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U.S. Stocks Weaken on Fresh Economic Concerns

02 June 2017

The S&P 500 posted 28 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 82 new highs and 70 new lows.

In Toronto yesterday, the largest market - the S&P/TSX composite - closed what was a quiet Monday at 15,421.91 - up nearly five points, while the smaller TSX Venture exchange was little changed - up just around one at 809.74.

The indicator-rich week culminates on Friday with the jobs report for May.

The yield on the benchmark 10-year Treasury Note inched lower to 2.199 percent, while the yield on the 30-year Treasury Bond also edged lower to 2.863 percent.

US consumer spending recorded its biggest increase in four months in April and monthly inflation rebounded, pointing to firming domestic demand that could allow the Federal Reserve to raise interest rates next month.

In U.S. economic news, the Chicago PMI came in higher-than-expected at 59.4, higher than the 57.0 estimate and the 58.3 previous read. Visit MarketWatch.com for more information on this news.

Trump hails the fallen and their families at Arlington
Participating in the sombre, annual observance at Arlington National Cemetery, Trump recounted the stories of Green Beret Capt. Among those laid to rest in Section 60 is Robert Kelly , son of Homeland Security Secretary John Kelly .

Oil prices fell to keep USA crude CLc1 below the $50 a barrel mark on concerns output cuts by the world's big exporters may not be sufficient to lessen a global glut and signs of resurgent output in Libya. Manufacturing growth picked up last month and was stronger than economists were expecting, but construction spending unexpectedly weakened in April.

Crude oil was about 1 percent lower with prices at $49.50 per barrel. The SPX added 1.1% for the month, and the Nasdaq picked up 2.5% - a seventh straight monthly win.

Gold fell $8.20 to $1,267.20 per ounce, silver dropped 25 cents to $17.16 per ounce and copper added a penny to $2.59 per pound.

CURRENCIES: The dollar rose to 111.36 Japanese yen from 110.57 yen late Wednesday. Exxon (XOM.N) was down 0.6 percent. The euro rose to 1.1188 dollars from 1.1176 dollars.

Traders priced in a 96 percent chance of a rate hike in the upcoming Fed meeting on June 14, and a 50 percent chance of a hike before the end of 2017, according to CME Group's FedWatch tool. Abandoning the pact would isolate the US from allies who spent years negotiating the 2015 agreement.

U.S. Stocks Weaken on Fresh Economic Concerns