Heard on the Street Recap: Bounce Back
Stocks rallied Monday after selling off on Friday. The Dow Jones Industrials Average rose 585 points, or 1.3%, while the S&P 500 gained 1.5%. Investors appear to be betting on interest-rate cuts coming soon from the Federal Reserve. The odds of a rate cut in September as implied by futures markets rose to 92% from 80% on Friday, according to the CME FedWatch tool.
A new trade deadline looms on Thursday when tariffs will rise on Switzerland. The Swiss government signaled it is prepared to make trade concessions to the U.S. The threatened 39% rate would be the highest imposed on any rich economy, threatening the country's pharmaceutical, food and watchmaking sectors. Shares in Swatch Group fell 2.3%.
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