Stock Market Live June 2: Trade Troubles Send S&P 500 (VOO) Lower

This article will be updated throughout the day, so check back often for more daily updates.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) looks likely to open lower on Monday, and is trading down 0.3% in the premarket. Last week President Trump accused China of having “TOTALLY VIOLATED ITS AGREEMENT WITH US.” And in a game of geopolitical he said, she said, China now is replying by blaming the U.S. for reneging on commitments it made.

A rumored call between President Trump and Chinese President Xi Jinping later this week could set matters to right. But for the time being, it seems trade negotiations with China are on the rocks.

And not just China.

Over the weekend, President Trump announced he will double tariffs on global steel imports to 50%. Investors in S&P 500 component companies Nucor (NYSE: NUE) and Steel Dynamics (Nasdaq: STLD) like that news a lot, and shares are up about 12% each in the premarket. But a spokesperson for the European Union responded that “this decision adds further uncertainty to the global economy and increases costs for consumers and businesses on both sides of the Atlantic.”

Analyst Calls

BMO Capital responded to the steel tariffs by quickly upgrading Nucor stock to outperform. The analyst notes that Nucor looks especially “well-positioned to benefit from the announced doubling of steel tariffs due to its relatively lower utilization rates.” BMO also points out that Nucor stock looks cheap at only 5.5x 2026 estimated EV/EBITDA.

Earnings

S&P 500 component company The Campbell’s Company (Nasdaq: CPB) reported better than expected sales and earnings this morning, and guided higher for the rest of the year. Campbell’s is up less than 1% premarket.

Science Applications International (Nasdaq: SAIC) on the other hand reported mixed earnings this morning, with sales barely meeting analyst forecasts and earnings missing. Earnings guidance was also light, and SAIC stock is down more than 6% premarket.