Investors eyed trade tensions between the U.S. and China
The first trading day of June was a volatile one, with all three major indexes moving between both sides of the aisle throughout the session. Investors eyed U.S. trade tensions between China amid accusations of a violated trade agreement, and the European Union (EU) after President Trump announced he would lift steel tariffs to 50%. The Nasdaq finished the day with a triple-digit win, while the S&P 500 and Dow eked out modest gains as well.
Continue reading for more on today's market, including:
- Options traders target disgruntled UnitedHealth stock.
- Another big name to avoid in June.
- Plus, steel stocks surging; retailer ready for a rebound; and EV delivery updates.
5 Things to Know Today
- Though overall options activity was muted last month, "zero days to expiration," or 0DTE options represented more than 60% of volume in the S&P 500, their strongest month on record. (MarketWatch)
- Fintech startup Chime Financial is gathering momentum ahead of its initial public offering (IPO), targeting a valuation of up to $11.2 billion on a fully diluted basis. (Reuters)
- U.S. steel stocks are surging today following Trump's tariff update.
- Grocery giant could push back toward highs.
- A pair of Chinese EV names in focus after delivery numbers.
Oil Jumps After OPEC+ Increase
Oil prices rose after the Organization of the Petroleum Exporting Countries & allies (OPEC+) decided to increase production at a steady rate. July-dated West Texas Intermediate (WTI) rose $1.73, or 2.85%,to $62.52 per barrel.
Gold prices rose to a three-week high today amid global trade tensions and a weakening greenback. June-dated gold futures rose 2.5% to settle at $3,397.20.