The U.S.-EU trade deal sent the euro and German stocks tumbling, while the S&P 500 and Nasdaq hit new highs on tech earnings optimism. Oppenheimer Asset Management raised its S&P 500 year-end target to 7,100. EU critics say the trade deal favors the U.S. with higher tariffs and investment commitments.

As the U.S. stock rally hinges on tech giants, concerns grow about the market’s dependence on a small group of companies. The ‘Mag 7’ tech firms dominate earnings growth, raising questions about market health. Signs of broadening beyond tech names emerge, but debate continues on market concentration.

The U.S. Treasury expects to borrow $1.007 trillion in Q3, doubling the April estimate due to cash flow projections. Attention shifts to trade talks in Stockholm, aiming to extend a tariff truce. Market movers this week include top-tier earnings, policy meetings, and upcoming inflation and employment reports.

Read more at Yahoo Finance: Trading Day: Fading trade deal relief?