By Caitlin McCabe and David Uberti

The S&P 500 and Nasdaq composite are hovering at record highs, following a busy week of tariff updates and earnings.

Major indexes edged up early Friday, with the S&P 500 on pace for its fifth straight record close if it holds gains. That would be the gauge's longest such streak in over a year.

Trade-deal progress buoyed markets this week. The Trump administration reached deals with Japan and the Philippines but has yet to strike deals with two of its largest trading partners, Canada and Mexico, before an Aug. 1 deadline. 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.

He said Canadian trade talks weren't progressing well; "I think Canada could be one where there's just a tariff, not really a negotiation."

Intel shares slid after the chip maker said it would cut 15% of staff. In Europe, German automaker Volkswagen sliced its outlook, after a $1.5 billion hit from tariffs in the first half of the year.

The dollar strengthened after President Trump said he didn't think firing Federal Reserve Chair Jerome Powell was necessary, late Thursday. He prodded Powell once again about cutting interest rates. The central bank is widely expected to keep rates on hold next week.

In recent trading:

Stocks were muted. The major indexes including the Dow industrials inched higher.

Treasury yields advanced. The 10-year yield rose toward 4.41% after durable-goods orders data fell by less than expected in June.

The greenback strengthened against currencies including the pound, the Canadian dollar and the yen.

Bitcoin traded around $116,000.

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(END) Dow Jones Newswires

July 25, 2025 12:33 ET (16:33 GMT)

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