US stocks steadied near all-time highs on Friday as investors assessed a packed week of major earnings, trade deals, and President Trump's unusual visit to the Federal Reserve.

The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1% after the benchmark notched its fourth record close in a row. The tech-heavy Nasdaq Composite traded broadly flat.

Markets are hitting pause on the recent risk-on rally that has seen the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) stack up records, setting the major gauges on track for weekly gains of around 1%.

Spirits got a boost from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — "fear of missing out" — is driving gains, rather than fundamentals.

Investors may now be locking in profits ahead of a big week bringing the Fed's two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face "reciprocal" tariff hikes.

Read more: The latest on Trump's tariffs

But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don't see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal.

Meanwhile at home, Trump has downplayed the risk of Jerome Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank.

The president visited the Fed's headquarters on Thursday to tour its $2.5 billion renovation project. He has criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell.

However, Trump indicated he wasn't considering firing the Fed chair. "To do that is a big move, and I just don't think it's necessary," he said.

Intel reported its earnings after the bell Thursday, beating Wall Street expectations on revenue. The chipmaker's stock turned negative as it revealed plans for layoffs and the cancelation of some factory projects.

Read more: Full earnings coverage in our live blog

The US dollar (DX-Y.NYB) strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations.

The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him.

Trump told reporters on Friday, \\"I don't want to be personal\\" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: \\"To do that is a big move, and I just don’t think it’s necessary.\\"

Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased.

Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71.

During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks.

Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine.

The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million.

Read the latest earnings updates here.

Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans.

\\"We are disappointed by our second-quarter results, but we have a clear understanding of the trends that have impacted our performance, and are working with urgency and focus to restore our earnings trajectory,\\" CEO Sarah London said.

The health insurance industry has seen elevated medical costs and changing enrollment patterns, at a time when it braces for big spending cuts and rule changes under the Trump administration.

Read more here.

Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief:

AI Overviews, Google's search product that summarizes key information on a topic or question, has grown from 1.5 billion monthly users to more than 2 billion, underscoring its strong adoption.

Google executives have framed its enhanced search features as an evolution of the company's core business. Along with AI Mode — an expansion of Overviews — the company says the tools are driving people to search even more. Double-digit revenue growth in search suggests AI is expanding the market. ...

The knock on Google's AI approach is that in trying to fend off a new wave of AI-powered answer engines, like those from Perplexity and OpenAI, its reinvention will cannibalize search revenues.

But Google's advertising business has proven resilient, even as AI adoption has grown.

\\"Another stable quarter for Search results increases our confidence in the AI transition and should ease concerns on a potential revenue reset,\\" said Bank of America analysts Justin Post and Nitin Bansal in a note Thursday.

Read more here.

Economic data: Durable goods orders (June preliminary)

Earnings: Charter Communications (CHTR)

Here are some of the biggest stories you may have missed overnight and early this morning:

Intel stock falls as chipmaker cuts jobs, drops factory plans

Google Search is readying the next generation for AI

Trump: Australia has agreed to accept American beef

Who benefits if Trump drops capital gains tax on home sales

Americans are struggling to pay bills and feeling anxious about it

Japan pushes back against US view of trade-deal profit split

Trump and Powell clash in public — then Trump takes softer tone

Amazon scraps plans for $350M cloud facility in Ireland

Health insurer Centene's stock falls after surprise Q2 loss

Here are some top stocks trending on Yahoo Finance in premarket trading:

Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts’ estimates in the fiscal first quarter ended June 30.

Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified.

Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss.

Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback.

While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated.

Yahoo Finance's Daniel Howley reports:

The company said it is cutting its headcount by 15% and expects to have approximately 75,000 employees by the end of the year. ... The company has also canceled planned projects in Germany and Poland, and is slowing construction of its facility in Ohio.

Intel is dealing with increased competition from AMD (AMD) and the rising threat from Qualcomm (QCOM), which is pushing further into the PC chip space with its Snapdragon X Plus and X Elite chips.

Intel’s still-nascent Foundry business generated $4.4 billion in revenue versus expectations of $4.3 billion, up 2%. The division, which is meant to produce chips for third-party customers using Intel’s processor technology, is still struggling to make meaningful headway.

Read more here.

Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply.

Reuters reports:

Brent crude (BZ=F) futures touched a one-week high and was up 29 cents, or 0.42%, at $69.47 a barrel as of 0310 GMT. U.S. West Texas Intermediate (CL=F) crude futures climbed 29 cents, or 0.44%, to $66.32.

Oil, along with stock markets, gained support from the prospect of more trade deals between the U.S. and trading partners ahead of August 1, when the U.S. will impose new tariffs on goods from an array of countries.

The United States announced a trade deal with Japan on Wednesday, after which two European diplomats said the European Union was moving toward a deal involving a baseline 15% U.S. tariff on EU imports plus possible exemptions.

\\"Trade talk optimism appears to be offsetting expectations for stronger Venezuelan supply,\\" ING analysts wrote in a client note on Friday.

Read more here.