Wall Street kicked off a pivotal week with the dollar climbing the most since May as a tariff deal between President Donald Trump and the European Union bolstered hopes for an extension of a China trade truce. Stocks wavered near all-time highs. Bonds edged lower. The start of a week that will set the tone for the rest of the year in markets saw a dollar gauge up almost 1%, extending its July rally. The euro slid the most in over two months. The S&P 500 hovered around 6,400, with most shares falling. Treasuries barely budged after a pair of US debt sales. Oil rose as Trump said he’d shorten his timeline for Russia to reach a truce with Ukraine. In the run-up to the Aug. 1 US tariff deadline, traders will go through a raft of key data from jobs to inflation and economic activity. The big event comes Wednesday, when the Federal Reserve is expected to keep rates unchanged. Then there’s a string of big-tech earnings, with four megacaps worth a combined $11.3 trillion reporting results. Nancy Lazar, Chief Economist for Piper Sandler tells Bloomberg Businessweek that consumers spending is going through a soft patch going into the third quarter as businesses try to anticipate tariff cost increases.
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