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Futures up: S&P 500 0.36%, Nasdaq 100 up 0.55%, Dow up
0.51%
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Juniper Networks ( JNPR ), HPE rise after DoJ settles antitrust
case
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Tech stocks rise as Canada scraps digital service tax
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Banking shares rise after Fed's stress test
(Updates with premarket prices)
By Sruthi Shankar and Nikhil Sharma
June 30 (Reuters) - U.S. stocks were set to open higher
on Monday, as optimism over the United States striking trade
deals with its key partners fed into the bullish momentum that
had sent Wall Street indexes to record highs last week.
Shares of technology heavyweights rose premarket after
Canada scrapped its digital services tax targeting U.S. tech
firms, just hours before it was due to take effect, in a bid to
advance stalled trade negotiations with the United States.
Shares of Amazon ( AMZN ), Apple ( AAPL ), Alphabet
and Meta Platforms ( META ) edged up in the range of
0.2% and 1.8%.
The benchmark S&P 500 and the tech-heavy Nasdaq
Composite rose to all-time highs on Friday, as bets of
deeper U.S. interest rate cuts and renewed optimism around AI
helped markets rebound from the months-long tumult sparked by
U.S. President Donald Trump's tariff policies and geopolitical
tensions.
The blue-chip Dow remains 2.7% below its record closing high
reached on December 4.
Focus now shifts to a July 9 deadline for countries to reach
deals with the United States or see tariffs spike higher, but
Trump has said he could extend the tariff deadline or "make it
shorter".
"We've got this deadline coming, but then Trump has said
that the deadline can be moved. And then you've got markets
thinking that the Fed could potentially cut interest rates
sooner than later. So there are a lot of drivers here," said
Dennis Dick, at trader at Triple D Trading Inc.
"Investors are just confident here in this market right now,
because we've had some bad news come in, even some bad earnings
reports, and they buy the stocks right back. So bulls remain in
complete control."
Investors are also looking into economic data and fiscal
policy developments to see if the latest bull run in U.S. stocks
can continue.
U.S. Senate Republicans will try to pass Trump's sweeping
tax-cut and spending bill, despite divisions within the party
about its expected $3.3 trillion hit to the nation's debt pile.
Trump wants the bill passed before the July 4 Independence Day
holiday.
Key economic data releases this week include monthly
non-farm payrolls and the Institute for Supply Management's
survey on manufacturing and services sectors for June. Several
U.S. central bank officials including Federal Reserve Chair
Jerome Powell are scheduled to speak later this week.
A raft of soft economic data and expectations that Trump
will replace Powell with someone dovish have pushed up bets of
rate cuts from the Fed this year.
By 8:35 a.m. ET (1235 GMT), S&P 500 e-minis were up
22.5 points, or 0.36%. Nasdaq 100 E-minis rose 124.5
points, or 0.55%, and Dow e-minis climbed 223 points, or
0.51%.
Despite record highs for U.S. stocks, the S&P 500, Nasdaq
and Dow are set for their weakest first-half performances since
2022.
Shares of big U.S. banks rose after most cleared the Federal
Reserve's annual "stress test", paving the way for billions in
stock buybacks and dividends.
Shares of Bank of America ( BAC ) rose 1%, while rivals
JPMorgan Chase ( JPM ), Citigroup ( C/PN ) and Wells Fargo ( WFC )
added between 0.3% and 1.7%.
Juniper Networks ( JNPR ) rose 8.5% after the U.S. Justice
Department settled its lawsuit challenging server maker Hewlett
Packard Enterprise's ( HPE ) all-cash acquisition of the
networking gear maker for $14 billion.
Hewlett Packard Enterprise ( HPE ) shares soared 14.1%.