Outlook 06/02: Stock futures took a leg down on Monday, the first trading day of June, as global trade tensions increased. China pushed back against U.S. accusations that it had violated a temporary trade agreement. Instead, the country blamed Washington for failing to uphold the deal, a sign that negotiations between the world’s two largest economies are deteriorating. Tensions reignited following a brief pause after U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng met in Geneva and agreed to a 90-day suspension of most tariffs. National Economic Council director Kevin Hassett suggested on Sunday that President Donald Trump and China’s President Xi Jinping could have a conversation about trade as soon as this week. Tensions between the U.S. and European Union also heightened after Trump said he would double steel tariffs to 50%.
ESM25 (JUN2025): YVAH 5927 YPOC 5912 YVAL 5895 GAP 5917
/ES Plan: Last session market closed bullish (PBT 5970), but Sunday reopening looks balanced, moving a few ticks below previous value, so these're the opening and initial balance options for current session:
