Energies
US Stock futures fell Sunday after May’s strong market performance, with S&P 500, Nasdaq-100, and Dow futures all down 0.3%.
May saw impressive gains for the US market: S&P 500 was up 6%, Nasdaq Composite gained 9%, and the Dow Jones was up 4%.
Trump’s tariffs face legal uncertainty after conflicting court decisions last week. While the U.S. Court of International Trade struck down the levies, a federal appeals court temporarily reinstated them.
U.S.-China tensions persist, with potential trade talks between Trump and Xi this week. Investors await economic reports, including May’s nonfarm payrolls, to assess tariffs’ impact.
Asia-Pacific markets also fell after Trump announced doubling steel import tariffs to 50%. Japan’s Nikkei 225 was down (-1.33%), South Korea’s Kospi (-0.22%), Australia’s S&P/ASX 200 (-0.22%), and Hong Kong’s Hang Seng (-1.9%).
Japan’s manufacturing showed signs of improvement in May, with factory activity contracting at its slowest pace in five months.
Australia’s manufacturing PMI dropped to 51 from 51.7, showing the first production decline in three months. New orders slowed despite export growth.
In the Forex market, the US dollar continues to drop against major currencies this week. EURUSD rose 30 points in early trading today, getting closer to the 1.1400 level again. GBPUSD gained 50 points and broke above 1.3500 level.
In the commodity market, gold prices also benefited from the falling dollar and the uncertainties in the markets. Gold ounce is trading at $3,325. Oil spiked 2.7% since the open, WTI is trading at $61.78 and Brent broke above $64 again.
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