01:53 PM EDT, 07/23/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday after President Donald Trump announced a trade deal with Japan, while markets awaited financial results of Alphabet (GOOG, GOOGL) and Tesla (TSLA).

The Dow Jones Industrial Average was up 0.8% at 44,872.8 after midday Wednesday, while the S&P 500 rose 0.5% to 6,337.8, following a record high close in the previous session. The Nasdaq Composite was up 0.2% at 20,926.3 intraday Wednesday.

Barring utilities and communication services, all sectors were in the green, led by industrials and health care.

Japan agreed to pay 15% in tariffs on its exports to the US, Trump said in a social media post Tuesday. Japan will invest $550 billion in the US, "which will receive 90% of the profits" as part of the trade deal, according to Trump.

"The US-Japan deal will put more pressure on other major Asia exporters to secure better deals," ING said in a note. "We've already seen trade deals with the Philippines and Indonesia. Before 1 August, there should be more deals struck with Asian exporters."

The US and the European Union are nearing a trade deal that would set 15% tariffs on European imports, the Financial Times reported Wednesday, citing sources.

US Treasury yields were higher intraday, with the 10-year rate rising 5.6 basis points to 4.39% and the two-year rate gaining 4.5 basis points to 3.88%.

Google ( GOOG ) parent Alphabet and electric vehicle maker Tesla are scheduled to report results after the closing bell Wednesday, along with IBM ( IBM ) , T-Mobile US ( TMUS ) , ServiceNow ( NOW ) and others.

In company news, Lamb Weston ( LW ) shares were up nearly 17% intraday, the top gainer on the S&P 500, after the frozen potato products supplier logged fiscal fourth-quarter results above Wall Street's estimates and announced a cost-savings program to enhance profitability.

Thermo Fisher Scientific ( TMO ) was among the best performers on the S&P 500, up 11%. The medical device manufacturer raised its full-year guidance as its second-quarter results surpassed the Street's estimates.

Texas Instruments ( TXN ) shares were down 12%, among the worst S&P 500 performers. The semiconductor manufacturer late Tuesday issued a third-quarter earnings outlook below market estimates at the midpoint amid uncertainties related to tariffs and geopolitics.

West Texas Intermediate crude oil was down 0.3% at $65.14 a barrel intraday Wednesday.

In economic news, existing home sales in the US decreased more than projected in June as prices reached a record high for the month, according to data from the National Association of Realtors.

"We look for sales to move sideways over the balance of 2025, before recovering in 2026 as rate cuts by the Federal Reserve get underway in earnest," Oxford Economics said.

Markets widely expect the US central bank to keep interest rates unchanged next week, according to the CME FedWatch tool.

Gold was down 1.4% at $3,395.9 per troy ounce, while silver lost 0.2% to $39.47 per ounce.