US stocks rallied on Wednesday (July 23), driven by optimism over a new trade agreement and strong corporate momentum. The S&P 500 rose 0.8% to a new record high, while the Nasdaq gained 0.7%. The Dow Jones Industrial Average surged 505 points, nearly reaching its own record high.
The market welcomed news of a finalized trade deal between the US and Japan that includes reciprocal tariffs of 15%, with President Trump signaling similar progress in negotiations with the European Union. Reports suggesting a US-EU deal is nearing completion, mirroring Japan's framework, further boosted sentiment.
GE Vernova surged 13% after raising its forecast and reporting strong quarterly results, while small-cap stocks like GoPro and Krispy Kreme also rallied. However, Tesla and Alphabet shares dipped ahead of their earnings releases, as investors braced for weak results and focused on future growth prospects. (alg)
Source: Trading Economics
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