US futures higher as S&P 500, Nasdaq eye weekly gains after record highs

The S&P 500 and Nasdaq Composite closed at new all-time highs on Thursday, marking 13th record close of 2025 for S&P 500, four of which were notched this week alone.

US stock futures nudged higher on July 25, as Wall Street looked to cap off a strong week marked by record highs and robust earnings.

In early trade, S&P 500 futures were up 0.1%, Dow Jones Industrial Average futures gained 51 points, or 0.1%, and Nasdaq 100 futures hovered near the flatline.

The S&P 500 and Nasdaq Composite closed at new all-time highs on Thursday, marking 13th record close of 2025 for S&P 500, four of which were notched this week alone. The Nasdaq has posted three record highs this week, breaking above the 21,000 level for the first time.

While the Dow Jones was weighed by IBM and Tesla on Thursday, all three major indices are on track to finish the week with solid gains. The S&P 500 is up around 1.1% week-to-date, while both the Dow and Nasdaq are pacing close to 1% higher.

A strong Q2 earnings season continues to support sentiment, with nearly 83% of the 155 S&P 500 firms that have reported so far topping analyst estimates. Shares of Booz Allen Hamilton rose nearly 3% in premarket after an earnings beat despite a slight revenue miss. Paramount gained in extended trade after the FCC approved its $8 billion merger with Skydance Media.

On the macro front, trade optimism has added further tailwinds following announcements of a US-Japan deal and a framework agreement with Indonesia. India, too, is negotiating with Washington what it hopes will be ‘preferential’ tariff access in talks with Washington.

Investors are also watching political developments after President Trump’s high-profile visit to the Federal Reserve on Thursday, where he softened his stance and said he does not intend to fire Powell — a move that had previously spooked markets.

Asia-Pacific recap: Markets mostly lower amid trade caution, border tensions

Asia-Pacific markets closed mostly in the red on Friday as investors weighed geopolitical tensions and recent trade moves.

Japan’s Nikkei 225 fell 0.88%, reversing Thursday’s record high, while the Topix dropped 0.86%. Australia's ASX 200 lost 0.49%, and Hong Kong’s Hang Seng declined 1.09%. China’s CSI 300 shed 0.53%. South Korea’s Kospi was a regional outlier, rising 0.18%.

Vietnam’s benchmark index hit its highest level in more than three years, gaining 0.5%, buoyed by strength in industrials and energy stocks.

Elsewhere, tensions escalated along the Thailand-Cambodia border, weighing on sentiment. Analysts warn Cambodia’s tourism-reliant economy is more vulnerable to fallout from the conflict, which has already resulted in civilian casualties.

In Japan, cooler-than-expected Tokyo inflation data and speculation of a rate hike from the Bank of Japan in October also added to market volatility.