NEW YORK: Wall Street stocks opened mostly higher Monday after President Donald Trump announced a trade deal with the European Union, extending a bullish run as markets await major earnings announcements.
The deal with the EU implements a baseline tariff of 15 percent across the board, averting a threatened 30 percent levy. Meanwhile, US negotiators are in Stockholm this week for another round of trade talks with China.
The latest trade accord is “giving the market a breath of relief that we’re not going to fall off the end of the world and go into a never-ending abyss,” said Adam Sarhan of 50 Park Investments.
Wall St rises on US-EU trade deal prospects
About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 44,848.91.
The broad-based S&P 500 climbed 0.1 percent to 6,394.08, while the tech-rich Nasdaq Composite Index advanced 0.3 percent to 21,173.58.
Both the S&P 500 and Nasdaq finished at records last week.
Besides ongoing trade negotiations, markets this week are looking ahead to earnings from large tech companies including Apple and Facebook parent Meta, as well as from industrial giants such as Boeing and ExxonMobil.
The calendar also includes a Federal Reserve decision on Wednesday. While Trump has badgered Federal Reserve Chair Jerome Powell to lower interest rates, the US central bank is expected to keep rates unchanged.
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