Overview

• President Trump announced that steel and aluminum tariffs will double to 50% this Wednesday to bolster U.S. production.
• The S&P 500 rose 0.4% on June 2, with the Dow and Nasdaq also posting modest gains amid renewed trade tensions.
• The Institute for Supply Management reported its manufacturing PMI at 48.5 in May, marking the third consecutive month of contraction.
• U.S. steelmakers led the day’s winners, with Nucor and Steel Dynamics jumping over 10%, while General Motors and Ford shares fell about 4% on expected higher input costs.
• Gold climbed more than 2% to around $3,398 an ounce and crude oil jumped roughly 3% after OPEC+ signaled a smaller output increase, and the Canadian dollar strengthened to its highest level in two weeks.