04:56 PM EDT, 07/02/2025 (MT Newswires) -- The Nasdaq Composite and the S&P 500 jumped to fresh record levels on Wednesday after President Donald Trump announced a trade deal with Vietnam, while Tesla (TSLA) rebounded after a six-day losing streak.

The tech-heavy Nasdaq rose 0.9% to 20,393.1, while the S&P 500 climbed 0.5% to 6,227.4. The Dow Jones Industrial Average was almost flat at 44,484.4 after four consecutive days of gains. Most sectors posted gains, led by energy, while health care saw the steepest decline.

Vietnam has agreed to pay a 20% tariff rate on goods sent into the US and a 40% duty "on any transshipping," Trump said in a social media post. The US will sell its products into Vietnam at "zero" tariffs, he added.

The 20% rate applicable to imports from Vietnam is above the 10% level that has been in place since April 9, but below the initially announced 46% charge, Truist Securities said in a client note.

"Companies have largely issued guidance that embeds the 10% rate that has been in place since April, which could create some further downside to many outlooks," the brokerage wrote. "That said, our conversations with investors suggest that most have already been assuming that rates would eventually shake out in the (20% to 25%) range and are largely braced for the incremental pressure."

US Treasury yields were higher, with the 10-year rate rising 4.4 basis points to 4.29% and the two-year rate adding 0.8 basis point to 3.79%.

In company news, Tesla (TSLA) shares jumped 5% following a six-day losing streak, among the best performers on the S&P 500. The electric vehicle maker's second-quarter deliveries fell year over year, but Wedbush Securities said the print was better than Wall Street's whisper numbers.

Centene ( CNC ) was the worst S&P 500 performer, down 40%. The company late Tuesday withdrew its full-year earnings outlook, citing lower-than-expected revenue from most states where it provides health insurance marketplace plans.

West Texas Intermediate crude oil was up 3% at $67.40 a barrel in Wednesday late-afternoon trade. "Oil prices edged up, supported by a weaker dollar and Iran's suspension of cooperation with the UN nuclear watchdog," D.A. Davidson said in a client note.

In economic news, the US private sector unexpectedly lost jobs in June amid hesitancy among employers to hire and replace departing workers, Automatic Data Processing ( ADP ) reported.

"Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP Chief Economist Nela Richardson said in a statement. "Still, the slowdown in hiring has yet to disrupt pay growth."

Separately, Challenger Gray & Christmas reported that US job cuts totaled 47,999 last month, down 2% year on year and plunging 49% sequentially. "The bulk of companies cited economic conditions last month," said Andrew Challenger, senior vice president at the outplacement firm.

On Thursday, the Bureau of Labor Statistics is expected to report that the US economy added 110,000 nonfarm jobs in June, which would mark a drop from a 139,000 increase reported the month prior, according to a Bloomberg poll.

Mortgage applications in the US rose for the second consecutive week as the 30-year fixed rate for conforming loan balances declined to its lowest level since April, the Mortgage Bankers Association said Wednesday.

Gold was up 0.6% at $3,369.4 per troy ounce, while silver increased 1.1% to $36.81 per ounce.