U.S. stocks closed higher, with the Nasdaq hitting a record high for the second day, driven by Apple’s 4.2% gain and optimism about potential rate cuts. Apple pledged to invest an additional $100 billion in the U.S. The S&P 500 tech and communication services indexes also reached record highs. Gilead Sciences raised its full-year outlook, boosting the S&P 500. President Trump nominated Stephen Miran for a Fed governor position, hinting at rate cuts. Expectations of a 25 basis point rate cut in September stand at 89.4%. Tariffs and trade relations are key concerns for investors. Stocks ended the week with solid gains. Inflation trends and U.S.-India trade relations will be closely watched next week. With over 450 S&P 500 companies reporting, estimated Q2 earnings growth is at 13.2%. On the NYSE, advancing issues outnumbered decliners, while on the Nasdaq, advancing issues also topped decliners.

Read more at Yahoo Finance: Nasdaq posts record closing high with tech gains, rate cut optimism