S&P 500, Nasdaq hit record closing highs amid trade deal hopes
All three major U.S. stock indexes posted weekly gains, and the tech-heavy Nasdaq confirmed it entered a bull market since its post-“Liberation Day” trough on April 8. Lisa Bernhard has more.
U.S. stocks are little changed just after the opening bell following a stellar second quarter that saw the broad S&P 500 and tech-laden Nasdaq reach record highs during each of the last two days of the month.
The rally, which ended up pushing stocks to their best quarter in more than a year, was fueled by optimism for more trade deals after recent progress with China and Canada and the passage of the so-called “One Big Beautiful Bill.”
“The recent de-escalation of tariff policy with China was a pivotal development, and we have made meaningful, positive revisions to our outlook as a result,” said Josh Hirt, Vanguard senior economist. The risk of further escalation in trade policy has been significantly cut and the focus should now shift to fiscal policy, he said.
The Senate is in its second day of voting on amendments to the mega tax bill in a race to get it signed by July 4. The bill would have to go back for a House vote if the Senate approves it.
At 9:40 a.m., the blue-chip Dow added 0.01%, or 6.20 points, to 44,100.97; the S&P 500 fell 0.25%, or 15.36 points, to 6,189.59 and the Nasdaq declined 0.43%, or 86.88 points, to 20,282.86. The benchmark 10-year Treasury yield inched up to 4.23%.
After the market opens, investors will get a glimpse of how the job market is faring. The Job Openings and Labor Turnover Survey (JOLTS) is due at 10 AM ET. The report tracks job openings, hires and separations including quits, and layoffs.
The JOLTS report will be another clue into how the economy is faring under President Donald Trump’s constant tariff threats. Federal Reserve Chair Jerome Powell started to speak at 9:30 a.m. ET at the European Central Bank’s Forum on Central Banking in Portugal, and he has said he is waiting to see how tariff policies affect the economy before making any interest rate decisions.
“Federal Reserve interest rate policy is likely on hold for now, and recent positive tariff developments should mitigate worst-case dual-mandate challenges for the Fed,” Hirt said. The Fed’s dual mandate is price stability and maximum employment.
Trump has repeatedly berated Powell for not lowering rates immediately.
Corporate news
- Progress Software’s second-quarter sales missed analysts’ forecasts but the company’s earnings per share topped. Shares dropped 9.48%.
- AeroVironment plans to sell $750 million in common stock, as well as $600 million in convertible senior notes due 2030, to repay indebtedness. Shares slid 6.61%.
- Circle Internet Group submitted a bank charter application to the Office of the Comptroller of the Currency, according to Reuters. Shares slipped 3.34%.
- Tesla shares fell after Trump said in a social media post the Department of Government Efficiency ought to look into the subsidies the electric vehicle maker has received. Separately, Tesla also reported a sales drop for a sixth straight month in Sweden and Denmark in June. Shares tumbled 7.5%.
- Wolfspeed filed for a Chapter 11 bankruptcy to restructure its debt. Shares soared 78%.
Cryptocurrency
American Bitcoin, a company whose backers include Trump’s son Eric Trump, raised $220 million to buy Bitcoin and digital asset mining equipment, according to a regulatory filing by American Bitcoin’s majority owner Hut 8 Corp. Some of the equity, worth about $10 million, was sold for Bitcoin rather than dollars, it said.
Bitcoin was last down 0.27% at $106,873.20.
(This story was updated with new information.)
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
