S&P 500, Nasdaq eke out records as markets kick off huge week for US economy

US stocks eked out records Monday in relatively muted trading session as the US and European Union struck a trade pact. The market action kicked off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals.

The S&P 500 rose just above the flatline to post a sixth consecutive day of record closes. The tech-heavy Nasdaq Composite put on about 0.3% to notch another record after both indexes closed out Friday at fresh record highs. The Dow Jones Industrial Average slipped 0.2%.

The US and EU agreed to the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact “the biggest of them all,” while EU leaders offered a decidedly mixed assessment.

At the same time, hopes are rising for US-China talks in Stockholm, which could reportedly extend the existing tariff truce by three months beyond its current Aug. 12 deadline.