S&P 500 closes flat as markets weigh EU trade deal

US stock indices closed mixed on Monday, July 28, as markets assessed the trade agreement with the European Union and investors braced for a busy week of corporate earnings, key economic data, and the upcoming Federal Reserve meeting.

At the close of Monday’s session, the Dow Jones Industrial Average slipped by 0.14%, or 64 points, to 44,837 points.

The broader S&P 500 index held steady at 6,389 points, while the tech-heavy Nasdaq Composite rose 0.33%, or 70 points, to 21,178 points — with both indices hitting record intraday highs earlier in the session.

The Stoxx Europe 600 dipped 0.20% to 548 points, weighed down by a 1.75% drop in the auto sector.

Germany’s DAX declined 1% to 23,970 points, France’s CAC 40 fell 0.45% to 7,800 points, and the UK’s FTSE 100 lost 0.45% to settle at 9,081 points.

Japan’s Nikkei 225 retreated 1.10% to 40,998 points after touching 41,534 during the session, while the broader Topix index fell 0.70% to 2,930 points.

Brent crude futures for September delivery rose by 2.34%, or $1.60, to settle at $70.04 a barrel.

US West Texas Intermediate (WTI) crude futures for September delivery also climbed 2.38%, or $1.55, closing at $66.71 a barrel.

August futures for the yellow metal dropped by 0.73%, or $24.40, to settle at $3,311.20 an ounce.

US President Donald Trump announced yesterday a trade agreement with the European Union, under which a 15% tariff will be imposed on the bloc’s exports.

The move eased global trade tensions to some extent while also drawing criticism from several European nations.