The S&P 500 Index rose by 0.33%, the Dow Jones Industrial Average increased by 0.54%, and the Nasdaq 100 also gained 0.33% today, achieving new all-time highs as U.S. markets responded positively to trade news. September E-mini S&P futures and E-mini Nasdaq futures rose by 0.27% and 0.32%, respectively. This market rally comes despite a decline in U.S. May personal spending by 0.1% and a drop in personal income by 0.5%, which were below expectations.
U.S. Commerce Secretary Lutnick announced that a recent trade understanding with China, including commitments for rare earth materials, has been finalized. Additionally, there are plans for further agreements with 10 major trading partners ahead of a July 9 deadline. Meanwhile, the U.S. Treasury reached a deal with G-7 countries regarding tax exemptions for U.S. companies, contributing to positive market sentiment.
The core PCE price index rose by 0.2% month-over-month and 2.7% year-over-year, exceeding expectations. Federal funds futures indicate a 21% chance of a 25-basis point rate cut at the upcoming FOMC meeting. Notably, stock movers included Nike, which surged by over 14% after a strong earnings report, and Apogee Enterprises, which rose by over 16% after raising its EPS guidance for 2026.
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