FX.co ★ S&P 500, Nasdaq Close at Record Highs on Trade Hopes

On Friday, U.S. stocks reached unprecedented highs, buoyed by optimism surrounding forthcoming trade agreements and growing anticipation of interest rate cuts, despite President Donald Trump's comments regarding stalled trade discussions with Canada. The S&P 500 advanced by 0.5%, surpassing its previous peak from February. Similarly, the Nasdaq 100 edged up by 0.5%, achieving a new record. The Dow Jones also experienced a notable increase, climbing by 432 points. Earlier, markets were invigorated by positive news concerning trade developments with major partners, particularly an agreement framework with China. Although Trump's unexpected statements about Canada briefly shook investor confidence, they were not sufficient to halt the broader market rally. The market's robust recovery from April lows has been propelled by diminishing inflationary pressures and strong corporate earnings. Further bolstering the upbeat market environment, consumer sentiment data showed improvement, while core PCE inflation recorded only a modest rise. Nike's shares surged by 13% following a positive earnings report, and Amazon's stock increased by 0.5% after receiving an analyst upgrade.