Traders work at the New York Stock Exchange on June 25, 2025.
NYSE
U.S. equity futures were slightly lower on Monday night after the S&P 500 notched another record to close out a stunning month and quarter.
Futures tied to the Dow Jones Industrial Average slipped 53 points, or 0.1%. S&P 500 futures dropped 0.1%, as did Nasdaq 100 futures.
In regular trading, the broad market S&P 500 advanced 0.52%, posting another record close, while the tech heavy Nasdaq Composite also rose to fresh all-time highs, rising 0.47%. The blue-chip Dow climbed 275.50 points, or 0.63%.
Monday’s moves came after Canada walked back its digital services tax in an attempt to facilitate trade negotiations with the U.S. Ottawa’s move to rescind the new levy comes after President Donald Trump said on Friday he would be “terminating ALL discussions on Trade with Canada.”
Traders are hoping for deals between the U.S. and its trading partners, as Trump’s 90-day reprieve on his steepest tariffs is set to expire next week.
Stocks have made an impressive comeback after suffering steep declines in April, after Trump’s sweeping tariff policy pushed the S&P 500 near bear market territory. The major averages have since made a sharp turnaround, with the broad market index closing the second quarter with a 10.6% gain and the Nasdaq up nearly 18% in the period.
Though traders now head into the second half of the year with stocks at record highs, some remain optimistic the market could surge even higher in the months ahead.
“We think this is going to be a broader recovery,” Mike Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, said Monday on CNBC’s “Closing Bell.”
“We’ve gone through a massive rolling recession, and I think with the Fed cutting in the second half of this year or next year we can see a rolling recovery – because now there’s quite a bit of pent-up demand, particularly in those interest rate sensitive parts of the market,” he added. Those corners of the market include manufacturing and housing, the strategist said.
Traders are looking ahead to the S&P Global Purchasing Managers’ Index at 9:45 a.m. ET, which will give investors a read on the activity in the manufacturing sector, as well as ISM manufacturing report at 10 a.m. The Job Openings and Labor Turnover Survey (JOLTS) will also be released Tuesday morning.