US stocks close higher as investors assess trade outlook

US stock indices closed higher on the first trading session of June, as investors evaluated global trade and geopolitical prospects, as well as the anticipated long-awaited call between President Donald Trump and Chinese President Xi Jinping.

The Dow Jones Industrial Average edged up 0.10%, or 35 points, to 42,305, following monthly and weekly gains as of last Friday’s close.

The S&P 500 rose 0.41%, or 24 points, to 5,935, while the Nasdaq Composite climbed 0.67%, or 128 points, to 19,242.

In Europe, the Stoxx Europe 600 dipped 0.15% to 547.92, pressured by weakness in the auto and tech sectors.

Germany’s DAX fell 0.30% to 23,930, France’s CAC slipped 0.20% to 7,737. While the UK’s FTSE 100 was flat at 8,774.

In Japan, the Nikkei 225 dropped 1.30% to 37,470, and the broader Topix index declined 0.85% to 2,777.

In energy markets, Brent crude futures for August delivery surged 2.95%, or $1.85, to $64.63 a barrel.

US WTI crude for July delivery gained 2.85%, or $1.73, to $62.52 a barrel.

As for gold, August futures for the yellow metal jumped 2.5%, or $81.80, to $3,397.20 an ounce.

Investors are closely watching for a call between the US and Chinese presidents to discuss mutual accusations of violating the trade truce that was agreed upon in mid-May. According to officials, the call is anticipated to happen this week or very soon.

Wall Street's positive performance occurred even as data from the Institute for Supply Management (ISM) indicated a contraction in the US manufacturing sector. The index contracted for the third consecutive month in May, which led to raising concerns of a broader economic slowdown.