The market experienced an uptick on Friday, achieving a new all-time closing high along with notable weekly gains, bolstered by a rise in Apple and heightened optimism regarding potential rate reductions following the Federal Reserve’s initial rate cut since December. At 4:00 p.m., the index rose by 172 points, marking a 0.4% increase and achieving a new closing high. The index increased by 0.3% to reach 6,664.39, marking yet another record closing high, while another major index rose by 0.7%. The major stock indices achieved new closing highs on Thursday, as investors absorbed the Federal Reserve’s interest rate cut from earlier this week. Market experienced an uplift following the Fed’s decision on Wednesday to reduce its key interest rate by 25 basis points, adjusting it to a range of 4.00% to 4.25%.

The policy adjustment, aimed at bolstering a weakening job market, was accompanied by predictions for two more quarter-point reductions this year and an additional one in 2026. Fed Chair Jerome Powell characterized the decision as a “risk-management cut” and highlighted that any forthcoming adjustments would depend on new information. He pointed out persistent inflation worries and varied economic signals, stressing that the central bank would proceed cautiously rather than hastily implementing major rate reductions. Analysts observed that bulls are pleased as both fiscal and monetary policies are presently aimed at boosting the economy, and the enthusiasm surrounding AI remains robust.

President Donald Trump announced that advancements were made in the trade talks between the U.S. and China following a conversation with Chinese leader Xi Jinping on Friday. “I just wrapped up a highly productive conversation with President Xi of China. We made progress on several important issues including trade, fentanyl, the need to resolve the conflict between Russia and Ukraine, and the approval of the deal,” Trump stated on social media. Prior to the call, U.S. officials suggested that the arrangement permitting the short-form video app to keep functioning in the U.S. would be a significant subject during the conversation between Trump and Xi, marking their first discussion in three months. This could serve as an initial move towards a possible in-person meeting between the two at a summit in South Korea later this year, after months of heated discussions regarding trade since Trump resumed office in January. An agreement regarding TikTok’s operations in the U.S. would alleviate the ongoing uncertainty surrounding the immensely popular platform owned by China’s ByteDance.

FedEx, a major player in the shipping industry, reported quarterly revenue and profit that exceeded expectations. This favorable result was bolstered by initiatives aimed at cutting expenses, which assisted in balancing the decline in international volumes following the conclusion of a tariff exemption for certain low-value items shipped directly to consumers. Executives pointed out that the conclusion of the “de minimis” exemption led to a $150 million decrease in fiscal first-quarter revenue, but the overall revenue of $22.24 billion still surpassed expectations of $21.66 billion. The revised profit of $912 million exceeded expectations.

Homebuilder Lennar reported a 46% decline in profit for the fiscal third quarter. Concerns about inflation have impacted housing demand in the U.S., and it remains uncertain if the onset of a Fed policy easing cycle will result in reduced mortgage costs in the near future. Lennar has rolled out incentives like cost adjustments and mortgage rate buydowns to boost home demand, yet these strategies have also adversely affected profit margins. Apple stock rose after JPMorgan raised its price target on the stock to $280 from $255, pointing to increasing demand for the company’s latest iPhones, as many people stood in line at the main store in Beijing on the day the iPhone 17 was released. Intel Corporation experienced a decline following a significant 22% increase yesterday, which was prompted by Nvidia’s announcement of a $5 billion investment in the chipmaker.