S&P 500 Climbs as Trump Targets US Climate Rules

The S&P 500 pushed to fresh highs as global equities remained buoyed by resilient US technology stocks, even as the Trump administration prepared to dismantle key US climate regulations, unsettling ESG-focused investors. The dollar stayed under pressure ahead of a heavy slate of US data, while Fed rate expectations remained anchored to mid-year. European equities were mixed with DAX futures flat, while Japan’s Nikkei surged after the weekend election, lifting broader risk sentiment.

Equities

The FTSE 100 closed modestly higher late on Monday, edging up as strong gains in mining stocks outweighed losses in financials. Precious metals miners listed in London jumped sharply by the close after gold prices pushed above $5,000 an ounce, lifting sentiment across the resources sector. Industrial metal miners also finished higher as copper prices rose. These gains helped steady the index even as domestic political uncertainty limited broader momentum.

Among individual UK stocks, NatWest Group shares dropped almost 6% by the close after the bank agreed to buy wealth manager Evelyn Partners for £2.7 billion including debt. Investors focused on the size of the deal and its potential impact on capital, despite management positioning the acquisition as a strategic expansion of its wealth offering. Greggs shares fell more than 2% on Monday after Jefferies warned that the growing use of GLP-1 weight-loss drugs could reduce demand from some customers, adding pressure to sales growth expectations. The mid-cap FTSE 250 closed firmly higher, reflecting stronger moves in domestically focused and commodity-linked names.

In the United States, Wall Street finished higher late on Monday as technology stocks continued to recover from the sharp sell-off seen the previous week. The S&P 500 closed higher, while the Nasdaq Composite rose more strongly, supported by software and semiconductor stocks. The Dow Jones Industrial Average also closed at a fresh record for a second consecutive session, albeit with a smaller gain.

Oracle shares surged nearly 10% by the close after D.A. Davidson upgraded the stock to “buy”, citing improved growth prospects. Semiconductor names were also higher, with Nvidia closing higher and providing the largest single boost to the S&P 500 as investors continued to position ahead of its upcoming results. In contrast, healthcare lagged. Waters shares plunged almost 14% late on Monday after the company forecast first-quarter profit below market expectations, while Kyndryl collapsed more than 50% after delaying its quarterly filing and flagging material weaknesses in its financial reporting.

Kroger shares closed higher after announcing the appointment of former Walmart executive Greg Foran as chief executive, while Workday finished lower after confirming co-founder Aneel Bhusri would return as CEO.