Traders work on the floor of the New York Stock Exchange on June 2, 2025.
NYSE
Stock futures slipped on Tuesday, putting Wall Street on track to give up some of the modest gains seen in the first session of June, as growth concerns increase.
S&P 500 futures fell 0.3%, and Dow Jones Industrial Average futures lost 133 points, or 0.3%. Futures linked to the Nasdaq-100 ticked down 0.1%.
Tuesday’s declines follow the Organization for Economic Co-operation and Development cutting its U.S. growth outlook. The OECD now sees the U.S. economy expanding by just 1.6%, down from 2.2%.
Treasury yields declined, as traders sought out safety. The benchmark 10-year Treasury note yield dropped 4 basis points to 4.418%.
Concerns over the state of the U.S. economy have grown this year as trade tensions with other countries heighten — especially China.
Beijing countered President Donald Trump’s accusations that it had violated a temporary trade agreement. Investors had grown hopeful that the two countries could work out a trade deal, but this latest development points to negotiations taking a turn for the worse.
Meanwhile, the European Union criticized Trump’s intention to double steel tariffs to 50%, saying that such a move “undermines” its own negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures.”
Despite volatility continuing to persist at elevated levels, Jeff deGraaf, head of technical research at Renaissance Macro, is optimistic on the stock market’s short-term prospects.
“The next six weeks are some of the best six-week periods, historically, really rivaling only what we see in the fourth quarter,” he said on CNBC’s “Closing Bell.” “So this is not a time to lighten up on positions, just from the calendar’s perspective.”
The major averages posted modest gains Monday despite the increased trade tensions. The S&P 500 and Nasdaq climbed 0.4% and 0.7%, respectively. The Dow eked out a 0.1% advance.