US stocks close higher; Dow Jones erases most of year-to-date losses

US stocks closed higher on June 3, supported by strong gains in the semiconductor sector, as investors assessed the outlook of the trade war between the United States and China.

The Dow Jones Industrial Average rose 0.51%, or 214 points, to 42,519 points, trimming its year-to-date losses to a marginal level below 0.10%.

The S&P 500 climbed 0.58%, or 34 points, to 5,970 points, while the Nasdaq Composite advanced 0.81%, or 156 points, to 19,398 points.

Wall Street received a boost from solid performance by chipmakers. Nvidia gained 2.80% to close at $141.22, Broadcom added 3.27% to $256.85, and Micron Technology surged 4.15% to $102.25.

In Europe, the Stoxx Europe 600 edged up 0.10% to 548 points, bringing its year-to-date gains to 8%.

Germany’s DAX rose 0.65% to 24,091 points, France’s CAC added 0.35% to 7,763 points, and the UK’s FTSE 100 increased 0.15% to 8,787 points.

In Japan, the Nikkei 225 held steady at 37,446 points, while the broader Topix index slipped 0.20% to 2,771 points.

In oil markets, Brent crude futures for August delivery rose 1.50%, or $1, to settle at $65.63 per barrel.

WTI crude futures for July delivery climbed 1.40%, or 89 cents, to $63.41 per barrel.

As for gold, August futures declined 0.60%, or $20.1, to $3,377.10 per ounce at settlement.

The White House announced that President Donald Trump plans to sign an executive order today to double tariffs on steel and aluminum imports to 50%.

Investors are awaiting a phone call this week between Trump and Chinese President Xi Jinping, following mutual accusations by Washington and Beijing of breaching the trade truce agreement.