market got some relief as Treasury Secretary Scott Bessent said the US could strike “several large” trade deals in the next couple of weeks. Apple fell 3% to lead declines in tech giants. United States Steel Corp. soared 21% as Trump announced his support for a partnership with Nippon Steel Corp.

Wall Street struggled to regain confidence in the wake of a Treasury selloff that shook markets amid fiscalconcerns, with stocks dropping in the last stretch of US trading. Bonds and the dollar rose. After a brief pause in equity selling, the S&P 500 lost steam to finishlower for a third consecutive day. That’s the longest slide since April 8, when the gauge closed on the brink of a bear market. While the cohort of big techs outperformed, a decline in Apple Inc. late in the session soured the mood. That’s even as long-term government bonds rebounded, with 30-year yields falling after approaching levels last seen in 2007.

Wall Street’s worries about a ballooning deficit that threatens America’s status as a safe haven were reflected in a $16 billion Treasury sale that saw lackluster demand - with stocks, bonds and the dollar falling. Treasuries got hit after a weak auction of 20-year bonds, whose 5% coupon rate was the highest since the tenor was reintroduced in 2020. Long-term debt bore the brunt of the selling, with 30- year yields jumping over 10 basis points. The S&P 500 fell 1.6%. The Nasdaq 100 lost 1.3%. The Dow Jones Industrial Average slipped 1.9%.

Wall Street’s rally took a breather on Tuesday, with stocks falling as traders awaited fresh catalysts after a six-day run that put the S&P 500 up almost 20% from its April lows. The US equity benchmark lost steam following an $8.6 trillion surge to around “overbought” levels. A slide in its most-influential group - big tech - weighed on trading, with Alphabet Inc. down 1.5% amid the company’s developer conference. Tesla Inc. was the only megacap gaining as Elon Musk said he’s committed to leading the electric-vehicle giant fiveyears from now.