Wall St futures flat after S&P 500, Nasdaq reclaim record highs; jobs report eyed

  • July 2, 2025

Investing.com-- U.S. stock futures held steady on Wednesday evening after the S&P 500 and Nasdaq reclaimed record highs, boosted by President Donald Trump’s announcement of a trade deal with Vietnam.

Investors now cautiously await June’s nonfarm payrolls report, due on Thursday, for clues on the Federal Reserve’s interest rate trajectory.

S&P 500 Futures were unchanged at 6,276.25 points, while Nasdaq 100 Futures were muted at 22,841.00 points by 20:12 ET (00:12 GMT). Dow Jones Futures ticked 0.1% higher to 44,805.0 points.

Markets will see a shortened trading session on Thursday, ahead of the July 4 Independence Day holiday.

US strikes trade deal with Vietnam; July 9 tariff deadline looms

In the regular trading session on Wednesday, the S&P 500 rose 0.9% to another all-time closing high. The NASDAQ Composite closed 0.5% higher, reaching a fresh record peak. The Dow Jones Industrial Average ended largely flat.

Tesla (NASDAQ: TSLA ) shares rebounded with a 5% jump after sharp losses a day earlier on a renewed feud between President Trump and Elon Musk. Tesla reported on Wednesday that it delivered 384,122 vehicles in Q2 2025, down from 443,956 a year ago but better than expected.

President Trump said Wednesday the U.S. has reached a trade agreement with Vietnam, notching a third deal ahead of the July 9 deadline, when the reciprocal tariffs are due to return.

The deal imposes a 20% tariff on most Vietnamese imports, and a 40% tariff on goods rerouted through Vietnam.

Last week’s U.S.-China trade deal, Canada’s last-minute pullback from its digital services tax, and statements that India is close to signing an agreement have fueled optimism for more deals ahead of Trump’s self-imposed deadline.

However, Trump was doubtful about a deal with Japan. He had said he has no plans to extend the July 9 deadline and would instead notify countries of the tariff rates they will face through formal letters.

Meanwhile, data on Wednesday showed that U.S. private payrolls unexpectedly fell in June and job gains in the prior month were smaller than initially expected.

Investors now await Thursday’s nonfarm payrolls report for signals if the Federal Reserve might begin cutting interest rates in July.

House Republicans expect a vote tonight on Trump’s tax bill

Markets are closely monitoring developments on Trump’s massive tax cut bill.

The bill is back in the House of Representatives, where Republican lawmakers struggled to pass the measure ahead of the July 4 target, with hardliners balking over its cost.

Speaker Mike Johnson said he was working to win over holdouts and expects a vote Wednesday..

Senate Republicans had narrowly passed the megabill on Tuesday, which is expected to add $3.3 trillion to $3.4 trillion to the national debt.

The nonpartisan Congressional Budget Office also projected that the bill could lead to nearly 12 million people losing their health insurance.