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US Supreme Court says Trump is immune from ‘official acts’; Boeing will plead guilty to fraud or face criminal trial
The U.S. closed higher in the first session of the second half of the year, even as Treasury yields hit multi-week highs.
Strong gains in the technology sector helped the benchmark S&P 500 add 0.3 percent, even as nearly three-quarters of the index’s constituents declined on the day. The Nasdaq Composite rose 0.8 percent, with all of the Magnificent Seven technology groups finishing higher.
Treasuries sold off as traders weighed the increased chances of Donald Trump being elected U.S. president later this year. The yield on the 10-year note jumped 0.14 percentage points to 4.48 percent, its highest level in a month.
“There are several investment implications of Trump returning to the White House,” said Jack Ablin, chief investment officer at Cresset Capital.[Most notable would be] a higher Fed for longer as policymakers increase the likelihood that corporate tax cuts will be extended next year.”
Meanwhile, oil prices rose for a fourth straight session, with international benchmark Brent crude closing 1.9% higher at $86.60 a barrel.