S&P 500 Set to Extend Record High

US stock futures rose on Friday, extending this week’s momentum amid optimism of more relaxed trade policy and greater confidence that the Federal Reserve will deliver multiple rate cuts this year. Contracts attached to the S&P 500 and the Nasdaq 100 pointed to opens at record highs, while the Dow was set to gain 150 points. Commerce Secretary Lutnick stated that the US reached a trade agreement with China, consolidating the relief of lower tariffs and preventing rare earth shortages. Officials also hinted at progress in a trade deal with India, suggesting that the White House grew some aversion to trade barriers. In turn, the Treasury removed the Section 899 tax from the upcoming tax bill, aiding foreign investment in the US. On the data front, new releases are set to show that PCE inflation ticked higher in May, while personal income and spending held April’s growth. Nike futures were 10% higher on strong earnings, while tech benefited from the rebound in risk sentiment.