US markets are ready for new heights while President Donald Trump’s legislative program for tax discounts and expenditure priorities has erased a key obstacle to the Senate, even if he has also questioned trade negotiations.
The term contracts for the industrial average of Dow Jones increased by 130 points, or 0.3%. Tower contracts on S&P 500 increased by 0.1% and Nasdaq’s term contracts also added 0.1%, after the two indices marked new records of new records on Friday.
American oil prices fell 0.8% to $ 74.98 per barrel, and Brent Crude was stable at $ 67.77.
The yield on the 10 -year treasure fell from 0.8 basic points to 4.275%. The dollar dropped 0.07% against the euro and 0.06% compared to the yen. Gold released 0.06% to $ 3,285.70 per ounce.
Trump’s main legislative priority – its set of tax reductions and expenditure priorities – has definitively erased a key procedural obstacle to the Senate during the weekend.
A final vote is still pending, while senators seek to debate the bill and to offer changes. The House of Representatives must also approve the version of the Senate of the Bill before being able to go to the White House for the signing of Trump.
The president demanded that the legislators end the bill before the July 4 holidays. Tax reductions are a key factor in Wall Street forecasts for the economy and financial markets, predicting a boost that will help compensate for Trump’s prices.
Meanwhile, another deadline is fast approaching.
In April, Trump suspended his reciprocal rates for 90 days while his administration was engaged in commercial negotiations. Actions have since been rebounded since then, because investors assumed that the worst business war was over.
The break will expire on July 9 and the secretary of the Treasury Scott Bessent suggested as recently as Friday that the deadline is flexible. He told Fox Business that around a dozen transactions with the best business partners could be wrapped in Labor Day.
But in an interview broadcast on Sunday, Trump said that he could rather send letters that simply inform the prices countries that they will face.
When asked if the break would not be extended, he said, “I don’t think I will need because – I could – there is no problem.” Trump also clarified his position in the deadline of July 9, saying: “I will send letters. This is the end of the trade agreement.”
His disdainful attitude towards an extension of deadlines also occurs, while Trump said on Friday that he immediately put the end of all commercial negotiations with Canada, citing his tax levy plan on digital services on American technology giants.
The coming week of the holidays also includes several sets of high -level economic data which could offer more indices on how the prices are, or are not, affecting the activity.
Tuesday, the Institute for Supply Management will publish its manufacturing index and the Labor Department publishes its report on job offers.
Wednesday, ADP will publish its payroll report in the private sector. And Thursday, the Labor Department will publish weekly complaints on unemployment and its monthly job report. The markets will be closed for the holidays of July 4.
The president of the federal reserve, Jerome Powell, is expected to speak on Tuesday during a forum of the European Central Bank in Sintra, Portugal. This follows two days of testimony on Capitol Hill last week and a post-FOMC press briefing the previous week.
