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😨   Futures Slide On Renewed Trade Turmoil As Gold, Oil Spike

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US equity futures are weaker along with Asian and European markets as the trade war escalates after US and China accused each other of violating the terms of their recent agreements whilegeopolitical uncertainty weakened investor confidence. As of 8:00am, S&P futures are down 0.3% with Nasdaq futures down 0.5% with Mag7/Semis lower while Cyclicals and Defensives outperform. According to media reports, the pace of China exporting rare earths may be the genesis of the latest trade spat, but Bessent/Hassett suggest Trump/Xi will have a call this week. Separately Trump announced late on Friday he will hike steel tariffs from 25% to 50%, upsetting both Canada and the EU.

ZeroHedge Opinion     Jun 02, 2025