Bonds & Stocks
Stocks edged down on Tuesday as the second-quarter rally met resistance from economic headwinds and signs of stretched positioning. US equities ticked lower after the S&P 500 Index touched a 14-month high last week.
Economy
US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth. Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday.
World
Secretary of State Antony Blinken said the US-China relationship had taken a "positive step" forward during his two-day trip to Beijing, putting ties between the world's largest economies on more stable footing.