AII:CC - S&P 500 Posts Small Gain on Hope for Lower Tariffs
The S&P 500 edged higher on Monday even after President Donald Trump threatened high tariffs on more countries over the weekend. Losses were kept in check as investors bet those duties will eventually be negotiated down and looked ahead to a busy week for second-quarter earnings season.
The Dow Jones Industrials shot higher 88.14 points to end Monday at 44,459.65.
The much-broader index gained 8.81 points to 6,268.56.
The NASDAQ Composite added 54.8 points to 20,640.33.
Investors continue to monitor ongoing updates on the tariff front, after Trump announced Saturday that the U.S. will impose 30% tariffs on the European Union and Mexico starting Aug. 1. Leaders of the EU and Mexico indicated they intend to keep talking with the Trump administration this month in an attempt to agree on a lower rate.
Trump’s announcement comes ahead of inflation readings this week, which will give investors a better sense of how the Trump tariffs already in effect are being felt throughout the economy.
Eyes are on a slew of earnings reports set to roll out this week. Major banks, including JPMorgan Chase, will deliver quarterly reports starting Tuesday.
Prices for the 10-year treasury fell, raising yields to 4.43% from Friday’s 4.42%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.53 to $66.92 U.S. a barrel.
Gold prices swooned $11.30 at $3,352.70 U.S. an ounce.