Stock market today: S&P 500, Nasdaq eke out records as markets kick off huge week for US economy

US stocks were little changed on Monday but the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) managed to close above the flatline to notch fresh record closes. The Dow Jones Industrial Average (^DJI) slipped 0.2%.

Investors await a big week, with more Big Tech earnings on tap, the Fed’s two-day policy meeting, and a jobs report on Friday.

Meanwhile trade optimism grew after the US and EU announced a tariff agreement on Sunday, ahead of an August 1 deadline for a swath of US trading partners.

Spirit Airlines on Monday confirmed it will furlough about 270 pilots and demote another 140 in an attempt to cut costs and rightsize.

The airline told Reuters that the furloughs will go into effect on Nov. 1. Shares of Spirit Holdings (FLYY) stock dropped 2%.

The announcement comes after the airline emerged from bankruptcy following failed merger attempts.

The S&P 500 (^GSPC) was on pace to snap a 5 day consecutive record win streak on Monday. With roughly one hour left of trading, the broad-based index was down more than 0.1%.

The Nasdaq Composite (^IXIC), however, was on track to post its fourth consecutive all-time high record close as investors await more Big Tech earnings this week. Meanwhile, the Dow Jones Industrial Average (^DJI) declined roughly 0.3%.

Stocks were mixed on Monday after the US clinched a trade deal with the EU, and investor optimism grew over an eventual agreement with China.

Oil prices jumped Monday after President Trump shortened a timeline on Russia to end the war with Ukraine, and a US-EU trade deal spurred optimism over demand.

West Texas Intermediate (CL=F) climbed 1.9% to trade above $66 per barrel, and Brent (BZ=F) crude, the international benchmark price, rose to nearly $69 per barrel.

The trade accord between the European Union and the US, announced on Sunday, includes $750 billion in EU purchases of American oil and natural gas.

Liquified natural gas producers like Cheniere Energy (LNG), NextDecade (NEXT), and Venture Global (VG) all jumped. The 15% tariff deal on US imports from the EU fueled optimism over an eventual agreement with, China as US and Chinese trade negotiators meet this week.

Meanwhile on Monday, president Trump said he is shortening a timeline on Russia for a ceasefire deal with Ukraine, from 50 days, to less than two weeks — spurring concerns of a supply shock if the US implements ‘secondary tariffs’ on Russian oil and Moscow’s trading partners.

Yahoo Finance’s Ben Werchskul reports:

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Yahoo Finance’s Pras Subramanian reports:

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Shares of crypto exchange platform Coinbase (COIN) fell 3.6% Monday as Monness Crespi Hardt analyst Gus Galá downgraded the stock to Neutral from his prior Buy rating, citing lower crypto trading volumes in the second quarter of 2025.

Galá wrote that crypto exchange volumes tracked by his firm were down 2% in the quarter from the prior year. That’s in contrast to the 16% year over year increase in trading volumes in the first quarter.

He estimated trading volumes on Coinbase, which garners revenue by charging fees for trades on its platform, grew 6% in the second quarter, higher than Wall Street’s estimate of 19%.

Galá said Coinbase reporting trading volumes below expectations during its second quarter results set for Thursday could “cast a negative shadow on shares.”

Chip stocks climbed Monday after the US and EU reached a trade agreement and a report said China and the US would likely extend their tariff truce by an additional three months.

Nvidia (NVDA) rose nearly 1%, while rival AI chipmaker Advanced Micro Devices (AMD) climbed more than 4%. British chip designer Arm (ARM) and Dutch chipmaking machine producer ASML (ASML) gained 1.1% and 2.8%, respectively. Server maker Super Micro Computer (SMCI) spiked over 6%.

Also on Monday, Samsung (005930.KS) reached a $16.5 billion deal to supply Tesla (TSLA) with AI chips.

Strategy (MSTR) stock rose nearly 1% Monday, with the software firm turned crypto giant set to report quarterly earnings results Thursday after the market close.

The stock’s climb also comes as Strategy reported in a filing to the US Securities and Exchange Commission Monday that it made no bitcoin purchases last week. That’s after the firm — the world’s largest corporate holder of bitcoin — earlier this month reported buying 10,445 bitcoins for over $1 billion.

Strategy has spent $43.6 billion to purchase more than 607,000 bitcoins since 2020, when it adopted its crypto strategy. Shares have risen roughly 3,400% over the past five years. Critics have argued that the company is overvalued because it trades at a premium to its underlying asset (bitcoin).

Last week, Strategy also said it expects to raise roughly $2.5 billion by issuing preferred stock expected to trade on the Nasdaq under the ticker STRC.

Liquified natural gas (LNG) stocks led gains for US energy names on the heels of the US-European Union trade deal.

The EU promised to make $750 billion in purchases of US fuel — covering oil, nuclear, and LNG energy — under the transatlantic trade framework agreed at the weekend.

LNG exporters should get a boost from the strategic purchases, analysts believe, as demand from Europe expands.

Shares of the biggest US LNG exporter Cheniere Energy (LNG) rose about 3% in early regular trading on Monday, but was losing steam after popping in premarket. LNG terminal developer NextDecade (NEXT) traded about 1% higher, while Gulf Coast supplier Venture Global (VG) was up about 3% at last check.

Oilprice reports:

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The high-water mark for Wall Street’s S&P 500 (^GSPC) targets has moved up amid the market rally, Yahoo Finance’s Josh Schafer reports.

Schafer writes:

Read the full story here.

Stocks moved mostly higher Monday at the open as investors digested the US-EU trade deal and anticipated a major week of economic data, earnings results, and a Fed meeting.

The S&P 500 (^GSPC) rose about 0.2%, while the Nasdaq Composite (^IXIC) gained around 0.4%, with quarterly reports on deck this week from Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).

The Dow Jones Industrial Average (^DJI) floated below the flat line, with stocks reversing earlier premarket gains.

Nike stock (NKE) jumped 4% in premarket trading Monday after JPMorgan upgraded shares from Neutral to Outperform.

JPMorgan analyst Matthew Boss raised his price target on the stock to $93 from $64 previously, writing that he sees revenue growth reaccelerating in the second half of 2026 and 2027.

Year to date, Nike stock is up less than 1%, versus an 8% gain for the S&P 500 (^GSPC).

President Trump and others in the White House have hammered Jerome Powell for months over the Federal Reserve Chair’s wait-and-see stance on easing interest rates.

That means Trump should loom large over the Fed’s policy meeting this week, even if policymakers do what the market expects and keep rates unchanged.

Yahoo Finance’s Jennifer Schonberger reports:

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As Americans use their health insurance more and the cost of care increases, insurance companies have seen their financial results come under pressure.

Yahoo Finance’s Jake Conley reports:

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The US dollar index (DX-Y.NYB) rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16.

While the framework’s added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade.

Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade.

The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It’s the latest sign of ethereum’s move out of bitcoin’s shadow and into mainstream adoption.

Yahoo Finance’s Nina Moothedath reports:

Here’s what to know about ethereum and what sets it apart from other blockchains.

Semiconductor play ASML (ASML, ASML.AS) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal.

Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.)

Here’s what JP Morgan had to say this morning:

The impact of President Trump’s policies on the economy is about to get a lot clearer.

Yahoo Finance’s Josh Schafer takes a look at what to expect this week and why it matters:

Read more here.