The S&P 500 was down 0.05 per cent to 4,202.04. The Dow Jones rose 0.13 per cent to 34,575.31. The NASDAQ Composite Index dropped 0.09 per cent to 13,736.48. The small-cap Russell 2000 gained 1.14 per cent to 2,294.74.
Global oil cartel OPEC and its partners said on Tuesday that they would relax the pandemic-era curbs on oil production as demand surged in the international markets this week. It also plans to increase its oil output by 450,000 barrels a day beginning in July. The S&P 500 segments such as energy, real estate, basic materials, financials, and industrials edged higher, while consumer non-cyclicals, technology, consumer cyclicals, utilities, and healthcare segments pulled back.
The London markets traded in a green zone as investors’ sentiments got boosted by the encouraging UK manufacturing numbers. Moreover, the UK manufacturing PMI had touched 65.5 in May 2021 as compared to 60.1 for April 2021. A huge surge in iron ore price could be a catalyst for iron ore miners. Stock to focus on are Fortescue Metals Group Limited, Rio Tinto Limited and BHP Group Limited .