- All eyes will be on Wall Street Tuesday after markets tanked following China's pledge to retaliate over new USA tariffs.
The Dow Jones Industrial Average rose 0.8% to 25,532.05 and the Nasdaq composite index jumped 1.1% to 7,734.49. At the S&P 500, only a few dozen companies moved higher, but majority were in the utility sector that tends to not react to big broad market moves.
On Tuesday, Hong Kong's Hang Seng index fell 1.6%.
In Asian markets, the Shanghai Composite closed down one-point-21 percent, while the smaller-cap Shenzhen Composite and Taiwan's benchmark TAIEX also fell more than one percent, respectively.
The U.S. last week ordered an aircraft carrier group and other ships, along with bomber aircraft, to the region based on intelligence reports showing an increased threat from Iran.
The broader S&P 500 index fell 69.53 points, or 2.4%, to 2,811.87.
Elsewhere in Asia, South Korea's Kospi climbed 0.2% to 2,082.83 while the S&P ASX 200 in Australia dropped 0.9% to 6,238.40.
In the meantime, any further hints of resolution on the trade dispute - or tweet storms - could drive markets into their next swing. The utilities and real estate sectors, considered by investors to be defensive spaces in the market, were the only ones in the S&P 500 to close higher on Monday. Caterpillar shares gained 1.7%.
"Since we see a trade accord being reached in the not-too-distant future, we don't expect the market to endure more than a short-lived spate of indigestion", said Sam Stovall, chief investment strategist at CFRA.
Despite no sign of a deal or even a date for more talks, "no escalation in tensions was good enough of a reason for investors to return to buying stocks", said Moya.
Gold prices added $13.30 to $1,300.70 U.S.an ounce.
But "an accompanying "reinversion" of the Treasury yield curve suggests that the best days for US equities may be over even if the two economies eventually resolve their dispute".
Just a few hours before, China said it would impose higher tariffs on $60bn of American goods in response to an earlier set of United States levies.
Coca-Coca Amatil shares were up 1.7 per cent to $8.99 after chairwoman Ilana Atlas told investors at the company's general meeting that executives planned for the business to return to mid-single-digit growth in earnings per share from 2020.
On Tuesday, the yield on the 10-year Treasury rose to 2.41 percent from 2.40 percent late Monday.
That said, between the fact that both U.S. and China are still talking and that the two Presidents are still expected to meet at the June G20 meeting, there is an apparent lack of progress noted in any aspects of trade negotiations.
With more than 20 years' trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa.
Brent crude lost 0.18% to $71.11 per barrel. Copper rose a penny to $2.73 a pound. Heating oil rose 2 cents to $2.06 a gallon.
The dollar rose to 109.64 yen from 109.34 yen.
Sydney and Singapore each dropped 0.9 per cent, with Manila and Jakarta both down 1.4 per cent.
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