Man wanted in connection with Streamwood stabbings found after days-long manhunt ...Middle East

The Dow Jones Industrial Average dipped Monday, the first trading day of June, as global trade tensions increased.

The 30-stock average lost 217 points, or 0.5%. The S&P 500 also pulled back 0.3%, while the Nasdaq Composite hovered around the flatline.

China pushed back against U.S. accusations that it had violated a temporary trade agreement. Instead, the country blamed Washington for failing to uphold the deal — a sign that negotiations between the world’s two largest economies are deteriorating.

Tensions reignited following a brief pause after U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Geneva and agreed to a 90-day suspension of most tariffs. A senior White House official told CNBC’s Eamon Javers Monday that President Donald Trump and China’s President Xi Jinping are likely to speak this week.

“Conversations between Trump and Xi could prove critical to much needed clarity for the largest economies in the world,” said Jay Woods, chief global strategist at Freedom Capital Markets. “If they get clarity, look for another leg higher in this market and talk of new all-time highs. If this back-and-forth goes on, then expect volatile markets to continue.”

Tensions between the U.S. and European Union also heightened after Trump said he would double steel tariffs to 50%. The EU warned that this “undermines” negotiations, with a spokesperson adding: “This decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic.”

Steel stocks rallied on the increased levies. Cleveland-Cliffs surged 28%, while Steel Dynamics and Nucor each popped 11%.

On Friday, the S&P 500 closed out the month of May with a more than 6% gain, its best monthly performance since November 2023. The tech-heavy Nasdaq surged more than 9% for the month and the Dow rose about 4%.

A conversation between Trump and Xi ‘likely coming this week’

A direct conversation between President Donald Trump and China’s President Xi Jinping is “likely coming this week,” a senior White House official told CNBC’s Eamon Javers.

Trade tensions between the U.S. and China escalated last week, after Trump accused China of violating its preliminary trade agreement with the U.S. including a dispute over critical minerals.

— Yun Li

Manufacturing, construction spending show weakness

Factory activity in the U.S. remained in contraction in May while construction spending unexpectedly declined, according to economic data releases Monday.

The ISM manufacturing index posted a reading of 48.5%, in line with the Dow Jones estimate and 0.2 percentage points below April. As the index measures the percent of companies seeing expansion, anything below 50% represents contraction.

Inventories, imports and new export orders all posted significant declines, while order backlogs and new orders saw gains. Prices and employment figures were little changed.

In other economic news, construction spending fell a seasonally adjusted 0.4% in April from the prior month, as private activity fell at a 0.7% clip, according to the Commerce Department.

— Jeff Cox

Negative impact of tariffs is still to come, JPMorgan says

The brunt of the effect of Trump’s tariffs is yet to be felt in both economic growth and inflation, JPMorgan strategist Mislav Matejka said in a note to clients.

“We look for softer activity over the next months, but also higher inflation prints in the US. Past frontloading of orders in the runup to tariffs is likely to have a payback, there will be some weakening in consumer due to squeeze in purchasing power, and even with dramatic backpedalling, the current tariffs picture is worse than most thought at the start of the year,” the note said.

This combination could keep the stock market rally in check, Matejka said.

— Jesse Pound

Stocks open lower as first June trading day kicks off

Stocks traded lower Monday morning.

Just after the opening bell, the S&P 500 fell 0.3%, while the Nasdaq Composite declined 0.2%. The Dow Jones Industrial Average also shed 173 points, or 0.4%.

— Sean Conlon

Flutter, DraftKings fall in premarket trading after Illinois tax hike passes

Shares of Flutter Entertainment and DraftKings slumped on Monday after Illinois lawmakers approved a sports betting tax increase over the weekend.

The proposed hike, which is part of a bill that still has to be signed by the governor, has a tiered system that hits the larger sportsbooks in the state harder, Truist analyst Barry Jonas said in a note to clients. That includes Flutter Entertainment, down 4.3%, and DraftKings, off by 5.5%.

The higher tax rate also raises the possibility that customers shift to illegal markets and of other states hike their taxes, Jonas said.

— Jesse Pound

Stocks making premarket moves

Here are some of the names moving before the bell:

To see more stocks moving in premarket trading, read the full story here.

— Michelle Fox

Oil gains following OPEC+ decision to leave output increase unchanged

Oil prices rose on Monday after OPEC+ decided to raise output by 411,000 barrels per day in July, the same level as the prior two months.

U.S. crude oil gained $2.50, or 4.1%, to $63.29 per barrel, while global benchmark Brent jumped $2.31, or about 3.7%, to $65.09 per barrel.

— Sean Conlon

Steel stocks surge after Trump doubles tariffs

Steel stocks rallied Monday morning after Trump raised tariffs on the metal to 50% from 25%. Cleveland-Cliffs soared 32%. Steel Dynamics and Nucor were both up 13%.

— Fred Imbert

Investors are making short Treasury bets like Warren Buffett amid bond volatility

Investors are leaning into shorter-term Treasury bills alongside Berkshire Hathaway’s Warren Buffett.

“There’s lots of concern and volatility, but on the short and middle end, we’re seeing less volatility and stable yields,” Joanna Gallegos, CEO and founder of bond ETF company BondBloxx, told CNBC’s “ETF Edge” last week.

Her remarks come as the 3-month Treasury yield sits above 4.3%, while the 2-year Treasury yield and 10-year Treasury yield are at 3.9% and about 4.4%, respectively.

Last month, Treasury yields spiked amid concerns that a new U.S. tax bill would exacerbate the country’s budget deficit, with the 30-year Treasury yield at one point reaching its highest level since October 2023.

Read the full story here.

— Jason Gewirtz, Sean Conlon

Stocks had a positive week last week

Stocks saw gains last week, bolstering May’s strong performance for each of the three major averages:

— Sean Conlon, Christopher Hayes

Here’s how stocks performed in May

Stocks closed out the month of May with substantial gains:

— Sean Conlon, Christopher Hayes

Stock futures open lower following winning May

Stock futures traded lower Sunday evening.

S&P 500 futures were down about 0.3% shortly after 6 p.m. ET, along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average fell 95 points, or 0.2%.

— Sean Conlon

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