Wall Street’s main indexes were trading at record highs in Friday’s afternoon session, as investors weighed upbeat corporate earnings, the Fed’s first rate cut of 2025, and signs of progress in US-China relations. The S&P 500 rose 0.3% and the Nasdaq 100 gained 0.5%, while the Dow added more than 100 points, extending the all-time highs set in the previous session. FedEx climbed nearly 3% after posting stronger-than-expected results, while Apple jumped 2.8% on a J.P. Morgan price target hike and the launch of its new iPhone. Tesla advanced 1.5% following an upgrade to “outperform” from Baird, helping lift the tech and consumer discretionary sectors. Meanwhile, markets tracked a lengthy call between President Trump and China’s Xi Jinping, with Trump highlighting progress on trade, fentanyl, and a potential TikTok deal. Despite choppy moves, all three major indexes remain on course for solid weekly gains, underscoring the strength of the ongoing rally.