Market Update: S&P 500 and Nasdaq Reach New Highs

On July 24, 2025, inventory futures showed little change. This comes after the S&P 500 and Nasdaq Composite both hit new records. Specifically, S&P 500 futures saw a slight increase of 0.16%, while Nasdaq 100 futures rose by 0.12%. Additionally, futures tied to the Dow Jones Industrial Average climbed by 78 points, translating to a 0.17% gain.

Thursday was another promising day for the S&P 500 and Nasdaq, with both indices achieving record highs. Notably, this marks the 13th record for the 2025 Broad Market Index, which has seen four new highs this week alone. The index closed above 6,300 for the first instance on Monday. Meanwhile, the NASDAQ also marked three records this week, surpassing the 21,000 milestone on Wednesday.

Contrarily, the Dow Jones Industrial Average experienced some losses on Thursday. However, all three major averages are poised to finish the week with solid gains. The 30-share Dow is tracking close to a 1% advance for the week, similar to the tech-heavy NASDAQ, while the S&P 500 has seen a rise of approximately 1.1% so far.

This week’s surge to new heights is bolstered by a robust earnings season. For instance, Alphabet reported revenue that exceeded expectations. So far, nearly 83% of the 155 S&P 500 companies that have reported earnings outperformed Wall Street predictions.

During CNBC’s “Power Lunch,” Keith Buchanan, a senior portfolio manager at Globalt Investments, discussed the positive impact of recent trade agreements between the U.S. and its partners. Earlier this week, President Trump revealed a significant trade agreement with Japan, which includes 15% mutual tariffs. Additionally, an agreement framework was established between the U.S. and Indonesia.

Investors are eagerly anticipating more trade announcements as the August 1 tariff deadline approaches. Meanwhile, the Federal Reserve is set to meet next week, with expectations that interest rates will remain steady within the 4.25% to 4.5% target range.

Interestingly, Trump has been pushing for Chairman Jerome Powell to lower rates, and had some pointed remarks during his recent visit to the central bank on Thursday. However, it seems he softened his stance afterward, stating he doesn’t have plans to dismiss Powell. “Making that move would be significant, and I don’t think it’s necessary. I believe he will act appropriately,” Trump remarked.