04:02 PM EDT, 06/02/2025 (MT Newswires) -- US benchmark equity indexes ended higher Monday amid a report that President Donald Trump is expected to speak with his Chinese counterpart, Xi Jinping, this week amid growing trade tensions between the global economic heavyweights.

* Trump and Jinping could speak one-on-one "very soon," though probably not Monday, CNBC reported, citing a senior White House official.

China's Ministry of Commerce said Monday the US violated a preliminary trade deal reached between the two countries in Switzerland. On Friday, Trump accused China of breaching the pact.

* Two surveys painted a mixed picture of the US manufacturing sector for May, with Institute for Supply Management data showing a third straight monthly contraction and S&P Global (SPGI) indicating faster expansion sequentially.

* July West Texas Intermediate crude oil closed up $2.10 to settle at $62.89per barrel, while August Brent crude, the global benchmark, was last seen up $2.22 to $65.00 even as OPEC+ agreed to a third monthly production hike of 411,000 barrels per day in July, but failed to meet market rumors reported last week that it was considering an even-larger increase.

* The European Commission on Saturday said Trump's plan to increase steel tariffs "undermines ongoing efforts to reach a negotiated solution," Reuters reported. A European Commission spokesperson reportedly said that the European Union is ready to impose "countermeasures."

Steel Dynamics ( STLD ) and Nucor ( NUE ) shares jumped over 10%. Steel manufacturer Cleveland-Cliffs' ( CLF ) shares soared nearly 24%.

* Science Applications International's ( SAIC ) fiscal Q1 earnings trailed analysts' estimates, while the US government services contractor expects business volatility to continue in the near term amid the Trump administration's focus on gaining efficiency. Science Applications ( SAIC ) shares were down 13%.