S&P 500 and Nasdaq rally to record highs on optimism about trade deals

S&P 500 and Nasdaq rally to record highs on optimism about trade deals

By Noel Randewich and Nikhil Sharma

Wed July 23, 2025 4:17 PM

Yesterday the mood on The Street was dimmed by a lack of confidence in trade deals what with India going sour and the EU planning counterstrikes. Today all that changed radically 180 with a trade deal announced with Japan and greatly increasing confidence of a similar deal coming soon with the EU. It was a shot straight up on all three indexes with the Dow and Nasdaq into very impressive 3-digit gains and both the Nasdaq and S&P reaching still new records.

Of even greater significance, the Dow with today’s 507 point gain now lies just 4 points shy of the December 4^th all-time record. With today’s gains, the S&P is now up 8% for the year, the Nasdaq 9%, vs 7% for the S&P just two days ago. In just one day, Q2 earnings growth is now projected to 7.5% vs 7% yesterday, the VIX at 15.37 is at its lowest in five months, and volume was considerably above the 17.7 billion average, coming in at 19.1 billion.  

DJ: 44,502.44  +179.37      NAS: 20,892.69  -81.49        S&P: 6,309.62  +4.02         7/22

DJ: 45,010.29  +507.85      NAS: 21,020.02  +127.33     S&P: 6,358.91  +49.29      7/23

Wed 7-23-25 4:17 pm S&P 500 and Nasdaq rally to record highs on optimism about trade deals | Reuters