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16h ago

Tariff Truce and 3% GDP Growth Spur Market Rally

Investors await the Fed’s rate decision alongside key Big Tech earnings to gauge the rally’s durability

A trader works on the trading floor at The New York Stock Exchange (NYSE) in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo
Pierre-Olivier Gourinchas, IMF economic counsellor and director of research, speaks during a news conference on the IMF's Monetary Policy and Financial Stability in Inflationary Times, during the IMF/World Bank Group Spring Meetings at the IMF headquarters in Washington, DC, on April 23, 2025.
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A worker works on the roofing structure of new home under construction, Tuesday, July 15, 2025, in Richardson, Texas. (AP Photo/Tony Gutierrez)

Overview

  • The U.S. and European Union agreed to cap new tariffs at 15% under a framework trade deal that included EU commitments to purchase nearly £600 billion of U.S. oil and gas.
  • The U.S. goods trade deficit narrowed by $10.4 billion to $86 billion in June as imports fell 4.2 percent month-over-month.
  • Second-quarter GDP grew at a 3.0 percent annualized rate following a reversal of import front-loading ahead of April tariff hikes.
  • The IMF upgraded its 2025 global growth forecast to 3.0 percent, citing reduced trade uncertainty after the de-escalation of U.S. tariff threats.
  • U.S. stock indexes are trading near record highs as investors prepare for the Federal Reserve to hold rates and scrutinize Big Tech earnings this week.