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crypto.news 2025-06-02 20:40:23

Dow inches higher, Nasdaq gains 0.67% despite renewed trade tensions

Dow inches higher, Nasdaq gains 0.67% despite renewed trade tensions

U.S. stocks ended higher on Monday, showing resilience despite rising trade tensions between Washington, Beijing, and Brussels. The Nasdaq Composite climbed 0.7%, while the S&P 500 added 0.4%. The Dow Jones Industrial Average posted a marginal gain of less than 0.1%. The uptick came after China pushed back against President Trump’s accusation that it had breached the trade truce struck earlier this year. Beijing blamed the U.S. for escalating tensions by tightening export controls on AI chips and restricting visas for Chinese students. Meanwhile, Treasury Secretary Scott Bessent expressed confidence that President Trump and Chinese President Xi Jinping would resume talks soon. European officials also criticized the U.S. over plans to double tariffs on steel and aluminum to 50% starting Wednesday, warning of potential retaliatory duties. A European Union trade delegation is now in Washington to address the issue. You might also like: SKY surges as USDS rewards go live for stakers Energy rally Despite the geopolitical friction, investor sentiment was buoyed by a rally in the energy sector. The S&P 500 Energy index rose 1%, driven by a 2.8% jump in U.S. crude-oil prices following a drone strike by Ukraine on Russian military targets. Additionally, OPEC+ announced a supply increase set for July, which further fueled gains in oil and copper futures. Treasury yields moved higher, with the 10-year yield rising to 4.461% and the 30-year reaching a key technical level. The dollar index weakened, while the euro, pound, and yen gained. The S&P 500 and Nasdaq are now coming off their strongest month since 2023, signaling renewed investor appetite despite global uncertainties. You might also like: Bitcoin structurally strong despite major pullback: Bitfinex analysts

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