US stock markets hit new all-time highs as trade deal optimism rises ahead of an August 1 deadline. The S&P 500 ETF SPY and Nasdaq 100 ETF QQQ set new intraday records, driven by President Trump’s comments on potential deals with China, the UK, and the EU.
Trump is set to meet with European Commission President Ursula von der Leyen and U.K. Prime Minister Keir Starmer, sparking hope for a trade agreement. Earlier, the Financial Times reported that the EU was close to agreeing on a 15% tariff rate. However, Canada’s exclusion from potential deals has raised concerns.
The US is scheduled to begin talks with China next week. Trump mentioned a possible rebate for Americans earning a certain income level, which could boost consumer spending. Meanwhile, Fed Chair Jerome Powell expressed his intention to serve out the remainder of his term to maintain independence from politics.
Markets ended the week with gains: the S&P 500 rose 0.40%, while the Nasdaq 100 gained 0.23%.
Source: https://www.tipranks.com/news/stock-market-news-review-spy-qqq-secure-record-highs-as-trade-optimism-booms