Stocks Jump On Trump's Trade Deal Deluge Ahead Of Big Tech Earnings: What's Moving Markets Wednesday?

A wave of U.S. trade deals with key allies over the past 24 hours reignited Wall Street's rally and boosted investor risk appetite across global markets.

President Donald Trump announced agreements with the Philippines, Indonesia and—most significantly—Japan, while the Financial Times reported that a U.S.-EU trade deal is imminent, expected to mirror the Tokyo framework.

The U.S.-Japan pact raises the baseline tariff on Japanese goods to 15% from 10%, sidestepping the previously threatened 25% level. Tariffs on Japanese autos have been cut from 25% to 15%. In return, Japan committed to investing $550 billion in the U.S. and easing access to American agricultural and industrial goods.

Markets cheered the progress. The S&P 500 rose 0.5% to a new record high of 6,350, while the Dow Jones Industrial Average surged nearly 1%, or 450 points, nearing its own record. Small-cap stocks led the charge, with the Russell 2000 also jumping 1.0% to its highest level since February.

International equities soared even more. The iShares MSCI Japan Index Fund (NYSE:EWJ) rallied 4.9% to ...