The S&P 500 and Nasdaq ended higher on Wednesday, driven by tech stock gains and a new U.S.-Vietnam trade deal. The Nasdaq saw strong performance, fueled by advances in Apple, Nvidia, and Tesla.
Trump’s massive tax-and-spending bill headed to the U.S. House of Representatives for possible final approval after the Senate passed the legislation.
Investors have been watching whether President Donald Trump’s administration continues to make progress on trade, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. “There is some relief in regards to progress on trade. The deal with Vietnam was welcomed news,” Arone said.
According to preliminary data, the S&P 500 gained 29.28 points, or 0.47%, to end at 6,227.29 points, while the Nasdaq Composite gained 190.24 points, or 0.94%, to 20,393.13.
The Trump administration has teased that a deal with India is also coming soon, but has said others may not be ready by July 9.
MacDailyNews Take: Again, as we wrote this morning, “we expect Mr. Market, including AAPL, to experience a nice stretch following the imminent signing of the One Big Beautiful Bill Act into U.S. law which will remove a significant level of uncertainty by extending major provisions of the 2017 Tax Cuts and Jobs Act.”
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The S&P 500 and Nasdaq closed higher following positive news about a potential trade deal between the U.S. and Vietnam. The agreement, which could boost trade relations, sparked investor optimism, especially in the tech sector. Apple, Tesla, and other major tech stocks saw significant gains, driving market momentum. Investors are closely watching the deal’s potential to strengthen supply chains and open new markets for American companies. The positive outlook fueled confidence, and the rally in tech stocks, known for their strong performance, helped propel the broader market upward, reflecting a hopeful economic outlook in the midst of global uncertainties.