The S&P 500 Index closed up 0.61% on Wednesday, while the Dow Jones rose 0.49% and the Nasdaq 100 climbed 0.72%, with the latter reaching an all-time high. September E-mini S&P futures increased by 0.57%, and Nasdaq futures rose by 0.66%. A surge in the Magnificent Seven technology stocks fueled market gains, despite President Trump’s announcement of new tariffs.
In economic news, U.S. MBA mortgage applications jumped 9.4% for the week ending July 4, hitting a nearly 2.5-year high, while the average 30-year fixed mortgage rate fell to 6.77%. Conversely, wholesale trade sales unexpectedly decreased by 0.3% in May, the largest decline in four months. In China, the producer price index fell 3.6% year-over-year, marking the biggest drop in almost two years.
In international markets, the Euro Stoxx 50 rose by 1.37%, while China’s Shanghai Composite edged down by 0.13%. Upcoming data releases will focus on tariffs and trade deals, with initial unemployment claims due on Thursday.
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