U.S. stock futures are on the rise after the S&P 500 and Nasdaq hit record highs last Friday. Optimism surrounding trade deals is fueling this surge, with futures for the S&P 500, Nasdaq, and Dow Jones Industrial Average up by 0.4%, 0.6%, and 0.6%, respectively. Bitcoin is also experiencing a slight increase, hovering around $108,000. Meanwhile, the 10-year Treasury note yield and oil futures are slightly down, while gold futures are showing a slight uptick.
Canada has decided to retract its digital services tax that targeted U.S. tech companies, aiming to reignite trade discussions between Washington and Ottawa. This move comes after U.S. President Donald Trump halted trade talks last Friday due to Canada’s implementation of a 3% tax on revenue from tech firms providing digital services to domestic users, which was set to commence on Monday.
Today, the Republican-controlled Senate is set to deliberate on the revised version of President Trump’s significant tax and spending bill, ahead of the looming July 4 deadline. The bill, dubbed the “One Big Beautiful Bill,” was advanced by the Senate in a 51-49 vote on Saturday. Notably, billionaire Elon Musk has expressed strong opposition to the bill, warning that it could result in the loss of millions of American jobs and strategic setbacks for the country.
President Trump has revealed that a consortium of “very wealthy people” is prepared to acquire TikTok, with their identities to be disclosed in approximately two weeks. Trump emphasized the necessity of China’s approval for the deal, expressing confidence that Chinese President Xi Jinping would greenlight the sale. Earlier this month, Trump signed an executive order granting TikTok an additional 90 days to secure a sale or face a ban in the U.S.
Lululemon Athletica has filed a lawsuit against Costco Wholesale in a California federal court, alleging trademark infringement. The lawsuit accuses Costco of selling apparel that closely resembles designs trademarked by Lululemon. Among the contested products are Kirkland pants and jackets from brands like Danskin, Jockey, Spyder, and Hi-Tec. In premarket trading, Lululemon shares have risen by 0.7%, while Costco’s stock remains relatively stable.
These developments set the stage for a dynamic day in the financial markets, with investors closely monitoring the implications of these key events. Stay tuned for further updates as the day progresses.
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