The U.S Stock Market Edged Higher With Gains Fueled by Tech Companies

US equities opened higher on Friday, wrapping up a week marked by a wave of corporate earnings and fresh tariff headlines.

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As of 9:38 a.m. in New York, the S&P 500 and Nasdaq 100 each advanced 0.4%, while the Dow Jones Industrial Average added 0.3%.

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Optimistic earnings reports from many S&P 500 companies have helped lift market sentiment in recent sessions. Still, weaker labor-market data over the past week while boosting expectations that the Federal Reserve may cut interest rates next month has left some investors questioning the health of the broader economy.

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Friday also brought new trade tensions as the US announced tariffs on imported gold bars, sparking volatility in the bullion market and putting gold-related stocks in focus.

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The S&P 500 has climbed an impressive 27% since early April, but its gains have been driven by a relatively narrow group of stocks. Market breadth as measured by the advancers-to-decliners ratio has been notably weak in 2025.

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On Wednesday, for example, the index gained 0.7%, but the majority of stocks fell. Apple’s performance alone played a key role in keeping the benchmark in positive territory.

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This imbalance has fueled talk on Wall Street about the potential for a market pullback. According to Bank of America Corp. strategist Michael Hartnett, investors have been rotating out of US equities and into cash.

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Data from EPFR Global, cited in a Bank of America report, shows nearly $28 billion was withdrawn from US stocks in the week ending August 6. In contrast, money market funds saw about $107 billion in inflows the largest since January.

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The latest tariff moves from President Donald Trump are creating ripple effects in global markets. By targeting gold imports, the US has rattled commodity traders but also provided a boost to international equities.

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As a result, overseas stock markets are on track to outperform the S&P 500 in 2025 the first time they’ve done so since 2022. The tariffs have temporarily disrupted the US benchmark’s recent streak of global leadership.

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Stock Movers to Watch

Several individual stocks are drawing attention amid the day’s tariff and earnings headlines:

• Gold Miners: Shares of Newmont Corp. and Barrick Gold Corp. are in focus after the US decision to impose tariffs on gold bar imports. The policy shift has stirred uncertainty in the precious metals sector.
• Under Armour Inc.: The athletic apparel maker’s stock tumbled after the company issued weaker-than-expected sales and profit guidance for the current quarter. The disappointing forecast casts doubt on a turnaround strategy that had been gaining traction.
• Expedia Group Inc.: The travel platform raised its full-year sales outlook following solid second-quarter results, signaling stronger-than-anticipated demand in the sector.
• Trade Desk Inc.: Shares fell sharply after the advertising technology firm delivered underwhelming forward guidance, suggesting softer revenue growth ahead.

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Tech Sector Highlights

The technology space also saw significant moves:

• Taiwan Semiconductor Manufacturing Co. (TSMC) posted a 26% year-over-year revenue jump in July, reinforcing expectations of surging investment in artificial intelligence infrastructure. The results strengthen the narrative that AI-related demand is accelerating across the semiconductor industry.
• SoftBank Group Corp. surged to an all-time high after reporting a return to quarterly profitability. The rebound underscores the company’s successful navigation of recent market headwinds and highlights its positioning in high-growth technology investments.

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While the major US indexes are still holding near record highs, the underlying market picture is more complex. Narrow breadth, heavy fund flows into cash, and cautionary signals from economic data point to a potential cooling period ahead.

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Tariff developments particularly the unexpected move to target gold imports are reshaping sector dynamics and could influence investor positioning in commodities, currency markets, and global equities.

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At the same time, earnings season continues to produce both standouts and disappointments, reminding investors that company-specific fundamentals remain critical in a market increasingly driven by select leaders in technology and consumer sectors.

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For now, optimism around possible Fed rate cuts, combined with resilient corporate profits in key sectors, is keeping the rally intact but traders remain alert to signs of fatigue in one of the most powerful equity runs in recent years.

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