Stock Futures Hold Steady After S&P 500 and Nasdaq Hit New Record Highs

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Earnings season, trade deals, and Fed anticipation keep markets on edge heading into August

July 26 — U.S. stock futures were little changed Friday morning after the S&P 500 and Nasdaq Composite closed at fresh all-time highs, capping off a week of strong market performance supported by solid earnings and geopolitical trade progress.

S&P 500 futures edged up 0.1%
Nasdaq 100 futures dipped 0.1%
Dow futures hovered near the flatline

On Thursday, both the S&P 500 and Nasdaq hit new intraday and closing records, with the S&P closing above 6,300 for the first time on Monday and marking its 13th record close of 2025 — four of which came this week. The Nasdaq has logged three record closes, breaking above the 21,000 level midweek.

Despite a slight dip in the Dow Jones Industrial Average on Thursday, all three major indexes are on track for weekly gains:

S&P 500: +1.1% this week
Nasdaq: +1%
Dow: nearly +1%

💼 Earnings Driving Momentum

The rally has been largely fueled by strong corporate earnings. So far, over 82% of the 169 S&P 500 companies that have reported beat Wall Street estimates, according to FactSet. Highlights include Alphabet’s better-than-expected results, helping lift the broader tech sector.

“This part of the rally has to broaden out or become more consistent… to keep going another leg higher,” said Keith Buchanan, senior portfolio manager at Globalt Investments.

🌍 Trade Deals Boost Sentiment

Investor optimism was also buoyed by recent trade developments. President Donald Trump announced a “massive” trade deal with Japan featuring 15% reciprocal tariffs and confirmed a framework agreement with Indonesia. Additional trade news may surface ahead of the August 1 tariff deadline.

🏛️ Fed in Focus Next Week

Looking ahead, the Federal Reserve is set to meet next week, with policymakers widely expected to hold rates steady at 4.25% to 4.5%. Market watchers remain alert following Trump’s surprise visit to the Fed Thursday evening, during which he clashed with Chair Jerome Powell over renovation costs but later dialed back threats to remove him.