Wall Street saw declines as energy stocks dragged the S&P 500 down, while the Dow Jones fell on tariff concerns. US bond yields slipped following disappointing manufacturing data, while semiconductor shares also slumped. In contrast, European markets closed at record highs, driven by gains in defence stocks. Meanwhile, oil prices dropped to their lowest level this year as OPEC signalled plans to revive output, and iron ore fell to more than a six-week low amid tariff tensions. Closer to home, the ASX is set to open lower on Tuesday ahead of the Reserve Bank of Australia's meeting minutes.

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