12:51 PM EDT, 07/24/2025 (MT Newswires) -- US equity indexes traded mixed, with the Nasdaq Composite and S&P 500 hitting fresh intraday highs, as investors weighed big-tech earnings amid reports that a trade deal with the European Union could be signed ahead of the Aug. 1 deadline.

The Nasdaq Composite rose 0.2% to 21,055.1, after hitting a new all-time high of 21,107.83 in midday trading on Thursday. The S&P 500 climbed 0.2% to 6,368.3, after making a fresh record high of 6,379.54 earlier in the session. The Dow Jones Industrial Average, however, fell 0.5% to 44,803.8, trading close to its peak of 45,073.63.

Communication services, technology, and financials were among the gainers, while consumer discretionary was the standout decliner intraday.

The US and the EU are reportedly nearing a trade deal that would set 15% tariffs on European imports, while President Donald Trump recently announced trade deals with Japan, Indonesia, and the Philippines ahead of a self-imposed "hard" deadline next month.

The CBOE Volatility Index dropped 1.1% to 15.21, trading close to its lowest level since mid-February.

Most US Treasury yields advanced, with the 10-year yield up 1.4 basis points to 4.4% and the two-year yield up 3 basis points at 3.91%.

Alphabet's (GOOG/GOOGL) Q2 earnings beat indicates that fundamentals support earnings expansion potential, UBS said in a Thursday report.

Tesla (TSLA) shares slumped 9.3% intraday, the steepest decline on the Nasdaq, after the automaker overnight posted lower Q2 adjusted earnings and revenue.

IBM ( IBM ) will likely deliver 5% revenue growth in 2025 but will face challenges in maintaining that growth figure without an M&A deal in 2026, UBS said in a note. UBS said that with IBM's ( IBM ) organic growth slowing in the Software segment, the pressure is increasing for the company to announce a major software acquisition "sooner than later." IBM ( IBM ) shares traded 7.3% lower, the biggest laggard on the Dow.

The second-worst performer on the S&P 500 was Dow (DOW), down 16% intraday, after the company reported a wider-than-expected Q2 operating loss while net sales fell more than forecast.

In economic news, the July flash reading of manufacturing conditions from S&P Global fell to a seven-month low of 49.5 from 52.9 in June, compared with a smaller decrease to 52.7 expected in a survey compiled by Bloomberg. The contraction is in line with the Richmond Fed measure but in contrast with the New York Federal Reserve and Philadelphia Fed readings that signaled expansion.

US initial jobless claims fell for a sixth straight week to 217,000 in the week ended July 19 from an unrevised 221,000 in the previous week, compared with expectations for an increase to 226,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell by 5,000 to 224,500.

West Texas Intermediate crude oil futures rose 0.5% to $65.56 a barrel.

Gold futures declined 0.8% to $3,372.41 per ounce.