FX.co ★ S&P 500 Closes at Fresh High

On Wednesday, the S&P 500 and Nasdaq saw gains, rising by 0.5% and 0.8% respectively, with the S&P 500 reaching a new record high, while the Dow remained steady. Positive momentum in technology stocks and the announcement of a US-Vietnam trade agreement, which imposes 20% tariffs on certain Vietnamese imports, contributed to market uplift. Investor optimism was further fueled by hopes for renewed trade progress and softer labor market data, reinforcing the belief in potential Federal Reserve interest rate cuts. Notable performances from Apple, Nvidia, and Tesla, which rose by 2.2%, 2.6%, and 5% respectively, propelled the Nasdaq upward. However, ADP data revealed an unexpected decline in private-sector payrolls by 33,000 in June, marking the first decrease in over two years and stirring concerns about the labor market's robustness. Simultaneously, President Trump's extensive tax-and-spending legislation, projected to increase the national debt by $3.4 trillion, passed in the Senate and now faces the House, where political differences could delay its final approval.