U.S. futures rose on Monday after a record close on Friday. Futures of major benchmark indices were trading higher.

As the July 9 deadline for President Donald Trump‘s reciprocal tariffs comes closer, on Friday, he suggested that the deadline for a U.S.-EU trade deal might not be set in stone.

“We can do whatever we want,” he told reporters at the White House. “We could extend it. We could make it shorter.” The pause temporarily reduced tariffs to 10%, but they could revert to higher rates unless Trump's executive order from April 9 is amended.

The 10-year Treasury bond yielded 4.25% and the two-year bond was at 3.72%. The CME Group's FedWatch tool’s projections show markets pricing a 78.8% likelihood of the Federal Reserve keeping the current interest rates unchanged in its July meeting.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Monday. The SPY was up 0.46% at $617.72, while the QQQ advanced 0.72% to $552.03, according to Benzinga Pro data.

Cues From Last Session:

On Friday, several sectors on the S&P 500 closed with strong gains, led by communication services, consumer discretionary, and industrials stocks. However, energy and healthcare bucked the prevailing market trend, concluding the session in negative territory.

Overall, U.S. stocks settled higher, with the S&P 500 reaching fresh intraday records as investors responded positively to easing global trade tensions and diminishing geopolitical risks, prompting robust buying activity.

Sentiment received a significant boost from President Trump’s announcement that the U.S. is in the process of finalizing multiple trade agreements.

Trump indicated that four to five deals are either completed or nearing completion ahead of a crucial July 9 deadline. Further bolstering investor confidence, Commerce Secretary Howard Lutnick confirmed a new U.S.-China trade accord, which notably includes tariff reductions and provisions for safeguarding rare earth imports.

Nike Inc. (NYSE:NK) surged by 15% on Friday after the athletic apparel giant reported quarterly earnings that comfortably surpassed Wall Street’s expectations.

Similarly, Boeing Co. (NYSE:BA) saw its shares advance by 6% following a bullish analyst note issued by RedBurn Atlantic, highlighting positive sentiment for the aerospace giant.

Insights From Analysts:

Following Friday’s record-breaking rally, Ryan Detrick from Carson Research highlighted historical data and said that the S&P 500 index has never made an all-time high in June since 1950, whereas it has only happened twice in February, excluding this year.

Meanwhile, he also reiterated that the bull market that began in October 2022 was still active.

He underscored that the S&P 500 has been higher in a post-election year in nine of the past 10 cycles, going back 40 years to 1985.

“Strength now is normal, it is next year you need to worry about,” he added.

He also highlighted that the market rebounded from April lows to turn positive for the year by the end of July for the first time since 2009.

“With a day to go until the official midpoint of ’25, the S&P 500 is up 5% YTD,” he said.

Ed Yardeni of Yardeni Research highlighted that tariff delays and AI spending have propelled the S&P 500 index to new highs.

“Trump started to moderate his stance on tariffs on April 9, and AI companies reiterated their commitment to spend tens of billions of dollars on AI capital investments during April’s Q1 earnings season. Also boosting the S&P 500 is the record high in S&P 500 forward earnings,” he stated.

See Also: How to Trade Futures

Upcoming Economic Data

Here’s what investors will keep an eye on this week:

• On Monday, June’s Chicago Business Barometer (PMI) will be released by 9:45 a.m. ET.
• On Tuesday, June’s S&P final U.S. manufacturing PMI will be out by 9:45 a.m., and May’s construction spending and job openings data will be released by 10:00 a.m. ET.
• June’s ISM manufacturing data will be out by 10:00 a.m., whereas auto sales data will also be released on Tuesday.
• On Wednesday, June’s ADP employment data will be out by 8:15 a.m. ET.
• On Thursday, initial jobless claims data for the week ended June 28, along with June’s employment, unemployment, hourly wages, and May’s trade deficit data, will all be out by 8:30 a.m. ET.
• June’s S&P final U.S. services PMI will be released by 9:45 a.m., whereas ISM services data and May’s factory orders data will be out by 10:00 a.m. ET.
• Markets will be closed on Friday, July 4, for Independence Day.

Stocks In Focus:

• Progress Software Corp. (NASDAQ:PRGS) was up 2.02% in premarket on Monday as analysts expect it to report quarterly earnings of $1.30 per share on revenue of $237.52 million after the closing bell.
• Quantum Corp. (NASDAQ:QMCO) rose 1.99% as analysts expect it to report a loss of $1.17 per share on revenue of $65.95 million, after the closing bell.
• Venus Concept Inc. (NASDAQ:VERO) jumped 37.61% in premarket after Madryn Asset Management increased its stake in the company to 85.5%.
• IGC Pharma Inc. (NYSE:IGC) gained 3.46% in premarket after reporting a quarterly loss of 1 cent per share, versus market estimates of a loss of 2 cents per share. The company reported quarterly sales of $330,000, which beat the analyst consensus estimate of $305,000.
• Klotho Neurosciences Inc. (NASDAQ:KLTO) surged 29.26% in premarket after announcing progress in manufacturing its investigational ALS gene therapy. The therapy utilizes a unique RNA splice variant of the human alpha-Klotho gene, licensed from the Autonomous University of Barcelona.
• Globavend Holdings Ltd. (NASDAQ:GVH) climbed 15.11% after partnering with global online beauty retailer Strawberrynet to target Australia’s $8.7 billion cosmetics market, aiming to boost premium beauty product accessibility and expand Globavend’s e-commerce logistics.
• Perfect Moment Ltd. (NYSE:PMNT) zoomed 16.89% after announcing that it intends to offer to sell shares of its common stock in an underwritten public offering. All of the shares of common stock are to be sold by the Company.
• Genius Group Ltd. (NYSE:GNS) advanced 13.71% after announcing its Board’s plan to distribute proceeds from any future legal victories equally between shareholders and the purchase of Bitcoin for its treasury.

Commodities, Gold, And Global Equity Markets:

Crude oil futures were trading lower in the early New York session by 0.03% to hover around $65.50 per barrel.

Gold Spot US Dollar rose 0.37% to hover around $3,286.47 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was lower by 0.21% at the 97.1950 level.

Asian markets ended higher on Monday, except Hong Kong's Hang Seng and India's S&P BSE Sensex indices. Japan's Nikkei 225, Australia's ASX 200, China’s CSI 300, and South Korea's Kospi indices rose. European markets were lower in early trade.

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