US STOCKS-S&P 500 and Nasdaq hit records; Deckers soars 12%

The S&P 500 and Nasdaq hit record highs on Friday, lifted by optimism the U.S. could soon reach a trade deal with the European Union, while Deckers Outdoor surged following a strong quarterly report.

European Commission President Ursula von der Leyen will meet

U.S. President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend. Trump said

earlier that the odds of a U.S.-EU trade deal were "50-50". Deckers Outdoor soared 12% after the maker of UGG boots and Hoka sneakers

beat quarterly estimates, reporting strong demand in international markets.

Intel tumbled 9% after the chipmaker forecast steeper

quarterly losses than expected and announced plans to slash jobs. Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump.

"The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta. "Personally, I have a bit more skepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside." The S&P 500 was up 0.46% at 6,392.93 points. The Nasdaq gained 0.35% to 21,132.60 points, while the Dow Jones Industrial Average was up 0.48% at 44,906.51 points.

All three major indexes were on track for weekly gains. Nine of the 11 S&P 500 sector indexes rose, led by industrials, up 0.91%, followed by a 0.87% gain in materials.

Investors next week will focus on the U.S. Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation. Traders see about a 60% chance of a rate cut in September, according to CME's FedWatch tool.

Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates. Trump made a rare visit

to the Fed on Thursday after calling Powell a "numbskull"

earlier in the week for failing to slash rates. Paramount Global dipped 1.5% after U.S. regulators

approved its $8.4-billion merger with Skydance Media.

Health insurer Centene rose almost 6% after saying

it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026. Advancing issues outnumbered falling ones within the S&P 500 by a 2.0-to-one ratio.

The S&P 500 posted 41 new highs and 6 new lows; the Nasdaq recorded 58 new highs and 48 new lows.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)