Stock market today: Dow, S&P 500 and Nasdaq futures rise with stocks set to end June with a bang
US stock futures edged higher on Monday, setting up the major indexes for more records to end one of the most volatile first halves of a year in recent memory.
Dow Jones Industrial Average futures (YM=F) rose around 0.5%. Contracts on the S&P 500 (ES=F) gained 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) added roughly 0.5%.
Several of Trump's economic agenda items are in focus this week. A July 9 deadline looms before the possible resumption of Trump's unilateral tariffs, which Trump on Sunday said he didn't think he'd "need to" extend.
On the trade front, India has extended its Washington visit to finalize a deal. Administration officials last week confirmed a trade framework with China was in place, bolstering investor sentiment despite a late-Friday dip triggered by Trump’s abrupt halt to talks with Canada, citing its digital tax policy. Canada scrapped its digital services tax targeting US technology firms late on Sunday, just hours before it was due to take effect, in a bid to advance stalled trade negotiations.
Meanwhile, market watchers are closely following Senate negotiations over Trump’s proposed $4.5 trillion tax cut bill. The Congressional Budget Office estimates it would add $3.3 trillion to the deficit over a decade.
For the market, June's gains have been substantial, fueled by optimism surrounding global trade and easing fears over tariffs. The S&P 500 (^GSPC) is up over 4%, the Nasdaq Composite (^IXIC) has surged over 5.5%, and the Dow (^DJI) has climbed 3.5%.
On Friday, all three major indexes closed higher, with the S&P 500 and Nasdaq reaching new record highs for the first time since February — the start of the year's tariff-fueled stock swings. All three major indexes are up at least 3% so far this year.
LIVE 3 updates- 9 mins ago Karen Friar
European markets are becoming increasingly difficult to ignore
European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half. It's a dramatic sign of how the region’s markets are staging a comeback after more than a decade in the doldrums.
Bloomberg reports:
Read more here.
34 mins ago Jenny McCall Canada scraps tax targeting US techs to revive trade talks
Canada has scrapped its planned digital services tax on US tech firms late on Sunday, just hours before it was due to come into effect.
The move aims to revive stalled trade talks with the US, which President Trump suddenly halted on Friday over the tax, calling it a "blatant attack" on American tech companies.
US stock futures rose as investors welcomed the news. Benchmark stock indexes in Tokyo and Shanghai also moved higher amid optimism that the US and its top trading partners can hammer out trade deals.
Prime Minister Mark Carney and Trump now plan to reach a deal by July 21, Canada's finance ministry said.
Trump warned on Friday that he would set new tariffs on Canadian goods within a week, risking fresh tension between the two countries.
The White House has set a July 9 deadline for trading partners to broker deals with the US over the sweeping 'reciprocal' tariff rates announced in early April.
The 3% tech tax would have hit firms like Apple (AAPL), Google (GOOG), and Amazon (AMZN) starting on Monday. Canada will now bring forward legislation to cancel the tax.
"The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians," a statement from the Canadian finance ministry said. "Canada’s preference has always been a multilateral agreement related to digital services taxation."
- Today at 2:14 AM UTC Rian Howlett
Oil falls with OPEC+ set to increase production
Oil prices fell overnight Sunday as global markets adjusted to the easing of tensions in the Middle East, in combination with a commitment from OPEC+ to increase supply in August.
Reuters reports:
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