Overview

• The S&P 500 marked a fifth straight all-time closing high; the Nasdaq matched the feat, with the Dow Jones Industrial Average trading near its historic peak.
• Q2 results from major tech firms highlighted AI demand; Alphabet beat estimates, reinforcing sector momentum.
• New trade agreements reduced key tariffs with Japan, Indonesia, the Philippines; that measure eased trade tensions, bolstered investor sentiment.
• President Trump’s public criticism of Fed Chair Powell over renovation cost overruns coupled with demands for rate cuts failed to dent the market rally.
• Treasury yields climbed toward multi-year highs, with investors turning their attention to the Fed’s July 30 policy decision widely viewed as likely to hold rates steady.