By David Uberti

Another summer afternoon on Wall Street, another record close for the stock market.

The S&P 500 ended the trading day at an all-time high for the ninth time in July, the most since August 2021. The Nasdaq composite's 13th record close this month, also reached on Friday, marked the biggest monthly tally in almost five years.

Stocks have worked their way higher more methodically this year, and this week was no exception. Earnings were generally solid. Indexes posted muted gains. The S&P 500 rose 1.5% this week, while the tech-heavy Nasdaq advanced 1%. The Dow edged 1.3% higher.

The market's record-breaking run will be put to the test next week with a storm of corporate and economic data. The continuing parade of Big Tech earnings could give hints on whether the artificial-intelligence boom can keep pumping the market. The Federal Reserve will decide whether to begin cutting interest rates. July jobs numbers will provide the latest snapshot of the U.S. labor market.

Then there is President Trump's self-imposed Aug. 1 trade deadline, which could provide more clarity on the profit outlook for companies and potential price hits to consumers.

The Trump administration reached agreements with Japan and the Philippines this week but has yet to strike deals with two of its largest trading partners, Canada and Mexico. Washington is also still negotiating an outline agreement with the European Union.

"We have a 50-50 chance -- maybe less than that -- but a 50-50 chance of making a deal with the EU," President Trump told reporters Friday outside the White House. "I think Canada could be one where there's just a tariff, not really a negotiation."

Investors have shrugged off such uncertainty. But federal data on Friday showed weak spending by companies last month for durable goods such as industrial machinery.

In the lead-up to another trade deadline, Wells Fargo told clients, "the fluid nature of these policies has left many firms in limbo or paralyzed."

Trump, who has implored Fed Chair Jerome Powell to cut interest rates, ramped up his pressure campaign this week with an unusual visit to the central bank's offices. But few investors believe a rate cut is imminent. Yields on 10-year Treasurys held roughly steady this week, settling Friday at 4.385%.

The value of the dollar, meanwhile, continued ticking lower against a basket of foreign currencies. Benchmark U.S. oil futures this week fell to $65.16 a barrel.

On Friday, the S&P 500 powered to a five-session winning streak thanks to gains across the industrial and materials sectors. The broad index rose 0.4%, while the Nasdaq advanced 0.2%. The Dow gained 0.5%, or 208 points.

Charter Communications stock plunged 18% -- its worst one-day performance on record -- after the telecom giant reported slowing growth in mobile lines and missed Wall Street's earnings expectations. Shares in Ugg and Hoka-maker Deckers Outdoor jumped 11% following a quarterly report that exceeded analysts' estimates.

Only a few of the newly popular meme stocks kept meme-ing before the weekend arrived. Kohl's pared back some of its recent gains, finishing the week up 34%, while American Eagle Outfitters continued an 18% weekly run-up fueled in part by a new ad campaign from actress Sydney Sweeney.

(END) Dow Jones Newswires

July 25, 2025 16:58 ET (20:58 GMT)

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