- Thomson Reuters
Stocks jumped Monday after the US and Mexico settled a key trade dispute surrounding a modernized NAFTA. The dollar fell, and Treasury yields jumped.
Here’s the scoreboard:
Dow Jones industrial average: 26,055.03 +264.68 (+1.03%)
S&P 500: 2,895.98 +21.29 (+0.74%)
Nasdaq Composite: 8,017.40 +71.43 (+0.90%)
- The US and Mexico reached a preliminary trade deal that he signaled could overhaul NAFTA. Trump claimed a new agreement would be called the “United States-Mexico Trade Agreement” and threatened to hit Canada with auto tariffs if it did not join the two countries. But President Enrique Peña Nieto pushed back on threats to exclude Canada, which is expected to begin talks with administration officials right away.
- The Trump administration held a final round of hearings on proposed 25% tariffs targeting an additional $200 billion worth of Chinese imports. Companies testified last week that another tranche of tariffs, which would almost certainly include more consumer products than the last, would raise costs and reduce access to foreign markets.
- In efforts to make up for losses from Trump’s tariffs, the Department of Agriculture said it would pay farmers up to $4.7 billion in taxpayer funds. Soybean farmers – who have seen their biggest market compromised in the US-China trade war – are poised to get a majority of the payout at up to $3.6 billion, the Wall Street Journal first reported.
- Volkswagen only recently started taking steps to prevent an incident like its 2015 emissions scandal, a Justice Department-appointed lawyer said in a report.Larry Thompson, assigned to monitor the German carmakerfollowing its civil settlement with the US, cited a lack of transparency from the company after it rigged its cars to cheat emissions tests.
And a look at the upcoming economic calendar:
- Consumer spending numbers and GDP revisions are out in the US.