S&P500 and Nasdaq 100: US Stocks Hold Gains as Fed Decision and Earnings Loom

Stocks Steady Near Record Highs as Traders Eye Fed and Earnings

Major U.S. indexes held steady early Friday following a week of record closes, with traders turning their attention to next week’s Federal Reserve meeting and the ongoing earnings season.

The S&P 500 edged up 0.1%, the Nasdaq hovered near the flatline, and the Dow Jones added 44 points, or 0.1%, as all three indexes appeared set to end the week with gains.

The S&P 500 notched its 13th record close of the year Thursday and crossed 6,300 for the first time on Monday. The Nasdaq also broke through the 21,000 level this week, driven by strong tech performance. Overall, the S&P 500 is up 1.1% for the week, with the Dow and Nasdaq both advancing around 1%.

Will the Fed Hold Steady as Trump Applies Pressure?

Traders are now focused on next week’s Federal Reserve meeting. The market widely expects the Fed to maintain its current target rate range of 4.25% to 4.5%.

However, political drama resurfaced after President Trump made a rare visit to the Fed’s headquarters on Thursday.

In a media-covered exchange with Chair Jerome Powell, Trump challenged renovation costs before softening his tone, stating he wasn’t planning to remove Powell.

While his push for rate cuts remains unresolved, the market remains cautious heading into the policy decision.

How Are Earnings Driving Market Sentiment?

A solid earnings season continues to support equity gains. Over 82% of the 169 S&P 500 companies that have reported so far have beaten analysts’ estimates, according to FactSet.

Alphabet’s strong results helped power this week’s rally, though the broader market will need more widespread sector strength to sustain new highs, as noted by Globalt Investments’ Keith Buchanan.

Which Stocks Are Making Headlines Post-Bell?

Intel fell over 7% after announcing it would cut 15% of its workforce and slow chip factory construction despite beating second-quarter revenue expectations. Centene plunged 14% on a surprise quarterly loss tied to declining Medicare and Medicaid membership. Meanwhile, Charter Communications sank 13% after missing EBITDA expectations.

On the upside, Deckers Outdoor jumped 12% after reporting stronger-than-expected sales from UGG and Hoka. Paramount gained over 1% after its $8 billion merger with Skydance Media was approved by the FCC. Carvana rose nearly 3% after Oppenheimer upgraded the stock, citing improved cash generation.

What’s the Market Outlook Heading Into Next Week?

With earnings broadly exceeding expectations and recent trade agreements offering a tailwind, traders are focused on upcoming catalysts.

The Fed’s interest rate decision looms large, especially under political scrutiny.

Any further trade announcements or comments from Powell will be closely watched.

For now, momentum remains bullish, but sustained gains may require broader sector participation beyond tech.

More Information in our Economic Calendar.