U.S. stock futures were slightly higher ahead of Friday’s session, following yet another day where both the S&P 500 Index (SPX) and the Nasdaq Composite closed at record highs. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were up 0.21%, 0.25%, and 0.25%, respectively, at 2:20 a.m. EDT on July 25.
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Stocks kept climbing Thursday, with the S&P 500 and Nasdaq hitting new all-time highs during the day and at the close. This brings the S&P 500’s total record closes for 2025 to thirteen, four this week alone. The Nasdaq also set three records this week, topping 21,000 on Wednesday. However, the Dow Jones witnessed a slight dip of 0.7%.
The recent surge to new highs has been bolstered by a robust earnings season and recent developments in international trade. Earlier this week, President Trump announced a “massive” trade deal with Japan, which notably includes 15% “reciprocal” tariffs.
In a notable event on Thursday evening, President Trump publicly clashed with Fed Chair Powell over renovation costs during a visit to the Federal Reserve. During the discussion, President Trump gave a renovation cost that Fed Chair Powell publicly said was wrong. However, after Powell’s correction, President Trump softened his stance on the Fed chief, reassuring markets by stating he had no plans to fire him.