Stock futures fall after S&P 500 notches new record to cap winning second quarter: Live updates
U.S. equity futures fell early Tuesday after theS&P 500notched another record to close out a stunning quarter.
Futures tied to theDow Jones Industrial Averageslipped 32 points, or 0.07%. TheS&P 500 futuresdeclined 0.15% while theNasdaq 100 futureslost 0.22%.
In regular trading, the broad market S&P 500 advanced 0.52%, posting another record close, while the tech heavyNasdaq Compositealso rose to fresh all-time highs, gaining 0.47%. The blue-chipDowclimbed 275.50 points, or 0.63%.
Monday's moves came after Canadawalked back its digital services taxin an attempt to facilitate trade negotiations with the U.S. Ottawa's move to rescind the new levy comes after President Donald Trump saidon Fridayhe would be "terminating ALL discussions on Trade with Canada."
Traders are hoping for deals between the U.S. and its trading partners, as Trump's90-day reprieve on his steepest tariffsis set to expire next week.
Stocks have made an impressive comeback after suffering steep declines in April, after Trump's sweeping tariff policy pushed the S&P 500near bear market territory. The major averages have since made a sharp turnaround, with the broad market index closing the second quarter with a 10.6% gain and the Nasdaq up nearly 18% in the period.
Though traders now head into the second half of the yearwith stocks at record highs, some remain optimistic the market could surge even higher in the months ahead.
"We think this is going to be a broader recovery," Mike Wilson, chief U.S. equity strategist and chief investment officer at Morgan Stanley, said Monday on CNBC's "Closing Bell."
"I think with the Fed cutting in the second half of this year or next year, we can see a rolling recovery – because now there's quite a bit of pent-up demand, particularly in those interest rate sensitive parts of the market," he added. Those corners of the market include manufacturing and housing, the strategist said.
Traders are looking ahead to the S&P Global Purchasing Managers' Index at 9:45 a.m. ET, which will give investors a read on the activity in the manufacturing sector, as well as the ISM manufacturing report at 10 a.m. The Job Openings and Labor Turnover Survey (JOLTS) will also be released Tuesday morning.
European stocks open tentatively higher
It's been around 25 minutes since the opening bell, and European shares are struggling to gain momentum.
The pan-EuropeanStoxx 600was last seen trading around 0.1% higher, but the index has been wavering between that gain and the flatline since the session began.
Most sectors are trading in the green, with utilities stocks leading industry gains on a rise of around 1%.
Looking at major bourses, only theFTSE 100— last seen up by 0.2% — is trading in positive territory.
—Chloe Taylor
Asia-Pacific markets trade mixed as investors assess gains on Wall Street and Trump's tariff plans
Asia-Pacific markets traded mixed Tuesday as investors assessed the record gains on Wall Street and the global impact of U.S. President Donald Trump's tariff policies, as his90-day tariff reprieveis set to expire next week.
Japan'sNikkei 225benchmark fell 1.24% to end the day at 39,986.33 afterhitting an over 11-month highin its previous session, while the broader Topix index declined by 0.73% to settle at 2,832.07.
In South Korea, theKospiindex rose 0.58% to close at 3,089.65, while the small-cap Kosdaq added 0.28% to 783.67.
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