US stocks were firmly higher on Monday, extending the sharp gains from the previous week as the softer stance on tariffs by the US government allowed markets to focus on signs of multiple rate cuts by the Fed this year. The S&P 500 and the Nasdaq 100 advanced around 0.5% each to reach new record highs, while the Dow added over 200 points. White House officials announced that the US and China had formally reached an agreement to prevent the return of tariff exchanges that topped levies at 145%.
Additionally, President Trump noted that he is open to extending the July 9th deadline for reintroducing reciprocal tariffs, while remaining optimistic that key deals will be announced before the date. Lastly, Canada withdrew its digital services tax to support the outlook for US tech companies and restart trade talks with Washington. Meta and Alphabet each gained 1%. Also, Juniper Networks surged 9% after the DoJ settled its lawsuit against the company concerning its acquisition by HP.
Source: Tradimg Economics
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