S&P 500, Nasdaq close again at record highs, trade choppy
Trading was choppy on Wall Street as investors digested President Donald Trump's trade deal with the European Union, which includes a 15% import tariff on most EU goods - half of Trump's previously threatened rate of 30%.
Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, said that while markets have mostly put the tariff turmoil behind them, stocks could pull back before they climb even higher.
"Markets are extremely overbought. We're coming down to the month at the end of July. July seasonally is very strong. Believe it or not, August is when markets peak. I think we're setting up for a correction within the markets, nothing significant, but we can easily get a 5 to 10% pullback, refresh this market, particularly in the seasonal period of September and October, for a year-end rally."
Among individual movers, shares of Nike climbed nearly 4% after J.P. Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it."
U.S.-listed shares of Heineken fell nearly 10% as a forecast-beating profit rise was eclipsed by investor worries over second-half profits and volumes, which Heineken warned may be softer due to tariffs.
And shares of Cadence Design Systems climbed more than 6% in extended trading after the chip design software provider raised its sales forecast for the year.
The week is packed with potentially market-moving events, including the Federal Reserve's latest policy decision and the Personal Consumption Expenditures report - the Fed's preferred gauge of inflation.
And set to be released on Friday is the closely watched jobs report for July.
Also on deck this week are a slew of corporate earnings, including from tech giants Meta, Microsoft, Amazon and Apple.
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