NEW YORK (Gray Media) – The stock market opened Monday for the first time since President Donald Trump announced a trade deal with the European Union Sunday. In a crucial week for the U.S. economy, Wall Street reacted in mixed fashion to President Trump’s deal with the European Union, just five days before steep tariffs were set to go into effect on one of the United States’ most valuable trading partners.
The deal calls for $750 billion worth of U.S. energy exports to the EU, $600 billion worth of EU investment inside the United States, and a 15 percent tariff on EU goods coming to the U.S. The announcement did not move traders dramatically with the NASDAQ and S&P 500 finishing slightly above where they started Monday and the Dow Jones closing slightly in the red.
Significant market movement is expected this week with President Trump’s August 1 tariff deadline looming for most other countries barring last minute deals. The deal with the EU was one of the most important of the few that have been signed.
Also on the horizon for traders is a Federal Reserve meeting Tuesday to discuss interest rates. Wednesday Americans will get their first glimpse of second quarter GDP numbers. And in addition to the tariff deadline Friday, the July jobs report is also expected to be released.
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