Wall Street recorded a mixed, choppy session amid the release of weak economic data. The services sector contracted in May for the first time in almost a year while businesses paid higher input prices, demonstrating the effects of Trump’s trade policies, slower growth and higher inflation. S&P 500 flat, NASDAQ up 0.32%. Dow rose at open but gradually fell as the day went on, particularly after the economic data releases. Ended at low, down 92 points. Mixed sector performance – 5 sectors up, 5 sectors down. Energy was the worst performing sector, following oil down which dropped after US data showed large builds in fuel stocks. Utilities also down, surprisingly, as yields dropped sharply. Financials third-worst performer on growth fears spurned by data. Tech best performer, with Materials and REITS trailing. Meta (+3.2%) buoyed further after its deal for nuclear energy to fund AI investments yesterday. Nvidia (+0.5%) benefitted from its chips making gains in training large AI systems as the AI hype train continues. Wells Fargo (-0.4%) fell despite regulators lifting asset cap on bank. Moderna (-1.9%) slipped despite news that the US appeals court siding with it in case which claimed it undercut patent infringement for its Covid vaccine.

Resources mixed. Oil fell as US fuel stockpiles rose. US Copper and Platinum found some strength. Base metals modestly down despite weakening dollar. Rumoured Canadian retaliation against Trump’s steel and metal tariffs a drag. Iron ore rose on short covering. Uranium fell despite recent tailwinds between Trump’s executive order for strengthening US nuclear capabilities and continued AI demand.

ASX to open flat. SPI futures down 3 points (-0.04%).

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