The S&P 500 Index is up +0.25% today, while the Dow Jones is down -0.10%, and the Nasdaq 100 is up +0.67%. Semiconductor stocks are boosting the market, with Apple and Tesla both increasing more than +2%. This follows President Trump’s announcement of a trade deal with Vietnam.
However, concerns persist as the US labor market shows signs of weakness, evidenced by the June ADP employment report revealing an unexpected decline of -33,000 jobs, the first drop in over two years. In the health insurance sector, Centene shares plummeted -38% after retracting its 2025 guidance, affecting its revenue outlook by $1.8 billion.
In legislative developments, the Senate’s tax and spending bill is set for a House vote this week, with potential budget deficit increases of nearly $3.3 trillion over the next decade. Additionally, mortgage applications rose +2.7% last week, amid falling mortgage rates, with the average 30-year fixed rate down to 6.79%.
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