Stocks and dollar dip as Trump sets trade deal deadline, market down

Stocks slipped on Friday as U.S. President Donald Trump passed his tax cut bill and set a July 9 deadline for trade deals. The dollar also fell, with U.S. markets closed for the holiday week. The STOXX 600 index dropped 0.5%, while S&P 500 futures were down 0.6%. Investors await trade deal news.

Trump announced tariff letters to countries, shifting from individual deals before July 9. Analysts worry about trade deals affecting equity markets in Asia. A strong U.S. jobs report boosted U.S. equity indexes. The House narrowly approved Trump’s bill, adding trillions to the national debt for border security and military spending.

Asia focuses on trade deals with the U.S., with Vietnam, China, and Britain having agreements. Progress with Japan and South Korea is uncertain. The U.S. dollar index had its worst first half since 1973. The euro rose, while sterling stabilized. Treasury bond yields increased, and gold prices rose on fiscal concerns and tariffs.

Brent crude futures fell to $68.23, and U.S. West Texas Intermediate crude dropped to $66.34 as Iran reaffirmed its commitment to nuclear non-proliferation. Gold prices rose as investors sought refuge in safe-haven assets. U.S. markets were closed for the holiday.

Read more at Yahoo Finance: Stocks, dollar dip as Trump passes spending bill, trade deal deadline nears