The S&P 500 hovers near record high

Stocks opened flattish on Monday, although the S&P 500 is hovering near Friday’s record closing high.

If the blue-chip stock index closes in positive territory on Monday, it will surpass the 3,026-point record it set on Friday. The Nasdaq Composite also finished last week at a record high, closing at 8,330 points. The Dow was 0.6% off its most recent record at Friday’s close.

At the start of the new week, the Dow (INDU) and the S&P 500 (SPX) opened flat. A few minutes into trading, the Dow was up 0.1%, or 28 points, while the S&P was down 0.2%.
The Nasdaq (COMP) slipped 0.1% at the open, and extended its losses to 0.5% shortly after.

It’s set to be a busy week for investors, with the Federal Reserve at the top of the watch list. The central bank is kicking off its July meeting on Tuesday, which will culminate in its interest rate decision on Wednesday at 2 pm ET.
Expectations for a rate cut have been fully priced in for weeks. The chances of a quarter-percentage-point cut are at 77%, according to the CME’s FedWatch tool.

But first: trade. US trade representatives are in Shanghai this for a two-day meeting Tuesday and Wednesday with their Chinese peers.
“If we see promises from the Chinese to deliver on more purchases of US agricultural goods and for the US to allow American companies to sell some goods to Huawei, the meetings would be viewed as positive,” wrote Edward Moya, senior market analyst at OANDA, in a research note.

Since the G-20 summit in Japan last month, China and the US have vowed not to slap additional tariffs on each other’s imports. But the trade spat still remains far from resolved.


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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.