S&P 500 Closes Record Quarter; Wall Street Eyes Trade Talks & Key Economic Data
S&P 500 Closes Record Quarter; Wall Street Eyes Trade Talks & Key Economic Data
U.S. equity futures showed little change early Tuesday after the S&P 500 notched another record close, capping off a stellar second quarter. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all saw marginal dips.
Monday’s trading session saw the S&P 500 advance 0.52%, securing another all-time high, while the tech-heavy Nasdaq Composite also reached fresh records with a 0.47% gain. The blue-chip Dow climbed 0.63%.
Market sentiment was buoyed by Canada’s decision to withdraw its digital services tax, a move aimed at facilitating trade negotiations with the U.S. This development follows President Donald Trump‘s recent threat to terminate all trade discussions with Canada. Traders are closely monitoring the upcoming expiration of Trump’s 90-day tariff reprieve next week, hoping for favorable resolutions with key trading partners.
After a challenging April, major averages have staged a significant comeback, with the S&P 500 closing the second quarter up 10.6% and the Nasdaq soaring nearly 18% in the period. Despite current record highs, some strategists, like Morgan Stanley’s Mike Wilson, anticipate further market upside, particularly in interest-rate-sensitive sectors, fueled by expected Fed rate cuts in the latter half of the year or next.
Investors are now looking ahead to a busy Tuesday, with the release of the S&P Global Purchasing Managers’ Index and the ISM manufacturing report, along with the Job Openings and Labor Turnover Survey (JOLTS), all set to provide fresh insights into the economic landscape.
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