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12h ago

U.S. Stocks Extend Record Rally After Tech Gains, U.S.-Japan Tariff Deal

Treasury yields at one-week lows alongside a chip-stock rally have propelled U.S. benchmarks higher following a 15% auto-tariff deal with Japan

Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell on July 18, 2025, in New York City. Upbeat company earnings and healthy US data buoyed stock markets on Friday, pushing ongoing concerns about President Donald Trump's tariffs into the background. New York -- whose S&P 500 and Nasdaq Composite struck record highs on July 17 -- held on to gains, even if the Dow struggled a little at the start. Most European and Asian markets were pulled higher as well. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
Will Champion, Chris Martin, and Guy Berryman of Coldplay perform at Rogers Stadium on July 07, 2025 in Toronto, Ontario. (Photo by Robert Okine/Getty Images)
Brand-new cars are stored at a car terminal in the harbour of Duisburg, Germany, July 14, 2025. REUTERS/Thilo Schmuelgen/File Photo
German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 22, 2025. REUTERS/Wolfgang Rattay

Overview

  • The S&P 500 and Nasdaq 100 each notched new all-time highs for the second session in a row as equity benchmarks climbed Wednesday.
  • The 10-year U.S. Treasury yield dropped to its lowest level in a week, easing borrowing costs and supporting the move into stocks.
  • Gains in semiconductor stocks led technology shares sharply higher, offsetting declines in natural gas producers.
  • Homebuilder names such as D.R. Horton and PulteGroup surged on robust quarterly results while General Motors and Lockheed Martin fell after tariff-related earnings hits and program-cost losses.
  • U.S. futures jumped on word of President Trump’s 15% auto-tariff agreement with Japan, helping to lift Asian and Indian markets as investors ready for upcoming ‘Magnificent Seven’ earnings and an August 1 tariff deadline.