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Indices drifted higher as progress in trade negotiations boosted sentiment. The S&P and Nasdaq continue to test new all-time highs.

Ahead of the expiration of President Trump’s 90-day pause on ‘reciprocal’ tariffs on July 9th, the White House has signaled that the deadline is “not critical” and plans to reach agreements with 10 major trading partners over the next two weeks.

After The Wall Street Journal reported that President Trump is considering naming an early replacement for Fed Chair Powell, the market is expecting a dovish candidate to be appointed. Traders are betting that U.S. rate cuts could come sooner than anticipated.