Wall Street benchmarks closed modestly higher on Wednesday, with the Nasdaq Composite achieving its latest record finish, despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell.

AI-related stocks have delivered explosive gains for the past two and a half years. Nvidia (NASDAQ:NVDA) turned its GPUs into the picks and shovels of the new gold rush and became the planet’s most valuable company.

Markets on Wall Street quietly hovered at record levels before the bell Friday with most of the attention on the latest corporate earnings reports and dealmaking.

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The S&P 500 stock index and the Nasdaq Composite both finished at record highs on Thursday, as investors embraced strong economic data and earnings reports that showed American consumers remained willing to spend.

U.S. stock futures relentlessly pushed ahead as they were uniformly higher early Friday, after the broader market scaled a fresh peak in the previous session. Federal Reserve Governor Christopher Waller called for a 25-basis-point rate cut at the July rate-setting meeting,

Wall Street extended its historic rally this week, with major benchmarks such as the S&P 500 and the tech-heavy Nasdaq 100 hitting fresh all-time highs, as strong corporate earnings, robust economic data and AI-fueled tech momentum continued to boost investor optimism.

Trump's call for a minimum 15-20% tariff on imports from the European Union, as reported by the Financial Times, is a reminder that global trade tensions are still alive and could yet hit growth and fuel inflation.

US stocks close mixed after the FT says Trump wants an at least 15%-20% tariff on all EU goods. S&P 500 and Nasdaq come off Nasdaq record highs.