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Stocks Hold at Record, Dollar Jumps on Trade Hopes | Closing Bell Analysis
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July 28, 2025
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9:39Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
Wall Street traders kept stocks at record highs while the dollar climbed the most since May as a tariff deal between President Donald Trump and the European Union bolstered hopes for an extension of a China trade truce. Bonds edged lower.
The start of a week that will set the tone for the rest of the year in markets saw a dollar gauge up nearly 1%. The euro slid the most in over two months. The S&P 500 briefly topped 6,400 to close little changed. Treasuries barely budged amid mixed results from US debt sales. Oil rose as Trump said he’d shorten his timeline for Russia to reach a truce with Ukraine.
In the run-up to the Aug. 1 US tariff deadline, traders will go through a raft of key data from jobs to inflation and economic activity. The big event comes Wednesday, when the Federal Reserve is expected to keep rates unchanged. Then there’s a string of big-tech earnings, with four megacaps worth a combined $11.3 trillion reporting results.
US and Chinese officials finished the first of two days of talks aimed at extending their tariff truce beyond a mid-August deadline and hashing out ways to maintain trade ties while safeguarding economic security. Canada Prime Minister Mark Carney said his government is still deep in trade talks with the Trump administration.
The Treasury jacked up its estimate for federal borrowing for the current quarter to $1 trillion, mainly due to distortions from the debt limit. On Wednesday, the department will announce its plans for note and bond sales over coming months — which dealers widely see as staying unchanged.
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