Trump’s tax bill, Vietnam trade deal, Microsoft layoffs: Live Updates
The S&P 500 hits another record as President Donald Trump announced a trade deal with Vietnam. Separately, his ‘big beautiful bill’ advanced in the Senate. Microsoft is laying off thousands and ADP’s private payroll report shows job cuts. FOX Business providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks were mostly higher on Wednesday as investors eye trade and the June jobs report.
The Dow Jones Industrial Average closed down 10.52 points, or 0.02%, while the S&P 500 and Nasdaq Composite gained 0.47% and 0.94%, respectively. The S&P 500 hit a new record high.
President Donald Trump announced a trade deal with Vietnam on Wednesday in advance of the deadline, which would leave tariffs on Vietnamese goods at 20%, down from the 46% in Trump's "Liberation Day" announcement, which was the highest rate applied to significant U.S. trading partners due to Vietnam's export-heavy economy.
Investors are also watching the Labor Department's nonfarm payrolls report, which is due on Friday morning. The government data is expected to show an increase of 110,000 positions, below the 139,000 reported in May.
The data comes on the heels of the ADP's private payrolls data, released on Wednesday morning, which showed companies in the private sector unexpectedly lost 33,000 jobs in June. Economists forecast a gain of 95,000 jobs.
The ADP report and government's data can differ notably.
ADP's private payrolls report showed a surprise number of jobs lost last month.
The data comes ahead of Thursday's government report which comes a day early due to the July 4th holiday when financial markets are closed.
Economists predict that 110,000 positions were created, with the unemployment rate ticking higher to 4.3% vs. 4.2%, according to Trading Economics.
The U.S. Capitol building. (iStock)
The Senate-passed version of the Republicans' One Big Beautiful Bill Act that's now under consideration by the House would speed up the insolvency of the trust funds that help finance Social Security and Medicare, according to a new analysis.
Last month, the trustees of the Social Security and Medicare trust funds released a report showing the trust funds are on pace to be depleted in less than a decade, at which time automatic benefit cuts would occur.
Under current law, Social Security's Old-Age and Survivors Insurance trust fund is on track to be depleted in 2033, while the Disability Insurance trust fund will be funded through at least 2099. If those were combined into a single trust fund, it would be depleted in 2034, when benefits would be cut by 19%. Medicare's Hospital Insurance trust fund is on pace to be depleted in 2033, causing an 11% benefit cut.
The nonpartisan Committee for a Responsible Federal Budget (CRFB) estimated that the One Big Beautiful Bill Act's tax policy changes would result in those depletion dates moving up from early 2033 to late 2032 for Social Security's Old-Age and Survivors Insurance trust fund and from late 2033 to mid-2032 for Medicare's Hospital Insurance trust fund.
This is an excerpt from an article by FOX Business' Eric Revell
| Symbol | Price | Change | %Change |
|---|---|---|---|
| PARA | $12.89 | -0.27 | -2.05 |
Paramount Global co-CEO George Cheeks explained why the media giant decided to settle President Donald Trump’s "election interference" lawsuit.
The U.S. Capitol building
With the help of JD Vance and his tie-breaking vote, Senate Republicans narrowly passed their version of the "One Big Beautiful Bill Act" on Tuesday. It is projected to increase budget deficits by roughly $4 trillion over the next decade.
An analysis by the Committee for a Responsible Federal Budget (CRFB) using data from the nonpartisan Congressional Budget Office (CBO) found that the GOP package of tax cuts and spending would increase budget deficits by over $3.4 trillion from fiscal year 2025 to 2034.
After accounting for additional interest costs incurred through servicing a larger national debt, that figure would rise by about $700 billion over 10 years, raising total deficits to $4 trillion over the next decade.
Certain provisions in the legislation are scheduled to sunset to comply with congressional rules constraining the amount that deficits can increase under bills using the budget reconciliation process. If those temporary provisions were to be made permanent, deficits over the next 10 years would reach $5.5 trillion.
This is an excerpt from an article by FOX Business' Eric Revell
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLK | $253.11 | 2.14 | 0.85 |
| XLB | $90.88 | 0.80 | 0.89 |
| XLV | $135.48 | -1.23 | -0.90 |
| XLF | $52.47 | -0.20 | -0.37 |
The S&P 500 is on pace for its sixth record close of 2025. The broadest measure of the U.S. stock market is being powered higher by tech and material stocks, while financials and healthcare are lagging.
For the year, the benchmark has gained over 5%.
Microsoft is culling another round of workers in efforts to get leaner. Shares are little changed and have advanced over 16% this year.
President Donald Trump has sealed a trade deal with Vietnam saying there is now a "great deal of cooperation between the two countries."
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