Wall Street drifts higher as oil prices jump and US manufacturing slumps

U.S. stock indexes edged closer to record highs Monday, following a strong May performance. The S&P 500 rose 0.4%, the Dow gained 0.1%, and the Nasdaq climbed 0.7%. Early losses tied to weak U.S. manufacturing data and tariff concerns were offset by rallies in key tech stocks like Nvidia and Meta. Oil prices surged over 3% amid OPEC+ output news and Ukraine-Russia conflict uncertainty. President Trump’s escalating tariffs — including a steel import tariff hike to 50% — boosted steelmaker stocks but hurt automakers. Meanwhile, rising Treasury yields reflected ongoing deficit concerns, the Associated Press has reported. Trade tensions with China also weighed on global markets.