S&P 500 and Nasdaq hit records; Deckers soars on UGG demand
European Commission President Ursula von der Leyen will meet U.S. President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said earlier that the odds of a U.S.-EU trade deal were "50-50".
Deckers Outdoor (DECK.N), opens new tab soared after results beat quarterly estimates, with strong demand in international markets.
Intel (INTC.O), opens new tab tumbled after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs.
Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump.
"The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more skepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside."
According to preliminary data, the S&P 500 (.SPX), opens new tab gained 26.73 points, or 0.42%, to end at 6,390.08 points, while the Nasdaq Composite (.IXIC), opens new tab gained 53.95 points, or 0.26%, to 21,111.90. The Dow Jones Industrial Average (.DJI), opens new tab rose 213.74 points, or 0.48%, to 44,907.65.
The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
Investors next week will focus on the U.S. Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation.
Traders see about a 60% chance of a rate cut in September, according to CME's FedWatch tool.
Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a to the Fed on Thursday after calling earlier in the week for failing to slash rates.
Paramount Global (PARA.O), opens new tab dipped after U.S. regulators approved its $8.4-billion merger with Skydance Media.
Health insurer Centene (CNC.N), opens new tab rose after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026.
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