The S&P 500 Index is up 0.27% and reached a new all-time high today, alongside the Nasdaq 100, which also achieved an all-time high. The Dow Jones Industrials gained 0.40%, marking a 4.25-month high. Positive trade news, including progress in negotiations with China and the European Union, is driving these market gains ahead of President Trump’s July 9 deadline.
Additionally, Home Depot announced its acquisition of GMS Inc. for $4.3 billion, and AbbVie is set to buy Capstan Therapeutics for $2.1 billion, contributing to an increase in M&A activity. However, analysts project only a 2.8% year-over-year rise in Q2 earnings for S&P 500 companies, the smallest in two years, which may dampen future market enthusiasm.
Markets are monitoring upcoming economic indicators, including the June ISM manufacturing index expected to rise to 48.7 and nonfarm payrolls predicted to increase by 113,000. Federal funds futures indicate a 19% chance for a rate cut at the next FOMC meeting on July 29-30.
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