Trump, China’s Xi talks ahead, stocks curb losses: Live Updates
President Trump and Chinese President Xi are set to speak soon according to Treasury Secretary Scott Bessent. Investors are ushering in a new month after the S&P 500 and Nasdaq registered the best month since November 2023. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks closed higher on Monday, the first trading session of June, as investors looked past renewed trade tensions.
The Dow Jones Industrial Average eked out a gain of 35.41 points, or 0.08%, while the S&P 500 and Nasdaq Composite climbed down 0.41% and 0.67%, respectively.
China said on Monday that President Donald Trump's accusations that Beijing had violated the consensus reached in Geneva trade talks were "groundless", and promised to take forceful measures to safeguard its interests.
The comment by the commerce ministry was in response to Trump's remarks on Friday that China had breached a bilateral deal to roll back tariffs.
The ministry said China had implemented and actively upheld the agreement reached last month in Geneva, while the U.S. had introduced multiple "discriminatory restrictive" measures against China.
"The U.S. government has unilaterally and repeatedly provoked new economic and trade frictions, exacerbating uncertainty and instability in bilateral economic and trade relations," the ministry said in a statement.
Trump on Friday also announced a doubling of import tariffs on steel and aluminum to 50%.
While China is the world's largest steel producer and exporter, it ships very little to the United States after a 25% tariff imposed in 2018 shut most Chinese steel out of the market. China ranks third among aluminum suppliers.
Reuters contributed to this report
JPMorgan Chase CEO Jamie Dimon. (Getty Images)
JPMorgan Chase CEO Jamie Dimon warned in a new interview that the U.S. government's rising debt and budget deficits are a problem that will eventually cause bond market issues, and offered his thoughts on how reforms should move forward.
Dimon, in an interview aired on Monday on FOX Business Network's "Mornings with Maria," was asked by host Maria Bartiromo how focused he is on the more than $36 trillion national debt and widening budget deficits.
"It's a big deal, you know it is a real problem, but one day… the bond markets are gonna have a tough time," Dimon said. "I don't know if it's six months or six years."
"The real focus should be growth, pro-business, proper deregulation, permitting reform, getting rid of blue tape, getting skills in schools, get that growth going – that's the best way," he said.
This is an excerpt from an article by FOX Business' Eric Revell
The Dow Jones Industrial Average reversed most of its losses heading into the final 30 minutes of trading.
Nike, Boeing and IBM did the heavy lifting, while Dow Chemical and Salesforce lagged.
REUTERS/Mike Segar (UNITED STATES)
Gold prices neared $3,400 just shy of its all-time high of $3,411 per Dow Jones Market Data Group as the U.S. dollar weakened amid the uncertainty around Trump's tariffs.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GLD | $310.85 | 7.25 | 2.39 |
| NEM | $55.62 | 2.90 | 5.50 |
SPDR Gold Trust ETF, the largest backed by physical gold, rallied along with mining stocks Barrick Gold and Newmont Mining.
President Donald Trump said if the courts rule against the administration's sweeping tariffs, it would mean the "economic ruination" of the country....
| Symbol | Price | Change | %Change |
|---|---|---|---|
| X | $53.60 | -0.21 | -0.40 |
| NUE | $119.93 | 10.57 | 9.67 |
| CLF | $7.29 | 1.46 | 24.96 |
| SLX | $63.59 | 1.72 | 2.77 |
Photo by SAUL LOEB/AFP via Getty Images
Steel stocks move higher after President Trump slapped tariffs on two metals.
"It is my great honor to raise the Tariffs on steel and aluminum from 25% to 50%, effective Wednesday, June 4th. Our steel and aluminum industries are coming back like never before. This will be yet another BIG jolt of great news for our wonderful steel and aluminum workers. MAKE AMERICA GREAT AGAIN!" he posted on Truth Social.
While promising to make more of the metal in the U.S.
"With the help of Patriots like you, we're going to produce our own metal, unleash our own energy, secure our own future, build our Country, control our destiny and we are once again going to put Pennsylvania steel into the backbone of America like never before!" Trump added.
JPMorgan CEO Jamie Dimon stressed the importance of the U.S.A. maintaining a strong military in an exclusive interview with FOX Business' Maria Bartiromo.
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