The S&P 500 clinched its fifth-straight record close on Friday, as investors digested quarterly earnings and assessed the outlook for more trade deals.
At 4:00 p.m. ET (20:00 GMT), the 30-stock Dow Jones Industrial Average had risen by 208 points, or 0.5%, the benchmark S&P 500 increased 0.4%, and the tech-heavy Nasdaq Composite was up 0.2%.
Almost 83% of the 155 S&P 500 companies that have reported to date beat Wall Street’s expectations, helping both the latter two indices to fresh all-time intraday and closing highs on Thursday.
Optimism over more trade deals President Donald Trump said there is a 50-50 chance of clinching an EU trade deal on Sunday, A potential U.S.-EU trade agreement would be the biggest deal among deals recently announced, the president added.
The European Commission said earlier this week that a negotiated solution was in reach ahead of August 1, while officials of both the U.S. and China will meet in Stockholm next week to discuss an extension of the deal negotiation deadline.
The U.S. and China agreed in May and June to substantially lower their respective trade tariffs on each other, and signed a framework trade agreement.
But both sides are now attempting to clinch a bigger deal, with the U.S. still maintaining tariffs of between 30% to 50% on Chinese goods.
Intel disappoints with guidance There are more earnings to digest Friday, including from the likes of HCA Holdings (NYSE:HCA) and Charter Communications (NASDAQ:CHTR), while investors are also digesting a number of results that emerged after the closing bell on Thursday.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Intel (NASDAQ:INTC) expects steeper losses than Wall Street forecasts in the third quarter and announced plans to slash jobs, with the chipmaker planning to reduce headcount to 75,000 by the end of year, down 22% from the end of 2024, which will be through attrition and "other means."
On the flip side, Deckers (NYSE:DECK) soared after the shoe retailer produced strong first-quarter numbers, seeing better-than-expected sales from its Hoka and Ugg brands.
Paramount Global (NASDAQ:PARAA) also inched higher after the Federal Communications Commission approved the studio’s $8 billion merger with Skydance Media.
