Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) closed in the green for a second consecutive day following another busy day in the markets.
First, the U.S. officially inked its first trade deal with the UK. While the U.S. will maintain its 10% baseline tariff on the UK, the two sides have agreed to create an aluminum and steel trading zone. In addition, the U.S. will cut its tariffs on imported UK vehicles to 10% for the first 100,000 vehicles per year. President Trump touted on Truth Social that the UK tariff on U.S. goods is now 1.8%, down from 5.1%, and that the trade deal will create $6 billion of external revenue and $5 billion of revenue for U.S. exporters.
After announcing the deal, Trump provided some encouraging statements ahead of Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer’s meeting with China this weekend. He said that he would cap the tariffs on China at 145% and that he was open to a meeting with China President Xi Jinping if the weekend meeting goes well.
Adding on to the tariff news, the New York Post reported that Trump is considering dropping the tariffs on China to between 50% and 54%. The reduction could come as soon as next week, potentially easing tensions between the two world powers.
Finally, TipRank’s S&P 500 Heatmap reveals that most companies closed the day with subdued gains and losses.
