Futures Subside Tuesday After Monday Gains
ock futures slipped on Tuesday, putting Wall Street on track to give up some of the modest gains seen in the first session of June, as growth concerns increase. Futures for the Dow Jones Industrials slid 110 points, or 0.3% to 42,264. Futures for the S&P 500 index let go of 12 points, or 0.2%, to 5,935.25. Futures for the NASDAQ faltered 21 points to 21,513.50. In individual stocks, Bumble lost some of its buzz, after analysts at JPMorgan downgraded the dating app to underweight from neutral. Tuesday’s declines follow the Organization for Economic Co-operation and Development cutting its U.S. growth outlook. The OECD now sees the U.S. economy expanding by just 1.6%, down from 2.2%. Beijing countered President Donald Trump’s accusations that it had violated a temporary trade agreement. Investors had grown hopeful that the two countries could work out a trade deal, but this latest development points to negotiations taking a turn for the worse. Meanwhile, the European Union criticized Trump’s intention to double steel tariffs to 50%, saying that such a move “undermines” its own negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures.” In Japan, the Nikkei 225 index ditched 0.1% Tuesday, while in Hong Kong, the Hang Seng regrouped 1.5%. Oil prices gained 42 cents to $62.94 U.S. a barrel. Gold prices dipped $15.30 to $3,355.30 U.S. an ounce.
