Dow, S&P 500, Nasdaq futures slip as Wall Street kicks off June after bullish May

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Dow, S&P 500, Nasdaq futures slip as Wall Street kicks off June after bullish May

US stock futures edged lower Sunday evening, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering.

S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%.

The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fueled risk appetite.

President Trump’s tariff policy remains a focus for Wall Street. Last week, a federal court struck down significant portions of his duties, including sky-high levies on ******** imports, only for a higher court to temporarily reverse that decision a day later, reinstating the duties while legal proceedings continue. Tensions with China also ratcheted up on Friday, with Trump claiming the country had “totally violated its agreement” with the US.

Meanwhile, Elon Musk’s role leading DOGE has come to an end as he returns to working at his other companies, most notably Tesla (TSLA), which has been a boon for the stock. Musk’s attempts at drastically reshaping the American government through mass layoffs and cuts started with huge impact before fizzling well short of his $2 trillion target.

Against this backdrop, all eyes now turn to a critical slate of economic data this week — most notably the May nonfarm payrolls report due Friday, which will offer fresh clues on how trade frictions and interest rate expectations are shaping the broader US economy.

Earnings season is almost wrapped, with results from CrowdStrike (CRWD), Broadcom (AVGO), DocuSign (DOCU), and Lululemon (LULU) the main points of interest in a smaller week of reports.

LIVE 1 update Asian markets slide as geopolitical tensions rise

Asian stocks fell on Monday, weighed down by escalating geopolitical tensions and fresh trade friction between the US and China.

Hong Kong’s Hang Seng Index (^HSI) led regional losses, sinking 2.2% as renewed sparring between Beijing and Washington spooked investors.

Markets in mainland China were closed for a public holiday, but a doubling of steel tariffs to 50% due to take effect Wednesday is set to hit markets as they reopen Tuesday.

Elsewhere in Asia, Japan’s Nikkei 225 (^N225) declined 1.4%, South Korea’s Kospi (^KS11) shed 0.3% and Australia’s S&P/ASX 200 (^AXJO) edged down 0.2%.

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