S&P 500 Index Today: SPY Rises on Trump ‘Best Offer’ Request, PMI Update

The S&P 500 (SPX) opened the first trading day of June with a 0.25% loss but has since reverted to green territory. That comes despite President Trump announcing over the weekend that he would raise steel tariffs to 50% from 25%, effective as of Wednesday, June 4.

This morning, S&P Global’s Manufacturing Purchasing Managers’ Index (PMI) for May showed a reading of 52.0, which was below the expectation for 52.3 and increased from 50.2 last month. While the reading indicated expansion in the manufacturing sector, there was a very important caveat. Orders to U.S. manufacturers increased as businesses sought to front-run tariffs and supply chain disruptions, driving up the PMI in the process.

Meanwhile, several White House officials, as well as Treasury Secretary Scott Bessent, have said that Trump will likely speak with China President Xi Jinping over the phone this week. Tensions have risen between the two countries amid accusations of preliminary trade agreement violations.

Additionally, the Trump administration has set this Wednesday as a deadline for countries to submit their “best offer” in terms of trade deals, reported Reuters. Afterwards, the U.S. will provide a “possible landing zone” that could contain a reciprocal tariff rate.

The S&P 500 is up by 0.32% at the time of writing.

Which Stocks are Moving the S&P 500?

Let’s take a look at TipRank’s S&P 500 Heatmap, which illustrates the stocks that have contributed to the index’s price action.

Meta Platforms (META) and Nvidia (NVDA), two key index constituents, are helping the S&P 500 push higher with gains of 3.79% and 1.99%, respectively. Industrial stocks are noticeably weak with companies like Caterpillar (CAT) and Honeywell (HON) in the red following the PMI report.

Energy is a strong performer today as natural gas futures are up by over 7% while crude oil futures are up by over 3% following Ukraine’s surprise drone attack on Russia. Russia is a major global producer of oil and gas and the attack risks supply chain disruptions.

SPY Stock Moves Higher with the S&P 500

The SPDR S&P 500 ETF (SPY) is an exchange-traded fund designed to track the movement of the S&P 500. As a result, SPY moves in tandem with the SPX.

Wall Street expects further upside for SPY. During the past three months, analysts have issued an average SPY price target of $658.33 for the stocks within the index, implying upside of 11.20% from current prices. The 505 stocks in SPY carry 420 buy ratings, 78 hold ratings, and 7 sell ratings.