US stocks mostly rose on Wednesday (02/07) as the market assessed the latest economic data, trade deals and corporate developments. The S&P 500 rose 0.3% to a new record, while the Nasdaq 100 gained 0.6% and the Dow was flat.
President Trump announced a trade deal that will impose 20% tariffs on Vietnam instead of the 46% tariffs he had on "Liberation Day." However, reports of stalled negotiations with Japan and a delayed deal with the EU kept uncertainty ahead of a resumption of aggressive tariffs next week. Meanwhile, data from ADP showed an unexpected decline in private sector jobs, adding to evidence of a weak labor market ahead of tomorrow's jobs report.
On the fiscal front, the market awaited a lower House vote on a spending bill passed by the Senate that added $3.3 trillion to the U.S. debt. Technology rebounded from yesterday's slump, while Microsoft was flat after announcing it would cut 9,000 jobs. In turn, Nike and Lululemon jumped after higher Vietnam tariffs were avoided. (alg)
Source: Trading Economics
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