Futures tracking the S&P 500 and Nasdaq touched record highs on Monday, as optimism over U.S. trade negotiations with its key partners helped support upward momentum in markets.

Market Snapshot

At 8:10 a.m. ET, Dow e-minis were up 247 points, or 0.56%, S&P 500 E-minis were up 26 points, or 0.42%, and Nasdaq 100 E-minis were up 137.25 points, or 0.60%.

Pre-Market Movers

Palantir Technologies was up 5%. The data analytics company closed as the worst stock in the S&P 500 on Friday, falling 9.4%. Even with the sharp drop, Palantir remains up 73% this year.

Moderna shares rose 3% after the biotech company’s experimental flu vaccine showed a positive response in a late-stage trial, opening the way for the standalone shot and a combination Covid shot.

Clean energy stocks like Enphase Energy declined after the Senate's latest version of the tax-and-spending megabill will phase out tax credits for large-scale wind and solar projects by the end of 2027--earlier than in previous drafts. The latest version also includes a surprise new tax on projects that use supplies from China, the world's biggest source of renewable energy equipment. The tax would apply to all projects completed after Dec. 31, 2027. Enphase fell 2.23%.

Meanwhile, First Solar, the largest U.S. solar manufacturer, was up 8%, while GE Vernova, another clean energy manufacturer, rose 1.2%. Baird analyst Ben Kallo said the tax on Chinese components was "good for domestic producers" like First Solar and GE Vernova.

Meta Platforms shares gained 2% after Bloomberg and The Information over the weekend reported, citing unnamed sources, that Meta has hired four artificial intelligence researchers from OpenAI to join its new Superintelligence group led by Alexandr Wang. Those hires are Jiahui Yu, Shuchao Bi, Shengjia Zhao and Hongyu Ren, the report said.

Shares of electric-vehicle company Tesla fell 0.74% in the premarket session after declining 0.6% on Friday. The Senate bill would end tax credits for the purchase of EVs after September, quicker than the House proposal's call for eliminating them by the end of the year for most vehicles. Tesla CEO Elon Musk slammed the legislation as Republicans narrowly advanced the measure in a 51-49 weekend vote.

Juniper Networks jumped 8.4% after the Justice Department settled a lawsuit challenging Hewlett Packard Enterprise's $14 billion acquisition of the provider of wireless networking solutions. As part of the settlement, HPE will have to divest its global Instant On campus and branch business. A trial was scheduled to begin July 9. HPE shares rose 14.7%.

Nvidia rose 0.6% in premarket trading. The chip giant's shares again closed at a record high, rising 1.8% on Friday to $157.75. Nvidia's market capitalization reached $3.8 trillion on Friday, leaving it as the most valuable company in the U.S. and putting it on course to become the world's first company to reach $4 trillion.

Wells Fargo was up 2%, JPMorgan Chase gained 0.7%, and Goldman Sachs rose 2.8% after results of the Federal Reserve's annual stress tests showed the largest U.S. lenders were well-positioned to withstand a severe economic downturn. The outcome suggests banks will announce plans to distribute more capital to shareholders in the coming days.

Walt Disney rose 1.9% to $124.67. Jefferies upgraded the stock to Buy from Hold and raised the price target on shares of the entertainment company to $144 from $100. Analysts at Jefferies forecast Disney's operating profit will rise by 10% next fiscal year after nearly a decade of sluggish growth.

Market News

Trump Says He’s Not Planning to Extend a Pause on Global Tariffs Beyond July 9

President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire, and his administration will notify countries that the trade penalties will take effect unless there are deals with the United States.

Letters will start going out “pretty soon” before the approaching deadline, he said.

“We’ll look at how a country treats us — are they good, are they not so good — some countries we don’t care, we’ll just send a high number out,” Trump told Fox News Channel’s “Sunday Morning Futures” during a wide-ranging interview taped Friday and broadcast Sunday.

Canada Rescinds Digital Services Tax to Advance Broader Trade Negotiations with the United States

Canada has rescinded its digital services tax targeting U.S. technology firms in a bid to advance trade negotiations with the U.S., Canada's finance ministry said in a statement on Sunday, days after U.S. President Donald Trump called off trade talks.

Canadian Prime Minister Mark Carney and Trump will resume trade negotiations in order to agree on a deal by July 21, 2025, the ministry said.

On Friday, Trump abruptly cut off trade talks with Canada over its tax targeting U.S. technology firms, saying that it was a "blatant attack" and that he would set a new tariff rate on Canadian goods within the next week.