SPX: S&P 500 Futures Rise as Traders Seek More Gains in Packed Short Week. What’s Ahead?

Broad index was up about 0.5% ahead of the opening bell Monday after clocking a record high Friday. Here’s what’s coming in this shortened week.

🚀 S&P 500 Futures Point Higher

• Futures tied to the S&P 500 (SPX) were up about 0.5% Monday morning, showing that money spinners (and you) want to keep the record-breaking momentum alive after the index closed at an all-time high on Friday.
• Dow Jones and Nasdaq futures were also trading in the green ahead of the bell in New York, hinting at a broader and bolder push into risk assets as Wall Street eyes more upside going into the final days of the second quarter.
• A record finish last week added to an already volatile year for US stocks, with traders now focusing on whether the rally has enough fuel to extend deeper into uncharted territory.

🤝 Canada Drops Tech Tax

• One twist driving headlines Monday: Canada has scrapped its digital services tax on tech giants like Meta META and Google parent Alphabet GOOGL, hoping to mend fences and resume trade talks with the US.
• The tax withdrawal is yet to do the trick though — on Friday, President Trump said he would cut off all trade talks with Canada, accusing the country of unfair practices and retaliation.
• Trump also threatened to slap Canada with new tariffs within a week, throwing a wrench into what was expected to be a more diplomatic trade path with one of America’s largest partners.

📝 What’s Coming: Packed Short Week

• Happy end-of-quarter, to all who celebrate — the new week kicks off with plenty to chew on, including fresh commentary from Fed Chair Jay Powell on Tuesday that could help shape the rate cut narrative.
• Also on deck: the ISM Manufacturing PMI, dropping Tuesday, will offer clues on how the factory sector is faring in a flip-floppy trade climate.
• Thursday will bring a rare early close for markets, but not before the big one: the June nonfarm payrolls report, expected to show 120,000 new jobs, down from May’s 139,000, with the unemployment rate ticking up to 4.3% from 4.2%.
• Friday? Markets are closed for July 4th, so expect any market fireworks to spill over into next week’s trading.