S&P 500 Receives Late-Day Push as Bonds and Dollar Decline – US Market Wrap

A rally in large tech lifted markets after a drop caused by sluggish manufacturing, trade, and geopolitical uncertainties. Bond prices decreased as the dollar reached its lowest level since 2023. Fed’s Powell did not remark on the rate outlook.

Following its best May in 35 years, the S&P 500 moved higher at the start of what has traditionally been one of its quietest months for gains. Nvidia led a chipmakers’ surge of more than 1.5%. Steel and aluminium stocks in the United States soared on Trump’s promise to increase metal tariffs. Longer-dated Treasuries underperformed, with the difference between five- and 30-year rates approaching a level it last exceeded in 2021. Oil rose.

Wall Street was closely following the newest developments in the trade conflict, with Trump and Chinese President Xi Jinping “expected” to speak this week, according to the White House. According to a notice issued by US Customs and Border Protection, the exclusion of Section 301 duties on some Chinese goods has been extended until August 31st.

Meanwhile, Russia and Ukraine completed a second round of talks in Istanbul, which did not bring the two sides any closer to resolving the war but did lay the framework for a new prisoner swap.