Sindhu
07/03 03:54
Nasdaq surges as new trade deal, jobs data fuel Fe
Nasdaq surges as new trade deal, jobs data fuel Fed rate cut hopes
Nasdaq and S&P 500 climbed, while Dow Jones was down as trade, weak jobs data fueled hopes of lower interest rates.U.S. stocks were mixed amid positive news on U.S. trade deals and a weaker labor market. On Wednesday, June 2, the Dow Jones declined 40 points, or 0.10%, while the S&P 500 rose 0.33%. The tech-heavy Nasdaq rose the most, up 0.78%, due to hopes that the Federal Reserve might cut rates sooner than expected.
Fueling the hopes of a rate cut was positive news on trade. U.S. President Donald Trump claimed that he reached a preliminary trade deal with Vietnam. U.S. imports to Vietnam will be tariff-free, while Vietnamese imports to the U.S. will be subject to a 20% tariff.
the U.S. will also charge a 40% duty on transshipping, in an effort to block tariff evasion by other countries. Transshipping refers to routing goods originally manufactured in different countries, mostly China.
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