Turbulence Hits US Stock Market Amid Global Uncertainty

US stocks are facing a downturn as household spending shows signs of weakening, compounded by escalating tensions between Israel and Iran. Early trading saw the S&P 500 fall by 0.4%, while the Dow Jones Industrial Average dropped by 129 points, or 0.3%, and the Nasdaq composite also saw a 0.4% decrease.

Treasury yields nudged lower following reports indicating a decline in shopper spending at US retailers. Although household spending has been a crucial factor preventing a recession, May's data suggests a shift back to normal trends. Meanwhile, geopolitical unrest threatens oil supply, pushing prices higher.

The solar industry stocks tumbled on worries that tax credits for renewable energy might be phased out. In contrast, Jabil's shares soared by 10.8%, attributed to rising demand driven by artificial intelligence technology. The Federal Reserve is set to discuss interest rates, with no change expected, as it assesses economic impacts from previous tariffs and inflation.

(With inputs from agencies.)