The S&P 500 Index is up 0.58%, the Dow Jones is up 0.89%, and the Nasdaq 100 is up 0.52% as of today. The positive momentum follows trade news indicating progress in negotiations between the U.S. and China, aiming for final agreements by July 9, alongside an upward revision in the University of Michigan’s June consumer sentiment index to 60.7.
In economic data, U.S. personal spending fell 0.1% month-over-month, while personal income decreased by 0.5%, the largest decline in over 3.5 years. Meanwhile, the May core PCE price index rose 0.2% month-over-month, indicating inflation is slightly above expectations. Federal funds futures indicate a 21% chance of a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting.
On the earnings front, Nike’s stock surged over 15% after exceeding Q4 revenue expectations at $11.10 billion. Conversely, Coinbase fell over 6% following a drop in Bitcoin prices. Chipmakers like ARM Holdings and Intel also saw gains, reflecting strength in the semiconductor sector.
