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The Dow Jones Industrial Average dipped Monday the first trading day of June as global arrangement tensions increased The -stock average lost points or The S P hovered around the flatline while the Nasdaq Composite rose China pushed back against U S accusations that it had violated a temporary agreement agreement Instead the country blamed Washington for failing to uphold the deal a sign that negotiations between the world s two largest economies are deteriorating Tensions reignited following a brief pause after U S Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Geneva and agreed to a -day suspension of the majority tariffs A senior White House official notified CNBC s Eamon Javers Monday that President Donald Trump and China s President Xi Jinping are likely to speak this week Conversations between Trump and Xi could prove critical to much needed clarity for the largest economies in the world reported Jay Woods chief global strategist at Freedom Capital Markets If they get clarity look for another leg higher in this sphere and talk of new all-time highs If this back-and-forth goes on then expect volatile markets to continue Tensions between the U S and European Union also heightened after Trump reported he would double steel tariffs to The EU warned that this undermines negotiations with a spokesperson adding This decision adds further uncertainty to the global economic system and increases costs for consumers and businesses on both sides of the Atlantic Steel stocks rallied on the increased levies Cleveland-Cliffs surged while Steel Dynamics and Nucor each popped On Friday the S P closed out the month of May with a more than gain its best monthly performance since November The tech-heavy Nasdaq surged more than for the month and the Dow rose about Bitcoin ETFs see biggest day of outflows since February snap a six-week inflow streak ETFs tracking the price of bitcoin saw their biggest day of outflows since February on Friday ending six weeks in a row of inflows according to SoSoValue as agreement tensions between the U S and China increased On Friday the funds posted million in outflows led by BlackRock s iShares Bitcoin Trust ETF IBIT and the Ark Shares Bitcoin ETF ARKB It was their biggest day of negative flows since Feb as the cryptocurrency s price fell to as low as about after reaching a new all-time high at nearly one week earlier That pushed total outflows on a weekly basis to million its first week of net outflows since the week ending April Bitcoin ETFs still ended May with billion in inflows an increase from billion in April Tanaya Macheel Fed s Logan sees agenda well-positioned for risks Dallas Federal Reserve President Lorie Logan announced Monday that policymakers can be individual with a tremendous amount of uncertainty in the commercial sector that is reflected in financial markets With the labor industry being very stable inflation coming down slowly but still above our target and these balances of risks on both sides of our mandate I think monetary agenda is really well positioned for us to wait be case and watch the material knowing that if the risks are to materially change on either side we re well positioned to act Logan mentioned during a banking conference The central banker noted that she is watching a dashboard of economic indicators particularly on inflation and we ll just keep watching the wide range of details that we get Logan is an alternate and a nonvoter this year for the rate-setting Federal Open Arena Committee Jeff Cox A conversation between Trump and Xi likely coming this week A direct conversation between President Donald Trump and China s President Xi Jinping is likely coming this week a senior White House official recounted CNBC s Eamon Javers Exchange tensions between the U S and China escalated last week after Trump accused China of violating its preliminary contract agreement with the U S including a dispute over critical minerals Yun Li Manufacturing construction spending show weakness David Paul Morris Bloomberg Getty ImagesContractors carry materials during the construction of a high-speed rail project in Madera County California US on Monday March Factory activity in the U S remained in contraction in May while construction spending unexpectedly declined according to economic input releases Monday The ISM manufacturing index posted a reading of in line with the Dow Jones estimate and percentage points below April As the index measures the percent of companies seeing expansion anything below represents contraction Inventories imports and new export orders all posted considerable declines while order backlogs and new orders saw gains Prices and employment figures were little changed In other economic news construction spending fell a seasonally adjusted in April from the prior month as private activity fell at a clip according to the Commerce Department Jeff Cox Negative impact of tariffs is still to come JPMorgan says Leah Millis ReutersU S President Donald Trump speaks with the media after his return from Pennsylvania at Joint Base Andrews Maryland on May The brunt of the effect of Trump s tariffs is yet to be felt in both economic advancement and inflation JPMorgan strategist Mislav Matejka commented in a note to clients We look for softer activity over the next months but also higher inflation prints in the US Past frontloading of orders in the runup to tariffs is likely to have a payback there will be selected weakening in consumer due to squeeze in purchasing power and even with dramatic backpedalling the current tariffs picture is worse than the bulk thought at the start of the year the note noted This combination could keep the stock domain rally in check Matejka reported Jesse Pound Stocks open lower as first June trading day kicks off Stocks traded lower Monday morning Just after the opening bell the S P fell while the Nasdaq Composite declined The Dow Jones Industrial Average also shed points or Sean Conlon Flutter DraftKings fall in premarket trading after Illinois tax hike passes NYSEThe New York Stock Exchange welcomes Flutter Entertainment in celebration of its listing on Jan Shares of Flutter Entertainment and DraftKings slumped on Monday after Illinois lawmakers approved a sports betting tax increase over the weekend The proposed hike which is part of a bill that still has to be signed by the governor has a tiered system that hits the larger sportsbooks in the state harder Truist analyst Barry Jonas stated in a note to clients That includes Flutter Entertainment down and DraftKings off The higher tax rate also raises the possibility that customers shift to illegal markets and other states hike their taxes Jonas disclosed Jesse Pound Stocks making premarket moves Here are specific of the names moving before the bell BioNTech Shares popped after Bristol Myers Squibb agreed to a multibillion-dollar deal to partner with BioNTech to co-develop an experimental cancer drug Bristol Myers Squibb rose Moderna The stock added on the back of the U S Food and Drug Administration s approval of its next-generation Covid vaccine for adults and older Blueprint Medicines The biopharma company jumped after it agreed to be acquired by Sanofi in an approximately billion deal To see more stocks moving in premarket trading read the full story here Michelle Fox Oil gains following OPEC decision to leave output increase unchanged Maxim Shemetov ReutersPeople walk past an installation depicting a barrel of oil with the logo of OPEC during the COP United Nations setting change conference in Baku Azerbaijan on Nov Oil prices rose on Monday after OPEC decided to raise output by barrels per day in July the same level as the prior two months U S crude oil gained or to per barrel while global benchmark Brent jumped or about to per barrel Sean Conlon Steel stocks surge after Trump doubles tariffs Saul Loeb AFP Getty ImagesU S President Donald Trump speaks during a visit to U S Steel Irvin Works in West Mifflin Pennsylvania on May Steel stocks rallied Monday morning after Trump raised tariffs on the metal to from Cleveland-Cliffs soared Steel Dynamics and Nucor were both up Fred Imbert Investors are making short Treasury bets like Warren Buffett amid bond volatility CNBCWarren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska on May Investors are leaning into shorter-term Treasury bills alongside Berkshire Hathaway s Warren Buffett There s lots of concern and volatility but on the short and middle end we re seeing less volatility and stable yields Joanna Gallegos CEO and founder of bond ETF company BondBloxx informed CNBC s ETF Edge last week Her remarks come as the -month Treasury yield sits above while the -year Treasury yield and -year Treasury yield are at and about respectively Last month Treasury yields spiked amid concerns that a new U S tax bill would exacerbate the country s budget deficit with the -year Treasury yield at one point reaching its highest level since October Read the full story here Jason Gewirtz Sean Conlon Stocks had a positive week last week Angela Weiss AFP Getty ImagesA trader works on the floor of the New York Stock Exchange at the opening bell on May Stocks saw gains last week bolstering May s strong performance for each of the three major averages The S P gained week to date its second positive week in three The Dow Jones Industrial Average jumped week to date its second positive week in three The Nasdaq Composite rose week to date its second positive week in three The Russell advanced week to date its seventh positive week in eight Sean Conlon Christopher Hayes Here s how stocks performed in May Stocks closed out the month of May with substantial gains The S P climbed month to date latest a three-month losing streak with its best monthly performance since November when it gained The Dow Jones Industrial Average rose month to date current a three-month losing streak The Nasdaq Composite surged month to date its best monthly performance since November when it gained This also marked its second positive month in a row The Russell moved higher month to date also current a three-month losing streak with its best monthly performance since November when it gained Sean Conlon Christopher Hayes Stock futures open lower following winning May Stock futures traded lower Sunday evening S P futures were down about shortly after p m ET along with Nasdaq- futures Futures tied to the Dow Jones Industrial Average fell points or Sean Conlon