U.S. stock futures are higher as investors look to Congress’ attempt to pass the One Big Beautiful Bill by the end of the week.
Over the weekend, the Senate narrowly cleared a key procedural step to advance the mega tax bill. However, it still has a way to go to get through the Senate and to a House vote. Not all Republican senators are on board, and with such a slim majority, the bill will need almost every vote to pass.
AT 6 a.m. ET, futures linked to the blue-chip Dow added 0.43%, while S&P 500 futures rose 0.37% and Nasdaq futures added 0.59%.
The S&P 500 and Nasdaq are looking to extend gains from record highs scored at the end of the week to close the month strong. The S&P 500 is starting the week up 4.4% on the month, just lagging the Nasdaq’s 6.1% gain in June. The Dow has added about 3.7% this month so far.
Trade progress
Investors initially cheered last week a breakthrough in trade talks with China. China agreed to approve export applications for rare earths to the U.S. Rare earths had been a sticking point between the two countries. China controls 90% of the world’s most powerful rare-earth magnets, and Ford Motor recently had to curtail some production due to a magnet shortage.
They also were relieved after the Trump administration signaled President Donald Trump’s self-imposed July 9 deadline for countries to sign trade deals or face higher tariffs could be extended. If Trump extends the deadline, it could delay the inflation hike many economists are predicting would come with high tariffs.
However, investors were reminded quickly that risks remain after Trump abruptly terminated talks with Canada over Canada’s digital services tax. Trump said he would announce new tariffs on Canada within days. Canada is the U.S.’ largest trading partners.
Stocks initially fell on the Canada trade news, but it wasn’t enough to push down stocks last week.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
This article originally appeared on USA TODAY: US stock futures higher head of Senate vote on Trump bill
