NEW YORK MARKET CLOSE: Shares green as tech flirts with record highs

(Alliance News) - The S&P 500 closed at a record high on Monday as US Republican's push to pass President Trump's "big, beautiful" tax bill, while trade negotiations will Canada are back underway as the July 9 tariff-pause deadline looms.

On Wall Street, the Dow Jones Industrial Average ended up 275.50 points, 0.6%, at 44,094.77. The S&P 500 rose 31.88 points, 0.5%, to 6,204.95. The Nasdaq Composite closed up 96.28 points, 0.5%, at 20,369.73.

Leading the charge on Monday, Meta shares closed up 0.6% after reaching an all-time high of USD747.40 earlier in the session.

The company has announced a major restructuring of its artificial intelligence business, including a commitment to develop AI "superintelligence," or systems that can complete tasks at or above human level, Bloomberg reported on Monday.

In a note to employees, Chief Executive Officer Mark Zuckerberg said the company's efforts will be wrapped into a new group called Meta Superintelligence Labs.

The unit will be led by Alexandr Wang, former CEO of start-up Scale AI, in which Meta acquired a 49% stake earlier this month.

He'll be joined by former GitHub CEO Nat Friedman, who will serve as co-lead.

Meta was joined by Nvidia and Broadcom, which too came off record highs on Monday. Nvidia closed up 0.2% at USD157.99, shy of the USD158.35 it reached at the start of trade.

Broadcom ended 2.3% higher. It reached a record USD276.51 in early trading.

US Senators met on Monday afternoon in a so-called "vote-a-rama" during which amendments will be proposed to President Trump's tax bill.

The Republican caucus can allow only one further dissenting vote if it hopes to send the bill to the House of Representatives, where it is likely to face stiff opposition.

The bill was passed by the House in late May before moving to the Senate, where it underwent significant changes.

"We need the full weight of the Republican conference to get behind this bill and we expect them to, and we are confident that they will," said White House Press Secretary Karoline Leavitt.

Lawmakers have sought to approve the plan by the July 4 holiday this Friday. Alongside the tariff-pause deadline on July 9 and nonfarm payrolls on Thursday, analysts at Brown Brothers Harriman said "heightened volatility across most global markets," should be expected, seeing "lots of trade headlines this week, both good and bad."

Citi expects growth in nonfarm payrolls to slow to 85,000 in June from 139,000 in May and sees the unemployment rate increasing to 4.4% from 4.2%.

Veronica Clark at Citi explained there have been building signs over the last two months that an already-fragile labour market, defined by low hiring but also low firing, has been weakening further.

Clark expects this to become even more evident in the June jobs report with payroll job growth slowing and the unemployment rate rising.

She sees this as one, of two, crucial data releases before the July Federal Open Market Committee meeting, the next being June CPI released on July 15.

"We expect June jobs data will be an additional step in solidifying a clearer dovish pivot from Fed officials at the July meeting, with rate cuts resuming in September in our base case," Clark said.

In a win for President Trump, Canada announced late Sunday that it would rescind taxes on US technology firms and said trade negotiations with Washington would resume.

The digital services tax, enacted last year, would have seen US service providers such as Alphabet and Amazon on the hook for a multi-billion-dollar payment in Canada by Monday.

Trump last week said he would halt all negotiations with Canada due to the tax.

Oracle shares climbed 4.0% on Monday after the company said a cloud deal would add more than USD30 billion annually.

Chief Executive Officer Safra Catz is expected to announce details of the transaction at a company meeting later on Monday.

Oracle expects the deal to be revenue accretive beginning in 2028 and to have no impact on 2026 guidance, according to an SEC filing.

Netflix shares ended higher after US space agency NASA said it would begin offering live content on the provider, including rocket launches, spacewalks and views of Earth from space.

"Through this partnership, NASA's work in science and exploration will become even more accessible, allowing the agency to increase engagement with and inspire a global audience in a modern media landscape, where Netflix reaches a global audience of more than 700 million people," the agency said.

Financial details were not disclosed.

Netflix ended up 1.2%.

Late Monday, the US 10-year Treasury was quoted at 4.22%, narrowing from 4.29% on Friday. The yield on the US 30-year Treasury was at 4.78%, narrowing from 4.85%.

The pound traded at USD1.3723 late Monday, up from USD1.3713 at the New York close on Friday. The euro firmed to USD1.1777 from USD1.1713. Against the yen, the dollar was at JPY144.14 compared to JPY144.68 on Friday.

Gold was quoted at USD3,307.71 an ounce late on Monday, up from USD3,274.83 on Friday.

Brent was quoted at USD66.62 a barrel on Monday, up from USD66.47 on Friday. West Texas Intermediate fell to USD64.96 from USD65.14.

In Europe, the FTSE 100 closed down 0.4% in London. The CAC 40 in Paris declined 0.3%. The DAX 40 gave back 0.5% in Frankfurt.

In Asia, the Nikkei 225 rose 0.8% in Tokyo. In China, the Shanghai Composite gained 0.6%. The Hang Seng Index in Hong Kong declined 0.9%. The S&P/ASX 200 ended up 0.3% in Sydney.

Tuesday's global economic calendar has US PMI data, the Redbook index and comments from Federal Reserve governor Lisa Cook.

By Aidan Lane, Alliance News reporter

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