FX.co ★ S&P 500 Set to Extend Record Streak Amid Trade Progress

In the afternoon trading session, U.S. stocks witnessed an upward trend, with the S&P 500 and Nasdaq nearing their all-time highs. Investors were processing numerous trade updates and earnings reports. The S&P 500 rose by 0.4%, potentially marking its fifth consecutive record close, its longest streak in more than a year. Meanwhile, the Nasdaq also reached an intraday peak. The positive momentum was largely driven by optimism surrounding trade negotiations, as President Trump prepared to meet with European Commission President Ursula von der Leyen on Sunday, raising hopes for a U.S.-EU trade agreement. Moreover, trade agreements were finalized with Japan, Indonesia, and the Philippines ahead of the looming August 1 tariff deadline, although discussions with Canada have stalled. Strong earnings reports from Alphabet and Verizon contributed positively to market sentiment, albeit Intel's announcement of potential losses and impending layoffs negatively impacted the tech sector. Investors were also gearing up for the Federal Reserve's meeting next week and a busy lineup of earnings reports from major companies like Apple, Meta, and Microsoft. All three key indexes appeared to be on track for weekly gains exceeding 1%.