The S&P 500 achieved a new intraday high of 6,224.61, rising 0.5% as the recovery in U.S. equities continues. Tech stocks, particularly Nvidia and Tesla, experienced strong gains. The U.S. reached a trade deal with Vietnam, implementing a 20% tariff on imports from Vietnam, while Vietnam agreed to reduce trade barriers on American products. Despite this positive news, the market reacted negatively to an ADP report indicating a loss of 33,000 private sector jobs in June. Apparel stocks rose initially but fluctuated before stabilizing at market close.
The S&P 500 rose 0.5% and hit a new intraday high of 6,224.61, with tech giants like Nvidia and Tesla performing strongly.
Markets welcomed news of a U.S.-Vietnam trade deal, which includes a 20% tariff on imports from Vietnam in exchange for reduced trade barriers on American goods.
ADP's June report showed the private sector lost 33,000 jobs, when analysts anticipated an increase of 100,000, reflecting concerns about employment.
Apparel stocks like Gap, Lululemon, and Nike surged on the trade deal news, although market reactions varied throughout the trading session.
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