The S&P 500 ended Monday near the flatline as traders looked past a trade deal announced between the U.S. and the European Union, and a big week of market catalysts — including the Federal Reserve’s rate decision — loomed.
The broad market index added 0.02% and closed at 6,389.77. The S&P 500 hit a fresh record shortly after the opening bell, but the index was just up 0.2% at its session high as traders’ enthusiasm for the deal with the EU was muted. The Dow Jones Industrial Average slipped 64.36 points, or 0.14%, to end at 44,837.56. The Nasdaq Composite added 0.33% and settled at 21,178.58. The technology-heavy index also hit a record on Monday.
Investors are gearing up for a slew of data, including the busiest week of the earnings season so far, the Federal Reserve’s interest rate decision and Friday’s jobs report. More than 150 companies in the S&P 500 are due to post their quarterly results, including “Magnificent Seven” names Meta Platforms and Microsoft on Wednesday, followed by Amazon and Apple on Thursday. Investors will be listening for companies’ comments on AI spending for direction on whether big investments in hyperscalers this year are justified.
The Fed will also hold its two-day policy meeting, concluding on Wednesday. Although the central bank is expected to keep its key short-term interest rate at its current target range of 4.25% to 4.5%, traders will be looking for clues about whether a rate cut could be on the table at the September meeting.
On Friday, investors will also parse the key July jobs report for insight into the health of the economy. The report is expected to show the economy added 102,000 jobs in July, down from 147,000 in June. Friday is also President Donald Trump’s deadline for trading partners to begin paying tariffs.
“With the market pushing to new highs and volatility falling to its lowest levels since February, two of the major challenges facing investors are complacency and the urge to chase the market,” said Daniel Skelly, managing director at Morgan Stanley Wealth Management. “Despite recent positive developments on the trade front, the full impact of tariffs remains a question mark.”
On Sunday, President Donald Trump announced that the U.S. has reached an agreement with the European Union to lower tariffs to 15%. The president had previously threatened 30% tariffs on most imported goods from the U.S.’s largest trading partner. On Monday, Trump said that the global baseline tariff for countries that have not renegotiated with the U.S. will likely be between 15% to 20%.
“This week is one traders dream of and also fear. There are so many adventures from which to choose,” said Jay Woods, chief global strategist at Freedom Capital Markets. “What will be the biggest headline between the FOMC decision and the Fed Chair press conference?”
Other economic data on deck this week includes the Job Openings and Labor Turnover Survey, or JOLTS, on Tuesday, ADP’s private payrolls report on Wednesday and weekly jobless claims Thursday.
S&P 500 closes little changed
The S&P 500 closed near the flatline on Monday, with the latest trade deal between the U.S. and EU failing to spark a fresh rally.
The broad market index inched up 0.02% to close at 6,389.77, while the Nasdaq Composite gained 0.33% to 21,178.58. The Dow Jones Industrial Average slipped 64.36 points, or 0.14%, to finish the session at 44,837.56.
— Brian Evans
Stocks could be due for a consolidation after last week’s rally, technical strategist says
Stocks could soon be due for a pullback after the recent record-setting rally, according to LPL Financial chief technical strategist Adam Turnquist.
Market participants remain watchful of high valuations after the S&P 500 ended last week with five consecutive days of gains and on Friday posted its 14th record close of the year. After this rally, Turnquist said that “historical returns after a five-day record-high win streak suggest stocks could be due for a consolidation before climbing higher.”
“Five-day record-high win streaks are relatively rare, occurring in just over 1% of all five-day periods since 1950. Furthermore, of these 56 occurrences, only 23 periods turned into six-day record-high win streaks,” he added., noting that the average one-month S&P 500 return following a five-day record-high win streak is -0.4%.
— Pia Singh
Any market volatility will likely due to earnings, not tariffs, strategist says
Any near-term volatility for U.S. equities will likely be a result of corporate earnings this week as investors largely look past the latest tariff news, according to Morningstar chief U.S. strategist Dave Sekera.
“If we have market volatility, earnings will be the source,” Sekera said. He added that he expects negotiations over tariffs with China will likely be “much more contentious” compared to the U.S. deal with the European Union.
“My guess is the U.S. will be pushing for much higher tariff levels with China; of course, China will be very aggressive in pushing back. The deadline for those negotiations will be August 12, if not extended; that’s where I’d really be looking for any tariff-induced volatility to come from,” he said.
— Brian Evans
GE Vernova hit with two downgrades after recent rally
GE Vernova was downgraded by two Wall Street firms on Monday, after the power equipment manufacturer’s recent rally on strong second quarter earnings.
Guggenheim and Mizuho downgraded GE Vernova to neutral from a buy rating previously. The stock’s “valuation looks stretched” after gaining 95% year to date, Mizuho analyst Maheep Mandloi told clients.
“We believe that the stock’s valuation fully reflects even the substantially above consensus estimates that we are publishing,” Guggenheim analyst Joseph Osha said.
Guggenheim pulled its $600 price target. Mizuho increased its target to $670, implying about 4% upside from Friday’s close.
— Spencer Kimball
Time to take profit in Coinbase, says Monness, Crespi, Hardt’s Gus Gala
It might be time to take some profit it Coinbase, according to Gus Gala of Monness, Crespi, Hardt.
The stock has benefited immensely from the new regulatory environment, which has allowed the first crypto legislation being signed into law, the highly successful IPO of Circle, a Shopify collaboration on payments, and a market structure bill is that is in the works. But the market may be too reliant on continued optimism, said Gala, who downgraded the stock Monday to neutral.
“We would be interested in revisiting at a lower multiple akin to those of legacy exchanges once real-world drivers/commercialization drives revs/vol,” he said in a note Monday. “Tethering valuation to continued improvements in sentiment will necessitate step changes in real world vols and/or accelerating crypto trading vols – too much of a blue sky scenario for us to confidently underwrite (especially as crypto upcycle reaches month 31 as measured by bitcoin’s current upswing).”
Shares were down 3%. Coinbase has dropped 10% from its record close and is now on a 6-day losing streak — its longest since February. Last week, the shares broke a 5-week winning streak, its longest since December 2023.
The stock is still up more than 50% this year and on pace to post its fourth consecutive up month.
— Tanaya Macheel, Adrian Hauwermeiren
Opendoor shares fall 2% after company pushes back reverse stock split vote
Opendoor shares fell more than 2% on Monday after the real-estate startup said it will adjourn Monday’s special shareholder meeting until late August amid the latest speculative trading frenzy powered by retail investors.
The meeting, now scheduled for Aug. 27, will include a vote of a potential reverse stock split. A reverse stock split is when a company reduces its number of outstanding shares, increasing the stock’s price proportionally.
Opendoor has been in the center of a meme rally as of late, along with names like Kohl’s, Krispy Kreme and GoPro. The stock has surged 365% in July alone as Reddit-obsessed retail traders piled into their stocks and options.
— Yun Li
19 stocks in the S&P 500 trade at new 52-week highs
During Monday’s session, 19 stocks in the S&P 500 were trading at new 52-week highs.
Of these names, 12 tickers were trading at new all-time highs. Stocks that hit this milestone included:
- Parker Hannifin trading at all-time high levels back to its IPO in 1964
- Trane Technologies trading at all-time high levels back through Ingersoll Rand’s history, before its recent merger with Gardner Denver
- Eaton trading at all-time high levels back to its IPO in July 1923
- Johnson Controls trading at all-time high levels back to when it began trading in 1940
- TransDigm Group trading at all-time high levels since its IPO in March 2006
- Goldman Sachs trading at all-time high levels back to its IPO in May 1999
- Ralph Lauren trading at all-time highs back to its IPO in June 1997
- NVIDIA trading at all-time high levels back to its IPO in January 1999
- Broadcom trading at all-time high levels back through Avago’s IPO on the NASDAQ in August 2009
- TE Connectivity trading at all-time highs back to its IPO in 2007
- VeriSign trading at all-time high levels back to its IPO in January 1998
- Intuit trading at all-time high levels back to its IPO in 1993
Charter Communications was the only stock trading at a new 52-week low.
— Lisa Kailai Han
Trump announces global baseline tariff likely between 15% to 20%
US President Donald Trump speaks during a bilateral meeting at the Trump Turnberry Golf Courses, in Turnberry south west Scotland on July 28, 2025.
On Monday, President Donald Trump announced that a global blanket tariff would likely fall between 15% to 20%. This would affect imports from countries that have not yet negotiated separate trade agreements with the United Statements.
“For the world, I would say it’ll be somewhere in the 15 to 20% range … I just want to be nice,” Trump said alongside United Kingdom Prime Minister Keir Starmer. “I would say in the range of 15 to 20%, probably one of those two numbers.”
Trump had previously announced that baseline tariffs would be just 10%. The president’s tariffs are expected to go into place on Aug. 1.
— Erin Doherty, Lisa Kailai Han
‘Traders dream of and also fear’ this week, says market strategist
It’s the busiest week of the earnings earnings. There’s also a Federal Reserve meeting, key economic data on labor and inflation and a tariff deadline on the docket.
Safe to say, investors are on the edge of their seats.
“This week is one traders dream of and also fear,” said Jay Woods, chief global strategist at Freedom Capital Markets.
“There are so many adventures from which to choose,” he added.
— Alex Harring
S&P 500 opens slightly higher
The S&P 500 opened higher on Monday, as investors look toward a key week of data that includes the Federal Reserve’s interest rate decision and a slew of corporate earnings.
The broad market index added 0.1% and hit a fresh record shortly after the opening bell. The Dow Jones Industrial Average was 0.1% lower, while the Nasdaq Composite added 0.3%.
— Brian Evans
LNG stocks jump after Europe agrees to large U.S. energy purchases
The LNG (liquid natural gas) tanker, Energy Glory, comes in to the Grain LNG importation terminal, operated by National Grid Plc, after making its way from Cove Point LNG Terminal, an offshore LNG shipping terminal operated by BHE GT&S, in Maryland, US on February 10, 2025 in Grain, England.
Stocks of liquified natural gas companies jumped premarket after the European Union agreed to purchase $750 billion worth of U.S. energy as part of a trade deal.
Shares of Cheniere were up about 4%, Venture Global rose more than 5% and NextDecade added more than 4%.
“Purchases of US energy products will diversify our sources of supply and contribute to Europe’s energy security,” EU President Ursula von der Leyen said in a statement over the weekend. “We will replace Russian gas and oil with significant purchases of US LNG, oil and nuclear fuels.”
— Spencer Kimball
Stocks making premarket moves
Here are some of the names moving before the bell:
To see more stocks making premarket moves, read the full story here.
—Michelle Fox
Cisco shares slide following Evercore ISI downgrade
Cisco shares ticked more than 1% lower in Monday’s premarket after Evercore ISI moved to the sidelines.
Analyst Amit Daryanani lowered his rating to in line from outperform. But Daryanani kept his price target unchanged at $72 in what he called a “no drama” downgrade, meaning he still sees the stock rising more than 4% over Friday’s closing level.
“We think the management team has done a solid job in gaining traction in cloud/AI markets and the overall company strategy remains solid,” Daryanani wrote in a Monday note to clients announcing the downgrade. “But we think the upside is largely priced in, creating a more balanced risk/reward over the next twelve months.”
— Alex Harring
Defense stocks rally on Trump’s US-EU trade deal announcement
U.S. President Donald Trump meets with European Commission President Ursula von der Leyen (not pictured), in Turnberry, Scotland, Britain, July 27, 2025.
Defense stocks rose in premarket trading Monday after President Donald Trump’s weekend announcement that the U.S. reached a trade deal with the European Union, during which he said that the EU would be “purchasing hundreds of billions of dollars worth of military equipment.”
To be sure, Trump did not provide a specific dollar amount to this part of the deal.
Shares of Kratos Defense and Security Solutions and Lockheed Martin jumped 2.7% and 1.3%, respectively, in early morning trading. RTX and L3Harris Technologies each added about 1%.
— Pia Singh
Stock volatility could increase in the near term, says UBS
Equities could face heightened volatility in the near-term, according to UBS, as the recent rally that pushed stocks to several record-highs has pushed up valuations. Investors also have to contend with the still somewhat unclear impact of tariffs and U.S. debt worry, the firm said.
“Investors who are already allocated to equities in line with their strategic benchmarks should consider implementing short-term hedges and those under allocated should prepare to add exposure on potential market dips in the weeks ahead,” UBS Global Wealth Management head of U.S. equities David Lefkowitz wrote on Monday.
“While near-term volatility is likely amid trade uncertainty, we expect US stocks to rise over the next 12 months,” he added.
— Brian Evans
Asia-Pacific markets end the day mixed
Asia-Pacific markets ended the day mixed Monday.
Hong Kong’s Hang Seng Index rose 0.68% to close at 25,562.13, while mainland China’s CSI 300 index increased by 0.21% to 4,135.82.
Meanwhile, South Korea’s Kospi index advanced 0.42% to close at 3,209.52, while the small-cap Kosdaq declined 0.32% to 804.40.
Australia’s S&P/ASX 200 benchmark increased by 0.36% to end the day at 8,697.70.
Over in India, the 50-stock benchmark Nifty 50 fell 0.67%, while the BSE Sensex index lost 0.64% as of 1.45 p.m. Indian Standard Time (4.15 a.m. ET).
— Amala Balakrishner
Samsung shares surge more than 6% to over 10-month high
Samsung products are seen on a salesroom floor on July 8, 2025 in Miami, Florida.
Shares of Samsung Electronics surged as much as 6.07% to hit 69,900 on Monday, its highest level since Sept. 5, 2024.
Shares of the South Korean memory chipmaker rallied following its $16.5 billion contract to supply semiconductors to Tesla, as confirmed by the latter’s chief Elon Musk in a post on X.
— Amala Balakrishner
Trump strikes EU trade deal for 15% tariffs on most goods
U.S. President Donald Trump shakes hands with European Commission President Ursula von der Leyen, after the announcement of a trade deal between the U.S. and EU, in Turnberry, Scotland, on July 27, 2025.
President Donald Trump and European Commission President Ursula von der Leyen on Sunday announced the U.S. has reached a trade deal with the European Union.
Trump said that the deal imposes a 15% tariff on most European goods to the U.S., including cars. The U.S. president previously had threatened 30% tariffs on goods from the EU.
Without providing details, Trump said the EU also agreed to purchase $750 billion worth of U.S. energy and invest an additional $600 billion worth of investments into the U.S. above current levels.
— Erin Doherty
Stock futures open higher on Sunday night
U.S. equity futures opened higher on Sunday evening after President Donald Trump announced an EU trade deal with 15% tariffs.
Futures tied to the Dow Jones Industrial Average rose 161 points, or 0.36%. S&P 500 futures were also higher by 0.2% and Nasdaq 100 futures jumped 0.4%.
— Tanaya Macheel