After ending last Friday’s volatile session mostly higher, stocks are likely to see further upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.
The upward momentum on Wall Street comes amid ongoing optimism about trade deals ahead of the impending deadline for U.S. reciprocal tariffs early next month.
Positive sentiment has also been generated in reaction to news Canada has rescinded its digital services tax on American tech firms, which were initially set to begin being collected today.
The move comes after President Donald Trump said last Friday that ending trade talks with Canada due to the digital services tax.
“Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians,” said Canadian Finance Minister Francois-Philippe Champagne.
Just after the start of trading, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of June. The Chicago business barometer is expected to rise to 43.0 in June from 40.5 in May, but a reading below 50 would still indicate contraction.
After moving sharply higher early in the session, stocks saw considerable volatility over the course of the trading day on Friday. The major averages showed wild swings as the day progressed, although the S&P 500 and the Nasdaq still managed to end the day at new record closing highs.
The major averages moved to the upside going into the close after an early afternoon pullback. The Dow jumped 432.43 points or 1.0 percent at 43,819.27, the Nasdaq climbed 105.55 points or 0.5 percent to 20,273.46 and the S&P 500 rose 32.05 points or 0.5 percent to 6,173.07.
For the week, the tech-heavy Nasdaq surged by 4.3 percent, while the Dow jumped by 3.8 percent and the S&P 500 shot up by 3.4 percent.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday. Japan’s Nikkei 225 Index advanced by 0.8 percent, while China’s Shanghai Composite Index climbed by 0.6 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the French CAC 40 Index is up by 0.1 percent, the U.K.’s FTSE 100 Index and the German DAX Index are both down by 0.2 percent.
In commodities trading, crude oil futures are slipping $0.16 to $65.36 a barrel after rising $0.28 to $65.52 a barrel last Friday. Meanwhile, after plunging $60.40 to $3,287.60 an ounce in the previous session, gold futures are inching up $8.50 to $3,296.10 an ounce.
On the currency front, the U.S. dollar is trading at 144.45 yen versus the 144.65 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1709 compared to last Friday’s $1.1718.
Business News
U.S. Stocks May See Continued Strength On Trade Deal Optimism
2025-06-30 12:53:13
