The Day Ahead: Markets Push Higher Today with Record Highs, Trump Bill in Focus

Market Overview

U.S. equity futures are higher pre-market as traders look to extend June’s rally into the final session of the month. S&P 500 Index futures are up 0.4%, Nasdaq 100 Index futures add 0.55%, and Dow Jones Index futures advance 0.57% (+253 pts).

The S&P 500 and Nasdaq closed at fresh record highs Friday as trade optimism and resilient risk appetite continue to drive price action, overriding geopolitical and tariff-related concerns.

Today’s trade will center on Senate progress on President Trump’s “one, big, beautiful” bill and ongoing U.S.-China trade framework signals as traders navigate potential near-term volatility into quarter-end.

Key Economic Releases

• Chicago PMI (June) at 13:45 GMT (9:45 am ET)
  • Forecast: 42.7, Previous: 40.5
  • Traders will watch for any upside surprise as a potential signal of stabilization in regional manufacturing, influencing rate cut expectations and risk appetite.
• Atlanta Fed President Bostic speaks at 14:00 GMT (10:00 am ET).
• Chicago Fed President Goolsbee speaks at 17:00 GMT (1:00 pm ET).

Market focus will be on whether Bostic or Goolsbee signal shifts in the Fed’s posture on rate cuts amid resilient equity momentum.

Notable Earnings

• Progress Software (PRGS) reports after the close, expected EPS $1.30. While not market-moving alone, traders will parse AI and enterprise software commentary for sector sentiment.

Commodities, Crypto, and Bonds

Gold is rebounding, up 0.3% to $3,281.65, supported by a weaker dollar (-0.2%) and calmer trade conditions. The $3,250 level remains key support, with a break lower risking a test of $3,200.

Crude oil is lower by ~1% (Brent $67.11, WTI $64.58) amid easing Middle East risks and expectations for an OPEC+ production increase in August, shifting supply outlooks and weighing on the prior risk premium.

Technical Outlook

S&P 500 Index Futures

Currently at 6,245.75 (+0.35%), testing 6,288.75 resistance. Key supports sit at 6,127.00 and 5,959.00, with the 50-day SMA at 5,893.3 and the 200-day SMA at 5,974.14 providing a strong rising structure.

Nasdaq 100 Index Futures

Trading at 22,859.50 (+0.47%), near 22,873.25 resistance. Supports are at 22,322.50 and 21,566.75, with the 50-day SMA at 21,185.7 and 200-day SMA at 21,203.89 reinforcing the uptrend.

Dow Jones Index Futures

Last at 44,378 (+0.57%), moving toward 46,326 resistance. Supports align at 43,516 and 42,088, with the 50-day SMA at 42,226.6 and 200-day SMA at 43,482 underpinning the advance.

Outlook

The pre-market tone remains constructive, driven by strong technical momentum, easing trade tensions, and positive Q2 earnings guidance breadth.

Traders will watch the Chicago PMI for signs of improvement, Senate developments on the Trump-backed bill, and Fed speakers for near-term catalysts.

Indices are testing key resistance levels while maintaining higher lows, positioning the market for a potentially active session as Q2 closes.

More Information in our Economic Calendar.