S&P 500, Nasdaq close on record high on Vietnam trade deal, tech stocks
Wed July 2, 2025 5:02 PM
After yesterday’s report showing job gains in May had been higher than previously reported, thus being one contributing factor boosting the market, this morning another report showed lower than expected new jobs in June, thus opening all three indexes in the red. However, news of a trade deal with Vietnam quickly reversed course and at least the trade-sensitive tech indexes saw a continuous rise all day. And, as usual, when tech goes up industrials go down and the Dow was in the red almost all day but landed comfortably flat by close.
The market continues the pattern of tug-of-war between wanting a weakening economy to get more rate cuts but not so much weakening as to threaten slowing growth and slowing profits. There is also the tug-of-war over supporting the new budget bill for its expected stimulus and opposing it for its huge cost. Thursday’s payrolls report will provide more accurate data for gauging possible Fed action. It’s expected to show a cooling job market and sooner Fed action. So it’ll be bad news if the job market is fine. Volume came in below the 17.82 billion average at 16.95 billion.
DJ: 44,494.94 +400.17 NAS: 20,202.89
-166.84 S&P: 6,198.01
-6.94 7/1
DJ: 44,484.42 -10.52 NAS: 20,393.13
+190.24 S&P: 6,227.42
+29.41 7/2
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