Stocks rise, euro slides after US-EU trade deal

Wall Street equities rose slightly while European stock indexes turned lower and the euro took a tumble on Monday as investors greeted a trade agreement between the US and European Union with cautious relief at the start of an action-packed week for markets.

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The weekend's framework trade deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will impose a 15% import tariff on most EU goods and see the EU spend $600 billion on US investments while opening up some important parts of its market.

While the accord may avert a damaging standoff between the trading partners, which account for almost a third of global trade, some European capitals complained it was lopsided in favor of Washington.

Monday's modest equity reaction followed a series of record highs for the S&P 500 and Nasdaq, thanks to solid quarterly earnings so far, bets on megacaps and artificial intelligence stocks as well as optimism that the US would ultimately reach agreements with its trading partners.