WTF Dailies June 27, 2025
US stocks rose on Friday, on track for fresh record highs as optimism over trade talks and bets on Fed rate cuts boosted spirits. The S&P 500 added 0.6% and was on pace to close at its first record high since February. The benchmark index touched a new record intraday high just after the open.
US stocks rose on Friday, on track for fresh record highs as optimism over trade talks and bets on Fed rate cuts boosted spirits. The S&P 500 added 0.6% and was on pace to close at its first record high since February. The benchmark index touched a new record intraday high just after the open.
The Nasdaq Composite also moved up around 0.6%, touching a record intra-session high and pacing for its own record close. Meanwhile, the Dow Jones Industrial Average added 0.9%, or over 300 points.
The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut.
Markets got a boost on the trade front on Friday after President Trump said that the US and China have "signed" a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports.
Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, “we’ll take down our countermeasures,” he said.
Trade deals with 10 major US trading partners are imminent, according to Lutnick. Others on Trump's team have said that countries negotiating with the US will get an extension to the tariff pause, set to expire July 9. Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day.
Across the pond, European stocks are higher in mid-day trading as France’s preliminary June Consumer Price Index (CPI) accelerated more than expected, rising by 0.3% MOM and 0.9% YOY, respectively. Meanwhile, the country’s Producer Price Index for May rose 0.2% YOY as MOM deflation eased to 0.8%.
Overnight in Asia, stocks were mixed as Japan’s Tokyo CPI cooled both on a headline and core basis in June, with both rising 3.1% YOY. Meanwhile, the country’s jobless rate remained steady at 2.5% for May and the job-to-applicant ratio fell to 1.24. Retail sales for Japan eased more than projected in May, rising by 2.2% YOY. China’s industrial profits decreased by 9.1% YOY in May.
In FOREX trading, the dollar is higher ahead of the U.S PCE deflator data.
Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.8% higher at $65.73/barrel.
In the metals complex, gold is 1.5% lower at $3,299.20/ounce following a strengthening dollar.
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TThis daily briefing is curated from a wide range of reputable sources including news wires, research desks, and financial data providers. The insights presented here are a synthesis of key developments across global markets, intended to inform and spark thought.
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