Stock market today: S&P 500, Nasdaq leap to fresh records as Vietnam trade deal boosts hop
July 2, 2025
US stocks moved higher to clinch more record highs on Wednesday as optimism over US trade deals rose at the same time that more signs of an intensifying labor market slowdown bolstered the case for the Federal Reserve to start cutting interest rates.
The Dow Jones Industrial Average (^DJI) was just below the flat line. Meanwhile, the S&P 500 (^GSPC) rose nearly 0.5%, closing at an all-time high of 6,277.42.
The Nasdaq Composite (^IXIC) moved up more than 0.9%, also hitting a record close at 20,393.13. Apple (AAPL) stock rose after an upgrade from Jefferies (JEF) analysts, and Tesla (TSLA) shares climbed after the EV maker produced more vehicles globally than expected in the second quarter even as sales plummeted.
The benchmark S&P 500 and Nasdaq moved firmly higher Wednesday after President Trump announced a trade deal with Vietnam, lifting investor hopes that more agreements will come before the July 9 tariff pause deadline.
Meanwhile, the labor market showed more signs of a cooldown in June. ADP data showed US private employers unexpectedly cut 33,000 jobs in the month, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years.
The data lays the ground for the release of the June US jobs report on Thursday, seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. According to CME data, the majority of Fed watchers still do not expect the central bank to cut rates in July. But almost all are betting on at least one rate cut by September, with over 20% now pricing in two cuts by that meeting.
Read more: The latest on Trump’s tariffs
Trump’s “One Big Beautiful Bill” is also in focus as it heads to the House after clearing the Senate thanks to Vice President JD Vance’s tie-breaking vote. But split Republican factions are threatening to delay a potential final vote as Trump pushes to sign it by July 4.
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