US stock indexes drifted through a quiet Monday after the United States agreed to tax cars and other products coming from the European Union at a 15% rate, lower than President Trump had earlier threatened. Many details of the trade deal are still to be worked out.
- The S&P 500 rose 1.13 points, or less than 0.1%, to 6,389.77 to set an all-time high for a sixth straight day.
- The Dow Jones Industrial Average fell 64.36 points, or 0.1%, to 44,837.56.
- The Nasdaq composite rose 70.27 points, or 0.3%, to 21,178.58.
Tesla rose 3% after its CEO, Elon Musk, said it signed a deal with Samsung Electronics that could be worth more than $16.5 billion to provide chips for the electric-vehicle company, the
AP reports. Samsung's stock in South Korea jumped 6.8%.
Other companies in the chip and artificial-intelligence industries were strong, continuing their run from last week. Chip company Advanced Micro Devices rose 4.3%, and server-maker Super Micro Computer climbed 10.2%. But an 8.3% drop for Revvity helped to keep the market in check. The company in the life sciences and diagnostics businesses reported a stronger profit for the latest quarter than Wall Street expected, but its forecast for full year profit disappointed analysts.
Hundreds of US companies are lined up to report how much profit they made during the spring, with nearly a third of the businesses in the S&P 500 index scheduled to deliver updates this week. That includes market heavyweights Apple, Amazon, Meta Platforms, and Microsoft. On Wednesday, the Federal Reserve will announce its latest decision on interest rates. "This is about as busy as a week can get in the markets," according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
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