S&P 500 Hits Record; Dow Snaps 4-Day Win Streak
Though this morning's private payrolls data hurt sentiment, a trade deal between the U.S. and Vietnam injected optimism back into the market. The S&P 500 settled at a new record high, while the Nasdaq jumped triple digits for its seventh gain over the last eight sessions. The Dow, on the other hand, snapped its four-day win streak with a modest loss. Traders are keeping an eye on President Donald Trump's "big, beautiful bill," as House Republicans attempt to gather support for a final vote.
Continue reading for more on today's market, including:
- Footwear stock looking to step up in July.
- Analyst: CAVA Group could become the "Chipotle of Mediterranean food."
- Plus, what's happening next week; RGTI surges; and unpacking Constellation Brands' earnings.
5 Things to Know Today
- Fiscal hardliners within the House Republican party worry President Trump's spending bill will incur too much debt. (Bloomberg)
- Microsoft announced its largest layoff in over two years, which will impact more than 9,000 workers. (AP News)
- Next week on Wall Street: The Fed's meeting minutes.
- Rigetti Computing stock surged on new "outperform" rating.
- Constellation Brands stock jumped despite dismal earnings results.
Oil Rises Amid Nuclear Tensions
Oil prices marked their biggest gain in two weeks on Wednesday despite a surprise build of 3.8 million barrels in U.S. crude supplies last week, after Iran suspended cooperation with the United Nations (UN) atomic agency. August-dated West Texas Intermediate (WTI) crude rose $2, or 3.1%, to settle at $67.45 a barrel.
Gold prices rose after this morning's ADP employment report. August-dated gold futures added 0.3% to settle at $3,358.10.
