NEW YORK, July 28 (Reuters) - The S&P 500 posted its sixth straight record high close, while the Nasdaq edged up to a closing record, in choppy trade as investors gauged the U.S.-EU trade pact and prepared for a week of major market catalysts.
U.S. President Donald Trump and European Commission President Ursula von der Leyen unveiled a trade framework on Sunday, slashing EU import tariffs to 15% - half the previously threatened rate that was scheduled to take effect on August 1. Still, France denounced the deal as a "submission."
The deal is the latest announcement in recent days on U.S. trade agreements with countries such as Japan and Indonesia. Top U.S. and Chinese economic officials resumed talks in Stockholm to resolve a trade war between the world's two largest economies.
"It's feel-good in the sense that it doesn't represent Armageddon, if the draconian tariffs went into place," said Scott Welch, chief investment officer at Certuity in Potomac, Maryland.
"But it's much too soon to pass judgment on the long-term effects on how that will play out. It's better than the alternative for sure, and so I hope they continue."
According to preliminary data, the S&P 500 (.SPX), gained 1.17 points, or 0.02%, to end at 6,389.81 points, while the Nasdaq Composite (.IXIC), gained 69.47 points, or 0.33%, to 21,177.79. The Dow Jones Industrial Average (.DJI), fell 62.33 points, or 0.14%, to 44,839.59.
The benchmark S&P 500 index notched five daily closing records last week, en route to its 14th closing record of the year as stocks have rebounded strongly from a selloff that began in early April when Trump announced a slew of tariffs.
Investors now await a policy announcement from the Federal Reserve on Wednesday. The central bank is widely expected to keep U.S. rates unchanged even as Trump has ramped up pressure on Fed Chair Jerome Powell to lower borrowing costs.
Also on deck this week were a slew of corporate earnings, including results from heavyweights Meta (META.O),Microsoft (MSFT.O),Amazon (AMZN.O), and Apple (AAPL.O),which could sway broader investor sentiment in either direction.
Along with the Fed meeting and earnings, a number of economic indicators are scheduled to be released this week, including the Personal Consumption Expenditure report (PCE) - the Fed's preferred inflation measure - and the government payrolls report to gauge how tariffs may have affected consumer prices and the labor market.
Nike (NKE.N), climbed after J.P. Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it".
Energy (.SPNY), was the best performing S&P sector on the session, buoyed by a jump of more than 2% in oil prices while real estate (.SPLRCR), and materials (.SPLRCM), were the worst performing.
Reporting by Chuck Mikolajczak, additional reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by David Gregorio
