Global markets react to China's disappointing trade data.
US stocks opened higher after China's exports slumped 7.5% YoY in May, stoking concerns about global growth. The S&P 500 and Dow Jones Industrial Average ticked up above the flatline, while the Nasdaq Composite gained 0.28%. The OECD lifted its global 2023 growth forecast slightly to 2.7% in its latest economic outlook, but identified potential drags on future recovery. Treasury yields crept higher after the US Treasury said it plans to boost the size of its coming bill sales, which put pressure on short-dated bonds. In single stock moves, shares of Tesla climbed more than 2%, while United Natural Foods shares tumbled more than 26%.