12:26 PM EDT, 07/24/2025 (MT Newswires) -- US equity indexes were mixed in midday trading on Thursday, with the Nasdaq Composite and S&P 500 hitting fresh intraday highs, as investors weighed big-tech earnings amid reports a trade deal with the European Union could be announced before the Aug. 1 deadline.

The Nasdaq Composite rose 0.2% to 21,052.3, after hitting a new all-time high of 21,107.83 earlier in the session. The S&P 500 climbed 0.2% to 6,370.5, after making a fresh record high of 6,379.54. The Dow Jones Industrial Average, however, fell 0.5% to 44,802.3, trading close to its peak of 45,073.63.

All sectors except consumer discretionary, healthcare, and materials rose intraday. Communication services and technology were among the gainers.

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 the self-imposed "hard" deadline next month.

The CBOE Volatility Index dropped 2.2% to 15.03 intraday, trading close to its lowest level since mid-February.

Most US Treasury yields advanced, with the 10-year yield up 1.8 basis points to 4.41% and the two-year yield traded 3.4 basis points higher at 3.92%.

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

Tesla (TSLA) shares slumped 9.1% 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 8.3% lower, the biggest laggard on the Dow.