Rich Asplund
8 min read
In This Article:
The S&P 500 Index ($SPX) (SPY) today is up +0.16%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.25%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.33%. September E-mini S&P futures (ESU25) are up +0.17%, and September E-mini Nasdaq futures (NQU25) are up +0.32%.
Stock indexes are mildly higher today, with the S&P 500 and Nasdaq 100 posting new all-time highs, and the Dow Jones Industrials posting a 4-1/4 month high. Positive trade news is boosting stocks today, with President Trump’s July 9 deadline fast approaching. Progress is being made in trade negotiations with China and the European Union. Also, trade talks are back on with Canada after the country withdrew a digital services tax, and India’s and Japan’s trade teams extended their stay in Washington to iron out new trade deals.
-
Holiday Trading, Trade Negotiations and Other Key Things to Watch this Week
-
Jeff Bezos Unloads $5.4B in Amazon Shares: Should You Buy or Sell AMZN Stock Now?
Stocks fell back from their best levels on weaker-than-expected US economic news, as indicated by the June MNI Chicago PMI and the June Dallas Fed manufacturing survey. Also, comments from Atlanta Fed President Bostic undercut stocks when he said tariffs may lead to more persistent upward pressure on inflation.
The Senate has begun consideration of the Republican reconciliation bill, with the dollar index sliding to a new 3-1/4-year low today, as the nonpartisan Congressional Budget Office estimates that the bill would add nearly $3.3 trillion to US deficits over the next decade.
M&A activity is also supportive for stocks after Home Depot announced it has acquired GMS Inc. for $4.3 billion and AbbVie agreed to buy Capstan Therapeutics for $2.1 billion.
The US June MNI Chicago PMI unexpectedly fell -0.1 to 40.4, weaker than expectations of an increase to 43.0 and the weakest level in 5 months.
The US June Dallas Fed manufacturing outlook survey rose +2.6 to -12.7, weaker than expectations of -10.0.
Atlanta Fed President Bostic was slightly hawkish when he stated that much of the tariff pricing hasn’t yet been reflected in the marketplace and that tariffs may cause an incremental impact on prices, leading to more persistent upward pressure on inflation. He projects one 25 bp rate cut this year and three rate cuts in 2026.
