US stock futures steadied near all-time highs on Friday as investors assessed a packed week of major earnings, trade deals, and President Trump’s unusual visit to the Federal Reserve.
Dow Jones Industrial Average futures (YM=F) ticked up 0.1%, while S&P 500 futures (ES=F) were little changed after the benchmark notched its fourth record close in a row. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also traded broadly flat.
Markets are hitting pause on the recent risk-on rally that has seen the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) stack up records, setting the major gauges on track for weekly gains of around 1%.
Spirits got a boost from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — “fear of missing out” — is driving gains, rather than fundamentals.
Investors may now be locking in profits ahead of a big week bringing the Fed’s two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face “reciprocal” tariff hikes.
Read more: The latest on Trump’s tariffs
But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don’t see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal.
Meanwhile at home, Trump has downplayed the risk of Jerome Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank.
The president visited the Fed’s headquarters on Thursday to tour its $2.5 billion renovation project. He has criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell.
However, Trump indicated he wasn’t considering firing the Fed chair. “To do that is a big move, and I just don’t think it’s necessary,” he said.
Intel reported its earnings after the bell Thursday, beating Wall Street expectations on revenue. The chipmaker’s stock turned negative as it revealed plans for layoffs and the cancelation of some factory projects.
Read more: Full earnings coverage in our live blog
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