S&P 500, Nasdaq Hit Fresh Record Highs With Tech Earnings, Trade Talks in Focus

The Nasdaq 100 and the S&P 500 reached new record highs on Monday as investors prepared for a week of tech earnings and remained optimistic that additional trade deals would be finalized ahead of the Trump administration's August 1 deadline. 

At the time of writing, the S&P 500 (SPX) gained 0.56% to touch an all-time high of 6,332.35,, and the Nasdaq 100 had climbed 0.76% to touch 23,241. The Dow Jones Industrial Average (DJI) also gained 0.36%, but was trading 1.2% lower than its record high of 45,073 seen in December last year. 

The SPDR S&P 500 ETF (SPY) was up 0.5% in morning trade, and the Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, rose 0.77%. On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory as compared to a day ago. Retail sentiment around QQQ improved within the ‘bullish’ zone. 

The market was buoyed by Verizon’s (VZ) stock rising 2.2% after the company raised its annual profit guidance during its second-quarter earnings. The stock drove overall gains for the communications sector – the top gainer among other sectors – with the Communication Services Select Sector SPDR Fund (XLC) climbing  1.21% on Monday. 

Shares of Domino’s Pizza (DPZ) also gained 2% after the pizza chain beat Wall Street expectations on same-store sales in the second quarter (Q2).

Retail investors are hopeful that trade talks will progress this week after U.S. Commerce Secretary Howard Lutnick expressed confidence over striking a trade deal with the EU on Sunday.

U.S. Treasury Secretary Scott Bessent, however, said that the U.S. is “not going to rush” into closing a deal ahead of the August 1 deadline. He also stated that any extension of the deadline is in President Donald Trump’s hands. 

Investors are also eyeing the earnings of Alphabet (GOOG/GOOGL) and Tesla (TSLA), scheduled for Wednesday, which will kick off the sequence of "Magnificent Seven" (MAGS) earnings. Alphabet’s stock was up 2.2% in morning trade, while Tesla’s stock edged 0.17% lower. 

Read also: Scott Bessent Says US ‘Not Going To Rush’ Into Deal Ahead of August Tariff Deadline, Signals China Talks In ‘Near Future’

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