The US stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% on Monday in its first trading, after completing a stunning rebound from its springtime sell-off of roughly 20%, per the AP. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%. Oracle helped lead the way after saying it's off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they're financially strong enough to survive a downturn in the economy. Treasury yields eased in the bond market.
Stocks got a boost after Canada said it's rescinding a planned tax on US technology firms and resuming talks on trade with the United States. On Friday, President Trump had said he was suspending talks with Canada due to his anger with the tax, which he called "a direct and blatant attack on our country." One of the main reasons US stocks came back so quickly from their springtime swoon has been the hope that Trump will reach deals with other countries to lower his stiff proposed tariffs. Otherwise, the fear is that trade wars could stifle the economy and send inflation higher. Many of Trump's announced tariffs are currently on pause, and they're scheduled to kick back into effect in a little more than a week.
The US stock market being back at a record high could raise the risk of renewed escalations on tariffs, per strategists at Deutsche Bank. They point to the pattern in 2018 and 2019 of rallies for the market prompting escalations for tariffs, which then drove market pullbacks followed by relents on tariffs that then sparked rallies again. On Wall Street, Oracle's 4.7% rise was one of the strongest forces lifting the S&P 500. CEO Safra Catz said the tech giant "is off to a strong start" in its fiscal year and that it signed multiple large cloud services agreements, including one that could contribute more than $30 billion in annual revenue two fiscal years from now. More here.
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