Stock Market Update

The stock market is on track to see some early pressure to begin June with futures on the S&P 500 trading 20 points below fair value.

The new month starts with a reminder of some old storylines, as President Trump announced on Friday that the tariff on imports of steel into the U.S. will be doubled to 50% on Wednesday. The news has boosted U.S. steel stocks while weighing on steelmakers overseas.

The market did not receive any data this morning, but three reports will be released over the next hour, starting with the final S&P Global U.S. Manufacturing PMI for May (prior 50.2) at 9:45 ET, followed by April Construction Spending (Briefing.com consensus 0.1%: prior -0.5%) and the May ISM Manufacturing index (Briefing.com consensus 49.0%; prior 48.7%) at 10:00 ET.

Treasuries are in the red, lifting the 10-yr yield by three basis points to 4.44%.