Record Highs, Trade Truces & Earnings Shockwaves – Wall Street’s Wild 48 Hours (July 22–23, 2025)
On July 23, 2025, President Donald Trump announced a trade deal with Japan that cut auto import tariffs to 15% from 25% and includes a $500 billion Japanese investment package. U.S. stocks surged to intraday records as the S&P 500 reached about 6,353, the Dow hit 44,958, the Nasdaq rose 0.5%, and the VIX fell to a five-month low on July 23, 2025. U.S.-traded shares of Toyota and Honda jumped about 13%, while Stellantis rose 11% and General Motors gained 8% on July 23. GE Vernova surged 13–14% to an all-time high after beating earnings and raising its revenue and