Equity Markets Mixed After US-EU Trade Deal

MT Newswires Live
29 Jul

US benchmark equity indexes are on track to close mixed Monday, as investors parsed the trade deal between the US and the EU.

In the US-EU trade framework deal, the US plans to levy a 15% tariff on European goods imports, less than half of certain rates that had been under discussion. The world's largest trading bloc also agreed to purchase $750 billion of US energy over three years.

The Dow Jones Industrial Average was down 0.3% to 44,779.22, while the S&P 500 fell 0.1% to 6,379.75. Nasdaq Composite gained 0.2% to 21,142.46. Among sectors, energy led the gainers while materials rallied the decliners.

Super Micro Computer (SMCI) shares were up 9.7%, the top gainer on the S&P 500. Digi Power said it has filed a provisional utility patent application for AI-Ready Modular Solution 200 platform, which it is developing in collaboration with Super Micro Computer.

Nike (NKE) was the second-top gainer on the S&P 500, up 3.5%. JPMorgan upgraded its rating on the athletic footwear and apparel maker's stock to overweight from neutral and raised the price target to $93 from $64.

Revvity (RVTY) shares sank 8.8%, the second-worst S&P 500 performer, after the company lowered its full-year earnings outlook.

The 10-year US Treasury yield was up 2.6 basis points to 4.42%, while the two-year rate decreased 0.4 basis points to 3.94%.

September West Texas Intermediate crude oil rose 2.6% to $66.85 a barrel.

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