US markets today: S&P 500 & Nasdaq hold near records as AI stocks shine, Intel tumbles, global markets eye trade talks

Wall Street edged higher on Friday, with the S&P 500 and Nasdaq Composite hovering near all-time highs, as investors braced for a packed week of corporate earnings, macroeconomic data and high-stakes trade deadlines.The S&P 500 rose 0.1% in early trade after closing at a record 6,363.35 in the previous session, marking its fourth weekly gain in five. The Nasdaq Composite was also up 0.1% at 21,057.96, another fresh high, while the Dow Jones Industrial Average climbed 82 points, or 0.2%, to 44,775, AP reported. The gains came even as market sentiment was tempered by disappointing quarterly earnings from Intel and a pullback in global equities.Intel sinks, Deckers and Boston Beer rally on earningsChipmaker Intel dropped over 7% after reporting a quarterly loss and announcing plans to cut nearly 25% of its core workforce in a major cost-cutting drive. The firm has struggled to keep pace with rivals like Nvidia and AMD amid surging demand for AI chips.By contrast, Deckers Brands, owner of Ugg and Hoka, soared over 13% as it beat Wall Street expectations with a 17% rise in Q1 revenue to $965 million. Boston Beer Co., the maker of Samuel Adams and Truly hard seltzer, jumped 7.8% after posting a 15% rise in net profit for Q2.

Markets eye Trump trade deals, Fed policy, US jobs dataInvestor focus is shifting to President Donald Trump’s August 1 deadline for a wave of global trade agreements. Hopes are high that the administration will strike deals to avert stiff new tariffs and ease inflationary risks. A breakthrough could also support US economic growth and prevent a market pullback.The Federal Reserve’s policy meeting next week is also under the spotlight.

While Trump continues to pressure for rate cuts, analysts expect the Fed to hold rates steady for a fifth consecutive time. Three key labour market reports are also due, including the monthly jobs data, which will offer fresh cues on the economy.Asian, European markets mixed; energy and currency markets steadyAcross Asia, Tokyo’s Nikkei 225 fell 0.9% to 41,456.23, snapping a two-day winning streak, as Japan's inflation in July eased to 2.9% from 3.1% a month earlier. Hong Kong’s Hang Seng dropped 1.1%, while the Shanghai Composite lost 0.3%.

South Korea’s Kospi gained 0.2%, and Australia’s ASX 200 shed 0.5%.European markets opened weak, with the DAX down 0.8%, London’s FTSE 100 falling 0.4%, and the CAC 40 losing 0.1%.Brent crude edged up 27 cents to $68.63 per barrel, while US West Texas Intermediate (WTI) rose to $66.30. The US dollar strengthened to 147.65 yen from 147.00, and the euro slipped to $1.1723 from $1.1750.AI, tariffs and tech in focus as volatility loomsStocks have rallied for weeks on hopes that Trump’s trade negotiations—particularly with Japan, the EU, and China—will culminate in manageable tariff levels. Treasury Secretary Scott Bessent is expected to meet Chinese officials in Stockholm ahead of the August 12 deadline.“Markets will watch closely for signs of a tariff ceasefire or adjustments,” ING Economics noted, adding that expectations of AI-led earnings and rate stability are keeping investor optimism alive for now.