More record closes for the S&P and Nasdaq. A slew of earnings after the close.$GOOGL Google Q2 2025 Earnings highlights ... AlphabetTesla Q2 earnings, a series of missesTreas Sec Bessent: We could see 1-2 rate cuts this yearRussia's Medinsky: All humanitarian agreements have been madeRussia/Ukraine carry out another round of POW exchangeWhite House trade advisor Navarro: Japan/US deal should spur other deals alongU.S. Treasury auctions of $13 billion of 20 year bonds at a high yield of 4.935%Why “Overbought” Doesn’t Mean “Top”. A look at the S&P index.FT: US and EU or close to a 50% tariff dealSemiconductor gains and financial stability highlight today's marketWeekly EIA crude oil inventory -3.169 vs -1.565 million est.. Crude oil prices are lowerWhite House: Will remove onerous AI development regulationsUS existing home sales for June 3.93M versus 4.0MestimateMore Trump:Japan deal is the largest deal ever. Stocks open higher and so are yieldsPres. Trump: Housing is lagging in the US because of PowellCommerce Sec.Lutnick: Japan lowered their tariff rate by pledging to do investment dealsUS Lutnick: The Japan deal could be a model for an EU trade dealWhite House: Japan to buy 100 Boeing planesCanada new housing price index for June -0.2% versus -0.2% last monthinvestingLive European markets wrap: Stocks upbeat on US-Japan deal, currencies mixedUS Bessent: Trump has said he's not going to fire PowellUS Bessent: Talks with the EU are going better than they had beenThe US session was greeted with the aftermath of the US/Japan trade deal along with other comment and detail from government officials. The lower 15% tariff on Japan imports was a result of their pledge to do investment deals including buying 100 Boeing planes, agricultural products, and even rice.Focus toward the shift toward the EU especially after report from the FT that the US and EU were close to a deal whereby they too would have 15% tariffs but have some concessions including spirits, planes, and pharmaceuticals.Later White House economic advisor Peter Navarro shut down that idea saying thatHe would take the reports of a 15% tariff on EU with a "grain of salt"It depends on what they offer Pres TrumpHe would caution if the EU is putting out news that it is aspirational.The report also said that the EU was preparing counter tariff measures against the US, which does not sit well with the Trump administration.For them, the Art of the Deal is one way. Apart from the UK where there were some concessions for the like of Rolls-Royce, the patterns show that there aren't a lot of give-and-take in regard to deals. The Trump Team takes, but they don't do a lot of giving. US stocks liked the news despite the fact that the tariffs of 15% on Japan imports, may increase prices at least in the short term. The good news is that it may also spur more production in the US which is another way to skin the cat (i.e deficits). On the economic front, existing home sales came in weaker than expected but the median sale price continue to move higher. Hematuria 4.7 months is still below what is considered normal market at six months but it is also considerably higher from levels in the past.US stocks you their run to the upside with both the S&P and NASDAQ closing at new record highs. The Dow industrial average which has not had a new highs since December close within four Dow points of a new record.A snapshot of the closing levels shows:Dow industrial average rose by 507.85 points or 1.14% to 45010.29. S&P index rose 49.29 points or 0.78% to 6358.91NASDAQ index rose 127.33 points or 0.61% to 21020.02After the close Alphabet reported better than expected earnings.. After dipping, its shares are now up around $7.00 or 3 .6% in after-hours trading. Tesla also reported and it to fell but is now trading higher by around 0.19%. ServiceNow, which seems to move sharply one-way-or-the-other after earnings (and what it seems on an alternating pattern), is trading higher by $67.82 or 7.09% after its earnings (I guess it rose after the earnings back in April too). Although higher, it is still well below its 2025 high price of $1198.09.In the US debt market, yields are higher despite a stellar 20 year bond auction (Grade of A given to the auction). 2 year yield 3.84%, +5.3 basis points5- year yield 3.936%, +6.0 basis points10 year yield 4.33%, +4.8 point basis points30 year yield 4.938%, +3.6 basis pointsCrude oil traded below its 100 day moving average at $64.94, but is trading back above the $65 level at $65.25.Gold fell $-45.15 or -1.32% to $3386.61Bitcoin also gave back its sharp gains from yesterday with the decline of over $2000 to a level of -$117,973 This article was written by Greg Michalowski at investinglive.com.