Wall Street's reliance on a small number of high market-value stocks to keep momentum going for the U.S. equities bull market will be tested in coming days as major technology and growth companies report earnings.

Investors held onto hopes that the U.S. and Japan’s trade agreement could lead to a tariff breakthrough with other countries, and pushed the S&P 500 and Nasdaq Composite to fresh record highs.

US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM),

With Wall Street's surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market's profit outlook.

Stock futures were mostly flat on Tuesday (July 22), following record closes for the S&P 500 and Nasdaq Composite in the previous session. Futures linked to the S&P 500 hovered just below the flatline,

Trump’s tariffs continue to affect markets and corporate earnings. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Reaction has been fairly quiet, an ominous sign that much of the good news is priced in — and investors are punishing disappointments

JP Morgan is the bellwether as the US’s largest bank. It is expected to boost its net interest income target for this year, as it benefits from elevated interest rates in the US, and profit growth from loans could top 3% in Q2. This may be dwarfed by trading revenue, which some analysts expect to have surged by 8%.