US Stocks Rally on Strong Jobs Data, Trump's Big Beautiful Bill clears US Congress
The Nasdaq jumped 207.97 points (1%) to 20,601.10, the S&P 500 advanced 51.93 points (0.8%) to 6,279.35 and the Dow climbed 344.11 points (0.7%) to 44,828.53.
U.S. non-farm payrolls rose by 147,000 in June, beating expectations, while unemployment fell to 4.1%. Traders reacted positively, though the strong data may delay Fed rate cuts. Market also eyed passing of President Donald Trumps massive tax-cut and spending package by the US Congress. The "Big, Beautiful' bill passed by a slim 218-214 margin, marking a major legislative win for the US President.
Positive sentiment may also have been generated in reaction to a report from the Institute for Supply Management showing the service sector returned to growth in the month of June. The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
Networking stocks turned in some of the market's best performances, with the NYSE Arca Networking Index surging by 2.3% to a record closing high. Software stocks were considerably strong, as reflected by the 1.9% gain posted by the Dow Jones U.S. Software Index. Banking, retail and airline stocks also saw notable strength on the day, while housing stocks showed a significant move back to the downside.
Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index inched up by 0.1% and China's Shanghai Composite Index edged up by 0.2%, while Hong Kong's Hang Seng Index fell by 0.6%. The major European have all moved to the upside on the day while the French CAC 40 Index crept up by 0.6%, the U.K.'s FTSE 100 Index and the German DAX Index both climbed by 0.6%.
In the bond market, treasuries have seen continued weakness in reaction to the stronger than expected jobs data. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, has advanced 5.5 bps to 4.34%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
United News of India
32 minutes ago
- United News of India
India negotiating trade deals guided by national interest, not under pressure: Piyush Goyal
Bengaluru, July 5 (UNI) Union Commerce and Industry Minister Piyush Goyal today said India is now negotiating international trade agreements with confidence and strength, unlike the previous Congress and UPA governments that signed deals which did not align with national interest. 'Today, India negotiates with self-confidence. We can compete with anyone in the world. This is not the weak India of the Congress and UPA era, which entered into agreements that did not serve national interest,' Goyal asserted, speaking to reporters on the sidelines of IIMTAA Sangam event held here in the City. Remarks by Goyal comes in the wake of US President Donald Trump issuing a firm deadline of July 9 for India to conclude a trade agreement, warning that, absent a deal, the US may reimpose a 26 percent 'reciprocal' tariff on Indian imports The minister emphasised that the Narendra Modi government has ensured that all trade negotiations are driven solely by national priorities and not dictated by external deadlines or pressure. 'India does not negotiate under imposed deadlines. National interest is paramount in every agreement we enter,' he said. Listing the progress made since 2014, Goyal noted that India has successfully concluded free trade agreements (FTAs) with Mauritius, the United Arab Emirates, Australia, and the four-nation EFTA bloc comprising Switzerland, Norway, Liechtenstein, and Iceland. He added that most recently, an FTA was finalised with the United Kingdom. India is also engaged in active negotiations with several other developed nations including the European Union, the United States, Oman, Peru, and Chile, the minister said. Highlighting the transformation in India's global trade strategy, Goyal said the country is now seen as a reliable and capable partner on the world stage. 'We are self-confident. We are negotiating from a position of strength,' he reiterated. The minister also underscored that the Modi government's focus is to create equitable trade partnerships that support India's economic growth while protecting domestic interests. UNI BDN RN
Time of India
38 minutes ago
- Time of India
India negotiates from position of strength, not under deadlines: Piyush Goyal on US trade deal after Congress jab
Union Commerce Minister Piyush Goyal asserted that India prioritizes national interests in trade negotiations, contrasting it with the Congress-led UPA era. He highlighted recent trade agreements with Mauritius, UAE, Australia, EFTA, and the UK, emphasizing India's current strong negotiating position. Rahul Gandhi criticized PM Modi regarding the Indo-US trade deal amidst concerns over deadlines and US claims about India-Pakistan relations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Union Commerce Minister Piyush Goyal on Saturday said India negotiates from a position of strength and not under accused the Congress of "negotiating and signing agreements that were not in the national interest" during the UPA government's remarks come a day after Goyal stated that India would accept a proposed trade deal with the US only when it is fully finalised and in the national to reporters here, Goyal said, "India does not negotiate under deadlines. We negotiate keeping national interest in mind, and national interest is paramount in all our engagements across the world."He added, "After the Modi government came to power, we have signed free trade agreements with Mauritius, the United Arab Emirates, Australia, and the four-nation EFTA (European Free Trade Association) grouping-Switzerland, Norway, Iceland, and Liechtenstein-and now with the UK last month."According to him, India continues to engage with other developed nations, including the EU bloc of 27 countries, the United States, Oman, Peru, and Chile."Today, India negotiates from a position of strength. We are self-confident and can compete with anybody in the world. This is not the weak India under Congress and the UPA, which signed agreements that were not in the national interest," he Congress leader Rahul Gandhi criticised Prime Minister Narendra Modi over the Indo-US trade deal, after Goyal claimed that India would not enter into an agreement "under deadlines."The Congress has been attacking the Prime Minister "for remaining silent" and not countering US President Donald Trump's repeated claims of bringing a halt to hostilities between India and Pakistan following the Pahalgam terror had reportedly set a deadline of July 9 to finalise the trade agreement with India.
India Gazette
an hour ago
- India Gazette
Nobody takes Rahul Gandhi seriously anymore because of the
New Delhi [India], July 5 (ANI): Union Minister Piyush Goyal hit back at Congress leader Rahul Gandhi's remarks on India's trade negotiations with the United States and stated that nobody took the Congress leader seriously anymore because of the negativity he and his colleagues spread. 'Nobody takes Rahul Gandhi seriously anymore because of the negativity he, his colleagues, and his party consistently spread. They have lost the confidence of the people of India, who have time and again rejected the Congress. Till today, they have not been able to come up with any positive agenda for the development of the nation...' Goyal said, speaking to the reporters here. He further stated that India negotiated keeping in mind the national interests, further stating that the country was self-confident and could compete with anyone in the world. 'India does not negotiate under deadlines; we negotiate keeping national interests in mind. National interest is paramount in all our work across the world... Today, India negotiates with a position of strength; we are self-confident and can compete with anyone in the world. This is not the India under UPA rule, which would beg for negotiations not under national interest...' he further added. Earlier today, Rahul Gandhi, reacting to Piyush Goyal's statement on India entering trade deals, stated that Prime Minister Narendra Modi will 'meekly bow' to theTrump tariff deadlines, referring to the India-US trade deal. Rahul Gandhi referenced a media report and wrote on X, 'Piyush Goyal can beat his chest all he wants, mark my words, Modi will meekly bow to the Trump tariff deadline.' Commerce and Industry Minister Piyush Goyal on Friday emphasised that India will only enter into trade agreements, including the proposed US Bilateral Trade Agreement (BTA), when they serve the country's national interests and offer mutual benefits. Speaking on the sidelines of the 16th Toy Biz B2B expo in New Delhi, Goyal made it clear that India's approach to international trade negotiations remains firm and principled. 'It should be a win-win agreement, and only when India's interests are safeguarded -- national interest will always be supreme -- and keeping that in mind, if a good deal is formed, India is always ready to engage with developed countries,' the minister stated. Goyal emphasised that India negotiates on its terms. The minister revealed that India is currently engaged in trade discussions with multiple countries across different continents. 'Discussions are ongoing with various countries -- be it the European Union, New Zealand, Oman, the US, Chile, or Peru. Talks about agreements are underway with many nations,' he said. However, Goyal stressed that the multiplicity of negotiations does not mean India is in a rush to conclude deals. 'A Free Trade Agreement is only possible when there is mutual benefit,' he explained. 'India never enters into trade deals based on deadlines or time pressure. A deal is accepted only when it is fully matured, well-negotiated, and in the national interest,' Goyal stated.. This approach reflects India's confidence in its negotiating position and its commitment to securing favourable terms for its economy and businesses. (ANI)
