Friday marked another winning day for the S&P 500 and Nasdaq, as both indexes posted fresh all-time intraday and closing highs.

Wall Street’s so-called fear gauge dropped this week as U.S. stocks continued to set record highs, with investors appearing encouraged in part by the White House’s progress on the global trade front.

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.

Strong earnings and continued spending from Alphabet boosted the broad S&P 500 and tech-laden Nasdaq to fresh record highs.

The VIX (Volatility Index) fell to a new local low of 14.95 yesterday, marking its lowest level since late February - coinciding with stocks hitting new highs. This reflects declining investor fear but also raises the possibility of a short-term market top.

The S&P 500 and Nasdaq notched record high closes 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 quarter for the maker of UGG boots and Hoka sneakers.

The S&P 500 and Nasdaq Composite set fresh intraday records on Friday as the market cruised in the absence of major earnings or economic updates. The market benchmark was up 0.4%, hitting a fresh high of 6389.

The S&P 500 is set to score a record finish every day of this past week while the Dow has yet to return to record territory in 2025.

So far this week, the S&P 500 has ended every day at a new high. The moves have been modest—on Thursday, the index advanced just 0.07%—but this is the longest streak of closing records since December,

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.