“`html
The S&P 500 Index rose by 0.90%, the Dow Jones Industrials Index increased by 0.77%, and the Nasdaq 100 Index was up 1.28% today. September E-mini S&P futures saw a gain of 0.95%, while September E-mini Nasdaq futures surged by 1.36%. The indices are recovering from last Friday’s losses, driven by strength in major tech stocks, and the heightened expectation of a 90% chance for a Fed rate cut at the upcoming September FOMC meeting, up from 40% prior to previous reports.
In recent tariff developments, President Trump announced a tariff increase on certain Canadian goods from 25% to 35%, with a 10% global minimum effective from August 7. Bloomberg Economics projects the average US tariff to escalate to 15.2%, significantly higher than the 2.3% tariff expected in 2024 before the announcement. Today’s market focus includes earnings reports and upcoming economic indicators, such as a projected 4.8% drop in June factory orders and a narrowing of the June trade deficit to $61.3 billion.
In corporate news, Steelcase shares soared 46% following its acquisition by HNI for $2.2 billion. Idexx Labs reported better-than-expected Q2 revenue and raised its full-year EPS forecast, resulting in a 22% jump in its stock. Meanwhile, Spotify plans to increase its premium subscription prices in various regions, helping it gain over 7% today, while major tech stocks like Alphabet and Nvidia also saw gains of over 1%.
“`
