CNBC Daily Open: The S&P 500's high is a gift from Trump that can be taken away

Something I rarely, if ever, say: What a fantastic Monday morning!

On Friday stateside, the S&P 500 broke its erstwhile record. Celebrations were shared with the Nasdaq Composite, which besides deed a caller high. The tech-heavy scale enjoyed a liftoff from Nvidia and Microsoft, some of which reached all-time highs (and astir apt made immoderate insiders astatine Nvidia multi-millionaires implicit the past month).

Tariff alleviation buoyed sentiment successful markets. China announced it had finalized details of its deal with the United States. And adjacent though U.S. President Donald Trump's "reciprocal" tariffs are owed to footwear successful (again) 1 week later, helium suggested that his medication "can bash immoderate we want" regarding the 90-day pause.

Postponing the instrumentality of those tariffs would springiness investors further cheer and enactment different feather, possibly of the chickenhearted variety, successful their caps.

That said, arsenic Trump giveth, truthful does helium taketh away.

The S&P 500 was up arsenic overmuch arsenic 0.76% astatine 1 constituent during Friday's trading session, but stumbled aft the U.S. president slammed the doorway unopen connected commercialized talks with Canada implicit its integer services tax. The scale dipped lone slightly, but that nevertheless shaved disconnected immoderate gains from what could person been a higher high.

Even though Canada has since rescinded the tax, this occurrence shows however Trump is inactive steering markets.

U.S. markets unfastened conscionable arsenic Europe trading begins winding down. May it beryllium successful Trump's quality to beryllium a giver, to get Chappell Roan's words — truthful Monday tin extremity arsenic good arsenic it began.

New grounds for S&P 500. The broad-based scale rose 0.52% to adjacent astatine 6,173.07 Friday, surpassing its erstwhile precocious of 6,147.43. U.S. futures climbed Sunday evening stateside. On Monday, Asia-Pacific markets mostly rose.

China manufacturing enactment contracted successful June. Even though the authoritative purchasing managers' scale improved from May's reading, it's inactive beneath the 50-point mark, making it the third consecutive period of contraction.

Canada walks backmost connected its integer services tax. The country's decision, released Sunday nighttime section time, follows Trump's announcement that the U.S. is ending commercialized discussions due to the fact that of said tax.

'Very affluent people' acceptable to bargain TikTok. Speaking astatine a Fox News interrogation connected Sunday, Trump said helium tin reveal the identities of those individuals successful astir 2 weeks, but the woody depends connected Beijing's approval.

[PRO] Eyes connected U.S. jobs numbers. June's nonfarm payrolls study comes retired Thursday and could find if the rally successful U.S. markets continues. Investors volition lone person fractional a time to react: U.S. markets adjacent aboriginal Thursday and are acheronian Friday.

How BP became a imaginable takeover target

For weeks, marketplace tongues person been wagging astir a imaginable merger betwixt Britain's lipid giants — until, ending weeks of speculation, Shell connected Thursday denied reports that it's successful talks to get BP.

But however did we get to the constituent that BP, a U.K. lipid exploration institution that was founded successful 1909 nether the sanction Anglo-Persian Oil Company, is present seen arsenic a imaginable takeover people for its long-time rival?

— Michael Considine