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3mo ago

S&P 500 and Nasdaq Hit All-Time Highs as Traders Brace for Tariff Deadline

Confidence in Federal Reserve rate cuts underpins gains ahead of the July 9 tariff deadline, with traders anticipating Powell’s policy remarks.

The U.S. Capitol building in Washington, D.C., U.S., June 27, 2025. REUTERS/Elizabeth Frantz/File Photo
U.S. dollar banknotes are seen in this illustration taken March 19, 2025. REUTERS/Dado Ruvic/Illustration
Wall Street sign hangs next to the New York Stock Exchange on Monday, June 30, 2025, in New York. (AP Photo/Yuki Iwamura)
India's manufacturing sector growth rose to a 14-month high of 58.4 in June.

Overview

  • The S&P 500 climbed 0.52% and the Nasdaq Composite rose 0.47% to close at fresh record highs, capping a 10.6% gain for the quarter for the S&P and nearly 18% for the Nasdaq.
  • U.S. equity futures ticked lower on Tuesday as investors took profits and rotated out of high-flying tech names following Monday’s milestone closes.
  • Derivatives flows remain skewed toward bullish call options, with momentum buying in stocks like Nvidia, Tesla and Meta reflecting FOMO-driven risk taking.
  • Trade optimism from Canada’s decision to rescind its digital services tax competes with President Trump’s threats to impose new levies on Japan ahead of the July 9 tariff expiration.
  • Market focus has shifted to key U.S. data releases—PMI surveys, the ISM manufacturing report and JOLTS job-openings figures—and Fed Chair Powell’s upcoming comments for policy guidance.