US stocks 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.
The Dow Jones Industrial Average (^DJI) ticked up nearly 0.1%, while the S&P 500 (^GSPC) rose just over 0.1% after the benchmark notched its fourth record close in a row. The tech-heavy Nasdaq Composite (^IXIC) also inched up 0.1%.
Markets are hitting pause on the recent risk-on rally that has seen the S&P 500 and Nasdaq Composite 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.
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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Crypto stocks fall as dollar moves higher
Crypto stocks fell Friday — save for Robinhood (HOOD) and Paypal (PYPL).
The largest corporate holder of bitcoin, Strategy (MSTR), dropped 2.5%, while crypto exchange Coinbase (COIN) fell 2% and bitcoin miner MARA Holdings (MARA) dipped 2.6%. Riot Platforms (RIOT) declined 3.6%.
The moves come as the US Dollar (DX-Y.NYB) strengthens amid news surrounding US trade deals and as President Donald Trump backed off of firing Fed chair Jerome Powell after an unusual visit to the Federal Reserve.
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Stocks crawl higher at the open
US stocks inched higher, near all-time highs, at the open on Friday after a week of major earnings and trade deals.
The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1%. The tech-heavy Nasdaq Composite (^IXIC) traded just above the flat line.
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Dollar gains steam after Trump downplays clash with Fed Chair Powell
The US dollar (DX-Y.NYB) strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed’s building renovations.
The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him.
Trump told reporters on Friday, “I don’t want to be personal” and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: “To do that is a big move, and I just don’t think it’s necessary.”
Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased.
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Phillips 66 stock rises after beating profit estimates on higher refining margins
Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71.
During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks.
Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia’s invasion of Ukraine.
The company’s realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million.
Read the latest earnings updates here.
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Health insurer Centene reports surprise quarterly loss
Centene’s (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans.
Read more here.
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Google Search is readying the next generation for AI
Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance’s Hamza Shaban lays it out in today’s Morning Brief:
Read more here.
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Good morning. Here’s what’s happening today.
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Trending tickers: Deckers, Strategy and centene
Here are some top stocks trending on Yahoo Finance in premarket trading:
Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts’ estimates in the fiscal first quarter ended June 30.
Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified.
Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss.
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Intel stock slides amid plans to cut 15% of workforce, cancel factories
Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback.
While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated.
Yahoo Finance’s Daniel Howley reports:
Read more here.
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Oil steady as investors weigh trade optimism against potential Venezuelan supply increase
Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply.
Reuters reports:
Read more here.
