Traders work on the floor of the New York Stock Exchange on July 23, 2025.
NYSE
S&P 500 futures were little changed on Wednesday night after the benchmark notched another record close, fueled by hopes for progress on trade deals.
Futures tied to the index climbed 0.1%, while Nasdaq 100 futures were about 0.4% higher. Futures tied to the Dow Jones Industrial Average fell 104 points, or 0.2%.
“Magnificent Seven” megacap stocks Alphabet and Tesla reported their earnings after Wednesday’s bell. Alphabet rose 2% after posting a second-quarter earnings and revenue beat, while Tesla was last down 4% in volatile trading after investors were disappointed by a drop in auto revenue for the second straight quarter. IBM shares slipped 5%, weighing on Dow futures, after the company’s second quarter software revenue missed expectations.
Earlier on Wednesday, the S&P 500 added 0.78% to hit its 12th record close of the year. The Dow Jones Industrial Average gained 1.14%, or 507.85 points — about four points away from a new record close. The Nasdaq Composite rose 0.61% and settled above the 21,000 level for the first time.
Stocks were boosted by more bullish developments on the trade front this week. On Tuesday night, President Donald Trump said in a Truth Social post that his administration had reached a “massive Deal” with Japan, which includes 15% “reciprocal” tariffs on goods from the nation.
The major averages also caught a tailwind when the Financial Times reported that the U.S. was making progress towards a deal with the EU. Bloomberg confirmed the progress, citing diplomats briefed on the negotiations. This trade deal would introduce similar levies of 15% on goods coming to the U.S. from the bloc.
These tariff developments could help keep investor sentiment high from here, said Jeremy Siegel, Wharton School professor of finance and WisdomTree senior economist.
“We’re beginning to see some clarity here with these deals being made, and that’s certainly bullish. And certainly that keeps the momentum going in the stock market,” he said Wednesday afternoon on CNBC’s “Closing Bell.”
Dow, Honeywell, American Airlines and Union Pacific are just a few of the companies set to report earnings Thursday before the bell. Traders will also watch out for weekly jobless claims data, the latest reading on July’s purchasing managers’ index data and June’s new home sales.