The S&P 500 and Nasdaq indices closed at record highs on Wednesday, buoyed by strong performances from Nvidia and power equipment manufacturer GE Vernova, amid signs of a potential US-European Union trade agreement reminiscent of a prior US-Japan deal.
Diplomatic sources suggest the prospective agreement may introduce a 15% tariff on European Union imports, possibly including vehicles, echoing the framework established between the U.S. and Japan.
The S&P 500 rose 0.78% to finish at 6,358.91 points, while the Nasdaq climbed 0.61% to 21,020.02 points. The Dow Jones Industrial Average increased by 1.14%, closing at 45,010.29 points, just shy of its 4 December record.
Shares of GE Vernova surged 14.6% to an all-time high after the company raised its revenue and free cash flow forecasts, beating second-quarter earnings expectations. The firm has now gained over 80% in 2025, driven by soaring electricity demand from Artificial Intelligence and cryptocurrency data centres.
Meanwhile, AI chip giant Nvidia advanced 2.25%, significantly contributing to the upward momentum in both the S&P 500 and Nasdaq.
Tesla shares edged up 0.14% ahead of its earnings report, due after market close. Analysts anticipate a sharp decline in revenue due to intensifying competition, a limited new model line-up, and a consumer backlash against CEO Elon Musk.
Alphabet, the parent company of Google, saw its stock slip 0.58%, also poised to release quarterly results after trading hours.
Texas Instruments dropped 13% following a disappointing earnings outlook, citing softer demand and tariff-related uncertainty. The report weighed on the broader analogue chip segment, pulling down shares of NXP Semiconductors, Analog Devices, and ON Semiconductor by between 1% and 4.6%.
U.S. existing home sales declined more than expected in June. Markets now await weekly jobless claims and S&P Global’s flash PMI figures for further insight into the economic landscape amid ongoing trade tensions.
Following last week’s mixed economic indicators, traders have largely ruled out an interest rate cut by the Federal Reserve at next week’s meeting. According to the CME FedWatch tool, the likelihood of a rate reduction in September is currently around 58%.
Advancing issues in the S&P 500 outpaced decliners by a 2.1-to-1 ratio. The index posted 50 new highs and 2 new lows, while the Nasdaq recorded 96 new highs and 20 new lows.
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For many Palestinians, the holy month of Ramadan is being observed amid hunger, displacement and uncertainty. Families are relying on humanitarian aid to uphold faith and dignity, even as violence, poverty and restrictions shape daily life.
The Kremlin has sought to lower expectations ahead of the latest round of Ukraine peace talks in Geneva, saying no announcements should be expected on Tuesday as negotiations continue behind closed doors.
Iranian officials say more than 300 undocumented Afghan migrants have been rescued after being stranded in cold and rain near the border district of Taybad, in the northeastern Razavi Khorasan province.
Spain’s government has instructed prosecutors to investigate social media platforms X, Meta and TikTok over the alleged creation and dissemination of AI-generated child sexual abuse material, Prime Minister Pedro Sánchez announced on Tuesday.
Iran’s Supreme National Security Council Secretary Ali Larijani said the United States could evaluate its own interests separately from those of Israel in ongoing negotiations between Tehran and Washington.
Cuba’s fuel crisis has turned into a waste crisis, with rubbish piling up on most street corners in Havana as many collection trucks lack enough petrol to operate.
Norway is holding a commanding lead in the medal standings with 12 golds and a total of 26, with Italy having an historic performance on home soil on the ninth day of the Milano-Cortina Winter Olympics on Sunday (15 February).
Iran’s Revolutionary Guards navy held military exercises in the Strait of Hormuz on Monday (16 February), state-linked media reported. The drill took place a day before renewed nuclear negotiations between Tehran and Washington in Geneva.
Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, an Iranian diplomat was reported as saying on Sunday (15 February), days before a second round of talks between Tehran and Washington.
The Kremlin has sought to lower expectations ahead of the latest round of Ukraine peace talks in Geneva, saying no announcements should be expected on Tuesday as negotiations continue behind closed doors.
Spain’s government has instructed prosecutors to investigate social media platforms X, Meta and TikTok over the alleged creation and dissemination of AI-generated child sexual abuse material, Prime Minister Pedro Sánchez announced on Tuesday.
Jesse Jackson, one of the most prominent figures of the modern American civil rights movement and a two-time candidate for the Democratic presidential nomination, has died at the age of 84, his family has announced.
Hundreds of millions of people criss-cross China during Lunar New Year holidays to reunite with families in their hometowns or for sight-seeing in an extended festive period, making it the world's largest annual human migration.
New Mexico has launched what lawmakers describe as the first full investigation into Jeffrey Epstein’s activities at Zorro Ranch, where the late U.S. sex offender Jeffrey Epstein is accused of trafficking and sexually assaulting girls and women.
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