S&P, Nasdaq at record highs as US-EU trade deal sparks optimism in pivotal week
The ongoing U.S.-China talks are expected to extend their fragile trade truce by another three months, while negotiations with India were still underway.
A key highlight of the week will be the Fed's two-day policy meeting starting Tuesday, with traders widely expecting the central bank to keep interest rates steady. As per the CME Group's FedWatch tool, odds for a September cut stand at 63%.
The meeting comes amid an aggressive campaign by the White House to pressure the Fed into lowering borrowing costs. Trump on Friday suggested Powell might be ready to lower interest rates.
Among a deluge of key economic indicators this week, attention will be on the Personal Consumption Expenditure report (PCE) - the Fed's preferred inflation measure - and non-farm payrolls data to gauge how tariffs have affected consumer prices and the labor market.
Ether-linked companies GameSquare (GAME.O), opens new tab and BTCS (BTCS.O), opens new tab were up 4% each after Ethereum prices hit over a seven-month high.
Nike (NKE.N), opens new tab rose 2.1% after J.P. Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it".
Declining issues outnumbered advancers by a 1.23-to-1 ratio on the NYSE, while advancing issues outnumbered decliners by a 1.08-to-1 ratio on the Nasdaq.
The S&P 500 posted 13 new 52-week highs and one new low, while the Nasdaq Composite recorded 34 new highs and 21 new lows.
