US stock futures largely steady after record run for S&P 500, Nasdaq

Wall Street futures were largely unchanged on Friday, as investors caught their breath after record closes for the S&P 500 and the Nasdaq and looked for clarity on U.S. trade talks before the August 1 tariff deadline.

At 06:50 a.m. ET, Dow E-minis were up 68 points, or 0.15%, S&P 500 E-minis were up 8.25 points, or 0.13%, and Nasdaq 100 E-minis were up 10.5 points, or 0.04%.

The blue-chip Dow fell 0.7% in Thursday's session, but remained close to its all-time high, last hit in December.

All three major indexes were poised to cap the week on a high note, as fresh signs of progress emerged on deals between the United States and its trading partners including Japan, Indonesia and the Philippines, which helped propel markets to new highs.

Hopes for an agreement with the European Union were building, while negotiations with South Korea gathered steam ahead of the fast-approaching August 1 deadline. Investors are hoping for a resolution by that date which could sidestep hefty U.S. import tariffs.

The markets' record run was also aided by a wave of upbeat second-quarter earnings. Of the 152 companies in the S&P 500 that reported earnings as of Thursday, 80.3% reported above analyst expectations, according to data compiled by LSEG.

However, there were a few setbacks this week. Heavyweights Tesla and General Motors stumbled and were on track for their steepest weekly declines in nearly two months.

Tesla's slide followed CEO Elon Musk's warning of tougher quarters ahead as U.S. EV subsidies dwindle, while General Motors took a hit after absorbing a $1.1 billion blow from President Donald Trump's sweeping tariffs in its second quarter earnings.

Intel dropped 7.8% in premarket trading on Friday after the chipmaker forecast steeper third-quarter losses than Wall Street had estimated and announced plans to slash jobs.

"Tariff headlines are driving market risk sentiment fuelling a risk-on mood this week. However, some volatility near the August 1st deadline remains possible," a group of analysts led by Adam Kurpiel at Societe Generale said.

All eyes will be on the U.S. Federal Reserve next week when policymakers gather for a closely watched meeting. Wall Street is betting they will hit the pause button again on interest rates while sizing up tariff-fueled inflation.

But the central bank isn't just facing economic headwinds — politics is also increasingly in the mix as Trump continues to ramp up his pressure campaign for lower rates after a rare visit to the Fed's headquarters on Thursday.

A frequent critic of Fed Chair Jerome Powell, Trump has openly floated the idea of replacing him with someone more dovish — a stance that analysts noted is nudging investors to start pricing in looser monetary policy.

According to CME's FedWatch tool, traders now see a nearly 60% chance of a rate cut as soon as September.

Among other stocks, Newmont added 2.1% after the gold miner surpassed Wall Street expectations for second-quarter profit.

Health insurer Centene posted a surprise quarterly loss, sending its shares tumbling 10%.

Paramount Global rose 1.3% after U.S. regulators approved its $8.4 billion merger with Skydance Media.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Pooja Desai)