S&P Hits Peak to Close Q2
Stocks rose early Monday as increasing trade hopes among investors position Wall Street to close out a stunning month with even more record highs.
The Dow Jones Industrials hiked 130.26 points to 43,949.53.
The S&P 500 advanced 12.56 points to 6,185.63, building on the record highs set in the previous session
The NASDAQ Composite tacked on 44.29 points to 20,317.75, also a new record high.
Monday marks the last day of June, a month in which the major averages have staged a sharp recovery back to record levels. The S&P 500 is up 4.7% this month, while the tech-heavy NASDAQ has jumped 6.5%. The Dow, meanwhile, has added about 4% month to date.
Monday’s advance follows Canada rescinding its digital service tax in an effort to facilitate trade negotiations with the U.S. That’s after President Donald Trump on Friday said the U.S. was “terminating ALL discussions on Trade with Canada.”
Initial payments on the tax were set to begin Monday and would have applied to companies such as Google, Meta and Amazon.
Investors are awaiting the announcement of any trade deals between the U.S. and its trading partners, as Trump’s 90-day tariff reprieve is set to expire on July 9.
Investors will also be keeping an eye on whether the Senate will be able to pass President Donald Trump’s “one, big, beautiful” bill.
If passed by the Senate, the package — which narrowly passed a key procedural vote in the Senate on Saturday night — faces an uncertain path in the House, where some GOP lawmakers have balked at revisions in the latest version of the bill.
Prior to the S&P 500 and NASDAQ hitting all-time highs Friday, global trade and tariff tensions rocked the market, putting the broad market index within striking distance of a bear market in early April. It’s now on pace to finish the quarter with solid gains, along with the other two leading indexes.
The S&P 500 has increased more than 10% quarter to date, while the NASDAQ is better by 17% and the Dow has progressed more than 4% higher in the period.
Prices for the 10-year treasury were higher, dropping yields to 4.25% from Friday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices faded 56 cents to $64.96 U.S. a barrel.
Gold prices climbed $15.80 to $3,303.40 U.S. an ounce.
