Stock indexes closed higher Wednesday, with the S&P 500 and Nasdaq 100 hitting new highs. MongoDB surged over 37% on strong Q2 earnings. Nvidia’s upcoming earnings fueled optimism. Bond yields dipped, predicting potential Fed rate cuts. New York Fed President Williams remained cautiously optimistic about the economy’s direction.

US MBA mortgage applications fell 0.5%, with purchase mortgages up 2.2% and refinancing down 3.5%. The average 30-year fixed mortgage rate rose slightly to 6.69%. President Trump threatened new tariffs on advanced technology and semiconductors. He also extended the tariff truce with China and raised tariffs on US imports from India.

Markets await fresh tariff news and updates on the Ukraine-Russian war. Q2 GDP expected to be revised upward, while weekly initial unemployment claims may fall. Earnings reports show S&P 500 Q2 earnings likely to rise 9.1% year over year. Overseas markets closed mixed. Interest rates and European government bond yields moved lower.

Stock movers: MongoDB, Atlassian, Salesforce, Datadog, Cloudflare, Snowflake, Kohl’s, nCino, American Eagle Outfitters, Elanco Animal Health, Dynatrace, Okta, J M Smucker, SBA Communications, Williams-Sonoma, PayPal Holdings. Earnings reports for various companies were released on 8/28/2025. Federal funds futures predict potential rate cuts at upcoming FOMC meetings.

Read more at Yahoo Finance: S&P 500 Posts a Record High on Nvidia Earnings Optimism