The Nasdaq and the broader S&P500 rose 0.38% and 0.14%, respectively, reaching unprecedented closing levels at 20,974.17 points and 6,305.60.
Conversely, the Dow Jones Industrial Average did not ride the wave of appreciation, retreating slightly by 0.04%, yet not spooling the market session environment.
“The market on the whole registered widespread gains today,” summarized analysts from Briefing.com in a market note.
“The August 1st deadline for trade agreements does not cause much concern. Market operators are optimistic” regarding the developments, noted Jose Torres, an analyst at Interactive Brokers.
Donald Trump had set a deadline of August 1st for U.S. trade partners to reach agreements with the White House regarding tariff rates.
Investors are paying particular attention to negotiations with the European Union, whom Trump recently threatened with imposing a 30% tariff on their exports to the U.S.
However, investors’ attention appears more concentrated on quarterly earnings, with over 100 S&P500 companies expected to release their performance figures this week.
Notably anticipated are two of the so-called Magnificent Seven tech conglomerates, Alphabet, which owns Google, and Tesla, both set to report their results on Wednesday.
“Earnings growth (…) has been solid thus far,” highlighted David Morrison of Trade Nation in an analytical note.
Nonetheless, “major tech companies are in the EU’s crosshairs regarding tariffs,” commented Christopher Low, an analyst at FHN Financial.
The EU might “complicate the activities of American tech companies” within its territory, he estimated.
In addition to company results, investors will also pay attention to the statements from the Federal Reserve (Fed) Chairman Jerome Powell on Tuesday.
The Fed’s monetary policy committee (FOMC) is set to meet on July 29 and 30.
“It is unlikely that they will lower the (benchmark interest) rate next week. (…) but I think it will be difficult not to do so at the September meeting,” observed Christopher Low.
