Bonds & Stocks
A rout in chipmakers weighed on stocks as traders seek clues on whether massive artificial-intelligence investments will justify lofty valuations, with the market also wavering as higher oil prices lifted bond yields. The S&P 500 was little changed. The yield on 10-year Treasuries advanced three basis points to 4.50%.
Economy
The US international trade deficit widened to $77.59 billion in May from a revised $54.57 billion gap in April, compared with a wider gap of $78.4 billion expected in a survey compiled by Bloomberg. Imports rose in the month, while exports fell. Imports of consumer goods, industrial supplies, auto supplies, capital goods and food and beverages all increased in the month. Exports of industrial supplies, capital goods, consumer goods and auto supplies all decreased in May, while exports of food and beverages increased.
World
Volodymyr Zelenskyy is in good spirits ahead of talks with Donald Trump and other NATO leaders at their summit in Turkey, according to a person who spoke with him in recent days. The Ukrainian president has grounds for confidence. Missile and drone strikes targeting Russian supply routes deep behind the front line and in occupied Crimea are bolstering Ukrainian morale.