The Senate passed President Donald Trump's tax and spending bill
The Dow jumped 400 points to kick off the third quarter, notching its fourth consecutive triple-digit win. The Nasdaq snapped a six-day win streak with a 166-point loss, cooling from record highs alongside the S&P 500 as traders rotated out of tech. Comments from Fed Chairman Jerome Powell indicating a July interest rate cut depends on economic data added to the mixed sentiment.
Meanwhile, the Senate passed President Trump's tax bill in a 51-50 vote. The tax on solar and wind projects was omitted from the bill, boosting renewable energy stocks. In terms of economic data, U.S. job openings unexpectedly increased by 374,000 in May, while the ISM manufacturing index came in at 49.0 for June, a smaller-than-expected drop but still its fourth-straight month in contraction territory.
Continue reading for more on today's market, including:
- REIT for bulls to watch in the short term.
- Oil stock flashing historically bearish signal.
- Plus, 2 analyst notes to unpack; and a look at the SPX after its breakout.
5 Things to Know Today
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Platinum prices just had their biggest monthly gain in 40 years. (
MarketWatch)
- The U.S. Senate reportedly removed the 10-year federal moratorium on state regulation of artificial intelligence (AI) from President Trump's tax bill. (Reuters)
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- Put traders eyed Sweetgreen stock after a downgrade.
- Senior Market Strategist Matthew Timpane digs into key SPX trendlines.
There were no earnings of note today.
Gold, Oil Prices Edge Higher
Oil prices inched higher after their quarterly drop. August-dated West Texas Intermediate (WTI) crude rose 34 cents, or 0.55%, to settle at $65.45 a barrel.
Gold prices rose after President Trump's spending bill passed through the Senate. August-dated gold futures added 1.3% to settle at $3,349.80.