Stock market today: S&P 500 clears 5th-straight record, Nasdaq hits fresh high as earnings, trade hopes bolster stocks
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Stock market today: S&P 500 clears 5th-straight record, Nasdaq hits fresh high as earnings, trade hopes bolster stocks
US stocks rose Friday, pushing the S&P 500 to its fifth-straight record this week. Earnings and trade optimism boosted investor sentiment, while President Trump eased market nerves by downplaying talk of firing Jerome Powell. But some on Wall Street are questioning whether FOMO — “fear of missing out” — is driving gains, rather than fundamentals. All three major gauges rose more than 1% for the week, with the Nasdaq Composite hitting a new all-time high.
The S&P 500 (^GSPC) rose about 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) advanced nearly 0.3%. The Dow Jones Industrial Average (^DJI) jumped 0.5%. All three major gauges rose more than 1% for the week.
Spirits on Wall Street got a lift this week from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — “fear of missing out” — is driving gains, rather than fundamentals.
Investors may now be locking in profits ahead of a big week bringing the Fed’s two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face “reciprocal” tariff hikes.
Read more: The latest on Trump’s tariffs
But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don’t see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal.
Meanwhile, at home, Trump has downplayed the risk of Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank.
The president visited the Fed’s headquarters on Thursday to tour its $2.5 billion renovation project. During an awkward exchange, Trump criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell. However, Trump indicated he wasn’t considering firing the Fed chair.
Read more: Full earnings coverage in our live blog
LIVE COVERAGE IS OVER
19 updates
Stock market today: S&P 500 clears 5th-straight record, Nasdaq hits fresh high as earnings, trade hopes bolster stocks
US stocks rose Friday, pushing the S&P 500 to its fifth-straight record this week. Earnings and trade optimism boosted investor sentiment, while President Trump eased market nerves by downplaying talk of firing Jerome Powell. But some on Wall Street are questioning whether FOMO — “fear of missing out” — is driving gains, rather than fundamentals. All three major gauges rose more than 1% for the week, with the Nasdaq Composite hitting a new all-time high.
The S&P 500 (^GSPC) rose about 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) advanced nearly 0.3%. The Dow Jones Industrial Average (^DJI) jumped 0.5%. All three major gauges rose more than 1% for the week.
Spirits on Wall Street got a lift this week from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — “fear of missing out” — is driving gains, rather than fundamentals.
Investors may now be locking in profits ahead of a big week bringing the Fed’s two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face “reciprocal” tariff hikes.
Read more: The latest on Trump’s tariffs
But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don’t see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal.
Meanwhile, at home, Trump has downplayed the risk of Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank.
The president visited the Fed’s headquarters on Thursday to tour its $2.5 billion renovation project. During an awkward exchange, Trump criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell. However, Trump indicated he wasn’t considering firing the Fed chair.
Read more: Full earnings coverage in our live blog
LIVE COVERAGE IS OVER
19 updates