US stocks at open: S&P 500, Nasdaq, and Nvidia all hit record highs

The S&P 500 climbed to a new record high on Friday, capping a remarkable rebound for US equities this year despite persistent trade tensions and geopolitical uncertainty.

Optimism over imminent trade agreements, particularly with China, helped drive the latest advance.

The S&P 500 gained 0.3% to close at 6,156.80, surpassing its previous all-time high of 6,147.43 set on February 19.

The Nasdaq Composite also rose 0.3% to approximately 20,218, marking a new record.

The Dow Jones Industrial Average added 156 points, or 0.4%.

Nvidia rose 0.9% to hit another all-time high, while Microsoft also reached a record high before slumping.

The rally followed comments from Commerce Secretary Howard Lutnick, who told Bloomberg News late Thursday that a trade framework with China had been finalized.

Lutnick also indicated that agreements with 10 additional trading partners were expected shortly.

President Donald Trump reinforced that view, stating Thursday that “we just signed with China yesterday.”

The S&P 500 has now surged more than 20% from its April 8 low and is up nearly 5% year-to-date.

Investors have remained resilient in the face of rising oil prices due to the Israel-Iran conflict and higher bond yields driven by deficit concerns.

China-US deal final

The United States and China have confirmed the terms of a trade framework aimed at enabling rare earth exports and easing technology-related restrictions, according to a statement released Friday by China’s Ministry of Commerce.

Under the framework, China will review and approve export applications for items subject to its export control regulations.

In return, the US will roll back a series of existing restrictive measures previously imposed on Beijing. The ministry did not provide further specifics.

The announcement follows remarks by US President Donald Trump on Thursday, in which he stated at a White House event that “we just signed with China yesterday.”

A White House official later clarified that the two countries had reached “an additional understanding of a framework to implement the Geneva agreement.”

The development comes on the heels of a recent round of high-level negotiations held in London, where US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng agreed on steps to implement the Geneva consensus following two days of talks.

Trump tariff deadline nears

The White House indicated Thursday that the July 8 or 9 deadline for countries to finalize trade agreements and avoid higher tariffs imposed by President Donald Trump could be flexible.

Press Secretary Karoline Leavitt told reporters that the 90-day window, established in April when Trump temporarily halted the implementation of his “reciprocal tariffs,” is “not critical.”

The statement suggests there may be room for negotiation, potentially reducing the risk of renewed market volatility driven by trade tensions.

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