The Dow Jones Industrial Average is down Tuesday afternoon with shares of Nike and Merck facing the biggest losses for the blue-chip average. The Dow was most recently trading 294 points (0.7%) lower,

The Dow Jones Industrial Average failed to hang onto the week’s early bullish tilt, and the major equity index has slipped back below 42,50. The Dow Jones remains embroiled in a consolidation zone that has plagued the Dow boards since mid-May.

The Dow Jones dropped Tuesday as Trump left the G7 summit to deal with the Israel-Iran conflict. Circle stock surged.

Monday’s bullish push has pared back some of last week’s late losses, pushing the Dow Jones Industrial Average back above 42,500. However, the major equity index remains embroiled in a consolidation zone that has plagued the Dow since mid-May.

Markets rebounded after Trump said his administration intends to send letters to US trade partners to formally establish new tariff terms.

The Dow Jones Industrial Average (DJINDICES: ^DJI) index edged 3.9% higher in May, with 70% of its 30 constituent stocks ending the month in positive territory. However, the two worst-performing Dow stocks in May -- both from the healthcare sector -- kept the index's rally in check, with one of them plunging over 25%.

Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, traded little changed ahead of Tuesday's open. The stock market rallied Monday as Wall Street reacted bullishly to reports that Iran is looking to ramp down hostilities with Israel.