Last week, the S&P 500 index rose 3.4% to new highs, led by the communication services and technology sectors.
The index ended Friday’s session at a record closing high of 6,173.10. The market benchmark also recorded a fresh intraday high during Friday’s session at 6,187.68. With just one trading session remaining in June, the index is now up 4.4% for the month and 5% for the year.
The gains came as the U.S. and China confirmed details of a trade framework that would allow exports of rare earths and easy technology curbs. Under the agreement, Beijing will reportedly review and approve export applications for items subject to export control rules, while Washington will cancel various restrictive measures against China.
The U.S. is also hopeful of wrapping trade discussions with more than 12 countries by the start of September, The Wall Street Journal reported on Friday, citing Treasury Secretary Scott Bessent.
Stocks still pared some of their gains Friday afternoon after President Donald Trump said the country was terminating trade discussions with Canada.
Communication services had the largest weekly increase, up 6.2%, followed by a 4.7% climb in technology and a 4.4% rise in consumer discretionary. Financials, industrials, materials, health care, utilities and consumer staples also edged higher.
Just two sectors were in the red for the week: Energy fell 3.5% and real estate shed 0.8%.
This week is an abbreviated trading week, with the U.S. stock market closing several hours early Thursday and remaining closed on Friday for Independence Day. However, investors will be watching closely on Thursday as the Labor Department releases its June employment report. Other data will include May construction spending on Tuesday and May factory orders on Thursday.
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