By Joe Wallace and Roshan Fernandez

The S&P 500 and Nasdaq rose Wednesday, reversing yesterday's declines. President Trump's tax-and-spending bill squeaked through the Senate and now returns to the House.

Trump said in social-media posts Wednesday that he had struck a trade deal with Vietnam that will allow American goods to enter the country duty-free.

Speaking late Tuesday, the president also raised the prospect of imposing unilateral tariff rates on some trading partners. He said he won't extend a July 9 deadline to resume higher tariffs, saying Japan and other countries were spoiled.

Data from ADP, a day ahead of the widely watched nonfarm payrolls report, showed an unexpected drop in U.S. private-sector jobs last month. The group's chief economist said firms showed "a hesitancy to hire and a reluctance to replace departing workers."

In recent trading:

The WSJ Dollar Index rose. The index has fallen for six of the past seven trading days, sagging to three-year lows.

Ten-year Treasury yields climbed to 4.3%.

U.K. bond yields jumped on concerns about the fiscal outlook, after the Labour government watered down welfare reforms.

Japan's Nikkei 225 fell after Trump floated the prospect of 30% or 35% tariffs on Japanese goods.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

July 02, 2025 14:03 ET (18:03 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.