Stock market today: S&P 500 ekes out gain as Trump says open to deals on tariffs

Investing.com--The S&P 500 eked out a gain Monday as President Donald Trump said he was open to to negotiating on trade including with major trading partners such as the European Union, reinforcing investor bets that a global trade war would be averted.

At 4:00 p.m. ET (20:00 GMT), the Dow Jones Industrial Average gained 88 points, or 0.2%, the S&P 500 index was 0.1% higher, while the NASDAQ Composite gained 0.3%.

Trump says open to deals on tariffs 

After sending a slew letters over the weekend that outlined trade tariffs on major U.S. trading partners including a 30% levy on goods from Mexico and the European Union, Trump signaled on Monday that letters are opportunities for trading partners to make a deal.  

“The letters are the deals. The deals are made. There are no deals to make,” Trump told reporters at the White House on Monday. The president added that his administration are "always open to talk. We are open to talk, including to Europe. In fact, they’re coming over. They’d like to talk.”

Investors are hoping that trade deals would be struck before the Aug. 1, when the pause on the reciprocal tariffs are set to end. The tariffs had been set to go into affect from July 9, but were extended.  

Recent data showed U.S. customs duty collections surged to a record-high $113.3 billion gross in the first nine months of fiscal 2025 (the government’s fiscal year ends on September 30). Treasury Secretary Scott Bessent said this figure could reach $300 billion by December, representing a major source of fiscal revenue for the government. 

Banks to kick off earnings season later this week

The new U.S. corporate earnings season kicks off in earnest this week, with major banks, including JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), leading the way.

Results are also due from the likes of Netflix (NASDAQ:NFLX), Johnson & Johnson (NYSE:JNJ) and 3M Company (NYSE:MMM).

Elsewhere, Fastenal (NASDAQ:FAST) stock rose after the industrial supplies maker beat Wall Street estimates for second-quarter profit and revenue, helped by higher demand for its safety supplies.

The focus this week, away from Trump’s volatile trade policies, will be on consumer price index inflation data for June, due on Tuesday, as well as the new quarterly earnings season.

The June U.S. consumer price index is due on Tuesday, and the widely-watched inflation reading will offer Wall Street clues on when the Federal Reserve may next cut interest rates.

Kenvue (NYSE:KVUE) stock gained after the consumer health company’s CEO and board member Thibaut Mongon stepped down, its second big executive change amid a push by activist investors to boost performance.

Inflation data loom ahead of Fed meeting later this month

The CPI is expected to show a monthly rise of 0.3% in June, a rise from the 0.1% increase in the prior month, while the annual release is seen climbing to 2.6%, from 2.4% in May.

At its gathering in June, the U.S. central bank chose to leave borrowing costs unchanged at a target range of 4.25% to 4.5%, and Fed fund futures indicate a slim chance of a rate cut at the end-July meeting, but suggest easing in September is likely.

Crypto stocks ride bitcoin record higher

Crypto-related stocks including Marathon Digital Holdings Inc (NASDAQ:MARA), MicroStrategy Incorporated (NASDAQ:MSTR), and Coinbase Global Inc (NASDAQ:COIN) jumped, with latter hitting a fresh record high, underpinned by bitcoin’s surge above an unprecedented $123,000.

The largest comes as inflows into spot-bitcoin ETFs jumped as investors bet on U.S-friendly regulation paving the path to greater adoption.

Peter Nurse, Ambar Warrick contributed to this article