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S&P500
Snapshot of key US stock indices on Monday: Dow: -0%, NASDAQ: -0%, S&P 500: -0%, S&P 500 at 5802, with a trading range of 5400–6200.
On Monday, US index futures showed a notable rise in electronic trading. The S&P 500 (SPX) closed at 5,868 with a gain of about 1%. The reason behind the rally was Donald Trump's announcement that he would postpone the planned 50% tariffs on the EU until July 9, following a conversation with Ursula von der Leyen of the European Commission. Trump had initially said the tariffs would take effect on June 1.
However, the decision to impose a 25% tariff on all Apple iPhones manufactured outside the US remains in force. As one might guess, nearly all iPhones are currently produced abroad. Manufacturing them domestically would be impractical due to high US labor costs for simple assembly tasks. This is a major blow to Apple's business.
The US stock market was closed on Monday in observance of Memorial Day.
Energy market Brent crude is now trading at $64.50 per barrel. Oil is trading in a narrow range without a strong directional impulse. The market is under pressure from weak Chinese economic data, which stems from Trump's new tariffs, even though the tariff rate has been slashed from a staggering 145% to the current 30%, that level is still effectively prohibitive for many goods.
Conclusion The rally in US electronic trading on Monday indicates that the US stock market's bullish momentum is far from exhausted. The strategy remains to buy on dips.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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