US equities were higher on Friday, extending momentum after the three major benchmarks notched fresh record closes in the prior session. For the week, the S&P 500 and Dow Jones are each up 0.7%, while the Nasdaq has gained 1.5% so far, supported by the Fed’s first rate cut of the year and expectations of further easing in 2025. Traders also monitored a call between President Trump and President Xi for potential updates on trade negotiations. Meanwhile, a $5 trillion quarterly triple-witching options expiry takes place today, though volatility is expected to remain limited. Consumer discretionary, tech and communication services booked gains while the energy sector was the biggest laggard. On the corporate front, Apple shares rose about 1.4% as the iPhone 17 goes on sale. Amazon (0.6%), Tesla (2.1%) and Oracle (2.9%) were also higher and FedEx shares added 1% after its first-quarter results beat expectations.