The S&P 500 and Nasdaq closed at all-time highs Friday as investors grew hopeful about a potential U.S.-EU trade agreement, while Deckers Outdoor surged on strong earnings. The S&P 500 rose 0.4% to 6,388.64, marking its fifth consecutive record close this week—a feat last achieved in November 2021. The Nasdaq gained 0.24% to 21,108.32, and the Dow Jones climbed 0.47% to 44,901.92.
Trade hopes lifted markets ahead of Sunday’s meeting between President Donald Trump and European Commission President Ursula von der Leyen in Scotland. Trump pegged the odds of a deal at “50-50,” but EU officials signaled confidence in reaching a framework agreement. The optimism follows recent U.S. trade pacts with Japan and the Philippines, easing fears of impending tariffs. “The market has priced in deals getting done,” said GLOBALT’s Thomas Martin, though he cautioned that disappointment looms if negotiations stall.
Deckers Outdoor (DECK.N) jumped 11% after quarterly results topped estimates, driven by international demand for UGG boots and Hoka sneakers. Conversely, Intel (INTC.O) plunged 8.5% on grim profit forecasts and job-cut plans, while Charter Communications (CHTR.O) tumbled 18% after losing broadband subscribers to wireless rivals. Paramount Global (PARA.O) dipped 1.6% despite securing approval for its $8.4 billion Skydance merger.
Sector-wise, materials (+1.17%) and industrials (+0.98%) led gains, with nine of the S&P 500’s 11 sectors advancing. For the week, the S&P 500 rose 1.5%, the Dow added 1.3%, and the Nasdaq gained 1%. Investors now await the Federal Reserve’s policy meeting next week, where rates are expected to hold steady. Traders see a 60% chance of a September cut, per CME FedWatch, with Trump speculating Chair Jerome Powell may soon pivot to easing.
Earnings momentum also buoyed stocks, with S&P 500 companies projected to post 7.7% Q2 profit growth, per LSEG. Health insurer Centene (CNC.N) rose 6.1% on upbeat 2026 forecasts, underscoring the mixed corporate landscape as markets balance trade hopes with earnings realities.