As trade negotiations intensify ahead of the July 9 deadline and the Senate continues discussions on the Big and Beautiful Act, the S&P 500 closed at a record high on Friday, with the Nasdaq also reaching an all-time high. Cryptocurrencies rallied broadly, with Bitcoin climbing back to $108,000 and Ethereum surpassing $2,500.

Tariff Agreement Gains Momentum

In April, President Trump announced a three-month suspension of tariffs on dozens of trading partner countries, boosting Asian markets hardest hit by tariffs. However, with the July 9 deadline approaching, Treasury Secretary Bessent hinted at potential extensions for some agreements.

Insiders say India’s trade team has extended its stay in Washington to resolve differences, aiming to finalize an agreement before the deadline. European Commission President von der Leyen told EU leaders in a closed-door meeting that she is confident a deal can be reached by the deadline. Additionally, China has confirmed details of a trade framework agreement with Washington.

Big and Beautiful Bill Voting Continues Through Monday

Negotiations surrounding President Trump’s Big and Beautiful tax cut bill persist, with Republicans working to persuade opponents to support the measure. Voting is expected to continue through Monday. The bill is estimated to increase the U.S. deficit by nearly $3.3 trillion over the next decade.

Consumer Confidence Rises, Inflation Slightly Above Expectations

On the economic front, consumer confidence surged to a four-month high, with inflation expectations significantly improving. Data showed that while the core Personal Consumption Expenditures (PCE) price index rose slightly above expectations, the increase aligns with limited price pressures, allowing the Federal Reserve to consider rate cuts later this year.

Economic data released on Friday indicated stronger-than-expected inflation, halting the rally in U.S. Treasuries. Money markets continue to anticipate at least two Fed rate cuts by year-end. If Thursday’s jobs report underperforms, bets on a third rate cut could strengthen.

Bitcoin Hits $108K, Ethereum Tops $2,500

Cryptocurrencies Rally, Bitcoin Hits $108K, Ethereum Tops $2,500

Ripple has dropped its cross-appeal against the SEC, accepting a $125 million fine while a permanent injunction remains in effect. Ripple Labs CEO Brad Garlinghouse announced on social media that Ripple is closing this chapter and moving forward. XRP’s legal status as a non-security remains unchanged, with its price rising over 10% in the past seven days.

Solana, buoyed by the potential launch of a spot staking ETF, reclaimed $150, with a 7-day gain of approximately 15%.

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