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Stock futures pointed slightly higher on Sunday after the Senate advanced President Donald Trump’s tax cut and spending bill over the weekend. Trump also said he would rather impose tariff rates on countries than extend a temporary pause on so-called reciprocal duties that will expire on July 9. A holiday-shortened trading week will be highlighted by the monthly jobs report.
U.S. markets are poised for new highs as President Donald Trump’s legislative agenda of tax cuts and spending priorities cleared a key hurdle in the Senate, even as he also cast doubt on trade talks.
Futures for the Dow Jones Industrial Average rose 180 points, or 0.42%. S&P 500 futures were up 0.18%, and Nasdaq futures also added 0.23%, after both indexes notched new record highs on Friday.
U.S. oil prices dipped 0.84% to $64.97 per barrel, and Brent crude was down 0.65% at $67.33.
The yield on the 10-year Treasury edged down 0.8 basis point to at 4.275%. The dollar fell 0.07% against the euro and 0.1% against the yen. Gold eased 1% to $3,256.70 per ounce.
Trump’s top legislative priority—his package of tax cuts and spending priorities—narrowly cleared a key procedural hurdle in the Senate over the weekend.
A final vote is still pending, as senators look to debate the bill and offer amendments. The House of Representatives also must approve the Senate’s version of the bill before it can go the White House for Trump’s signature.
The president has demanded that lawmakers finish the bill before the July 4 holiday. The tax cuts are a key factor in Wall Street’s forecasts for the economy and financial markets, predicting a boost that will help offset a drag from Trump’s tariffs.
Meanwhile, another deadline is fast approaching.
In April, Trump put his reciprocal tariffs on hold for 90 days while his administration engaged in trade negotiations. Stocks have rebounded since then as investors assumed the worst of the trade war was over.
The pause will expire on July 9, and Treasury Secretary Scott Bessent suggested as recently as Friday that the deadline is flexible. He told Fox Business that about a dozen deals with top trade partners could be wrapped up by Labor Day.
But in an interview that aired on Sunday, Trump said he could instead send letters that simply inform countries of tariff rates they will face.
When asked if the pause will not be extended, he said, “I don’t think I’ll need to because—I could—there’s no big deal.” Trump further clarified his stance on the July 9 deadline, saying “I’m gonna send letters. That’s the end of the trade deal.”
