Global stocks reached an intraday record on Monday amid optimism over ongoing US trade negotiations, particularly after Canada halted its planned digital tax on US tech firms to aid stalled talks with Washington. Canadian PM Mark Carney and President Trump extended their trade deal deadline to July 21. Wall Street saw gains with the S&P 500 and Nasdaq closing at record highs, led by technology stocks.
The dollar index fell 0.41% to 96.80, marking a 10.5% decline for the first half of 2025 — its worst since 1973. Treasury yields dipped, and oil prices fell slightly. Investors await key US labor market data this week, as Fed officials remain cautious on rate cuts, monitoring the impact of Trump’s tariffs on inflation. Meanwhile, a massive US tax and spending bill advancing in the Senate is projected to add $3.3 trillion to national debt over a decade, testing foreign demand for US Treasuries.
