US stocks were mixed on Thursday, with the S&P 500 and Nasdaq Composite pushing to new intraday records on the back of strong results from Alphabet, while the Dow lagged amid weakness in IBM and Tesla.
The S&P 500 inched up 0.1%, and the Nasdaq gained 0.3%, each notching fresh all-time highs.
Alphabet rose 3% after the tech giant topped Wall Street estimates on both earnings and revenue for the second quarter, helping buoy the broader tech sector.
In contrast, the Dow Jones Industrial Average fell 286 points, or 0.6%, dragged lower by a 6% decline in IBM after its software revenue missed projections.
Tesla shares also dropped 6% after the company posted a second consecutive decline in automotive revenue, contributing to pressure on the broader index.
Beyond earnings, attention turned to President Donald Trump’s planned visit to the Federal Reserve.
The move marks an escalation in Trump’s campaign against Fed Chair Jerome Powell, whom he has repeatedly criticised for keeping interest rates steady.
Thursday’s action followed strong gains on Wednesday, when stocks surged on optimism surrounding trade negotiations.
The S&P 500 added 0.78% for its 12th record close of the year, while the Dow jumped 507.85 points, just shy of a new closing high.
The Nasdaq advanced 0.61% and closed above 21,000 for the first time.
Momentum was also fueled by reports from the Financial Times and Bloomberg indicating progress on a US-EU trade agreement that would impose 15% tariffs on certain imports from Europe.
Trump to visit the Federal Reserve ahead of the July meeting
President Donald Trump will visit the Federal Reserve on Thursday at 4 pm ET, the White House said, marking a rare and symbolic move amid ongoing tensions between the president and Fed Chair Jerome Powell.
Trump has repeatedly criticised Powell for not cutting interest rates, accusing the central bank of tightening policy at the expense of economic growth.
The visit is notable not only for its timing—just a week before the Fed’s next policy meeting—but also because it will be the first time in nearly 20 years that a sitting US president makes an official trip to the central bank, an institution historically known for its political independence.
Despite Trump’s pressure, market expectations suggest the Fed is unlikely to move.
According to CME’s FedWatch tool, there is more than a 97% probability the central bank will keep rates unchanged at its upcoming meeting in July.
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