Stock futures slipped Tuesday, putting Wall Street on track to give up some of the modest gains seen in the first session of June, as growth concerns increase. S&P 500 futures fell about 0.2%, and Dow Jones Industrial Average futures lost 84 points, or 0.2%. Futures linked to the Nasdaq-100 pulled back 0.1%. Tuesday’s declines follow the Organization for Economic Co-operation and Development cutting its U.S. growth outlook. The OECD now sees the U.S. economy expanding by just 1.6%, down from 2.2%. Beijing countered President Donald Trump’s accusations that it had violated a temporary trade agreement. Investors had grown hopeful that the two countries could work out a trade deal, but this latest development points to negotiations taking a turn for the worse. Meanwhile, the European Union criticized Trump’s intention to double steel tariffs to 50%, saying that such a move “undermines” its own negotiations with the U.S. An EU spokesperson said that the bloc was “prepared to impose countermeasures.” Despite volatility continuing to persist at elevated levels, Jeff deGraaf, head of technical research at Renaissance Macro, is optimistic on the stock market’s short-term prospects. “The next six weeks are some of the best six-week periods, historically, really rivaling only what we see in the fourth quarter,” he said on CNBC’s “Closing Bell.” “So this is not a time to lighten up on positions, just from the calendar’s perspective.” The major averages posted modest gains Monday despite the increased trade tensions. The S&P 500 and Nasdaq climbed 0.4% and 0.7%, respectively. The Dow eked out a 0.1% advance. U.S. Treasury yields moved lower on Tuesday as the OECD slashed the U.S.′ growth outlook in light of tariff uncertainty and continued to monitor rising trade tensions with China as well as the European Union. The 10-year Treasury yield was more than 5 basis points lower to 4.408%. The 2-year yield was more than 2 basis lower, trading at 3.918%. The 30-year Treasury yield was 6 basis points lower at 4.934%. Asia-Pacific markets traded mixed Tuesday after China’s manufacturing activity in May shrank at the fastest pace since September 2022, a private survey showed. Hong Kong’s Hang Seng Index led gains in the Asia-Pacific region, ending the day 1.53% higher at 23,512.49 while Mainland China’s CSI 300 added 0.31% in choppy trade to close at 3,852.01. Over in Japan, the Nikkei 225 benchmark pared gains to end the day flat at 37,446.81, while the broader Topix index fell 0.22% to 2,771.11. Australia’s S&P/ASX 200 benchmark advanced 0.63% to end the day at 8,466.70, after briefly hitting a near four-month high earlier in the session. South Korean markets were closed for polling day. Oil steadied on Tuesday, supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 5 cents, or 0.1%, to $64.68 a barrel. U.S. West Texas Intermediate crude was up 16 cents, or 0.3%, to $62.68. Gold pulled back on Tuesday after nearing a four-week high earlier in the session, as a slight rebound in the dollar and profit-taking added pressure, while investors remained cautious amid erratic U.S. trade policies. Spot gold fell 0.7% to $3,355.79 an ounce, after hitting its highest since May 8 earlier in the session. U.S. gold futures eased 0.5% to $3,380.40. The dollar slightly rose from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.