U.S. stocks soared to new record highs on Friday, marking a significant leap forward in the market fueled by ongoing trade discussions between the U.S. and China. The tech sector, particularly the “Magnificent Seven”, continued its upward trajectory, propelling the indices to fresh peaks.

The Dow Jones Industrial Average (^DJI) climbed 0.4%, while the S&P 500 (^GSPC) surged nearly 0.5%. Leading the growth, the tech-dominant Nasdaq Composite (^IXIC) saw a remarkable gain of approximately 0.7%, buoyed by a rally in Apple (AAPL) shares amid excitement over the launch of its new iPhones.

All three major indexes attained all-time highs for the second consecutive session, ending the week on a high note as market participants began responding to the Federal Reserve’s recent shift towards interest rate cuts. The S&P 500 and Nasdaq recorded their third consecutive weekly gains, escalating by 1.2% and 2.2%, respectively, while the Dow saw a 1% increase, marking its second weekly gain.

The “Magnificent Seven” tech stocks, excluding Nvidia (NVDA), experienced widespread gains over the trading week, led by Tesla (TSLA), which surged nearly 8%. Other notable risers included Alphabet (GOOG) and Alphabet (GOOGL), both adding around 6%, and Apple, which experienced a nearly 5% bounce.

Investors were particularly attentive to details of President Trump’s call with Chinese President Xi Jinping. Trump reported on a post on Truth Social that progress was made on multiple critical issues including trade, fentanyl, and the ongoing conflict between Russia and Ukraine.

Although the specifics of the TikTok deal remain ambiguous, reports suggest it would allow the social media platform, owned by Chinese tech company ByteDance, to maintain operations in the U.S. under a consortium of investors that may include Oracle (ORCL), Silver Lake, and Andreessen Horowitz, taking an 80% stake in the company.

Chinese state media, in a summary of the discussions, characterized Xi’s support for a commercial resolution to the TikTok dilemma, emphasizing the need for rules that encourage Chinese investment in the U.S., while calling for a halt to new trade restrictions that could undermine recent negotiations.

In broader market trends, nuclear stocks, including Oklo (OKLO) and NANO Nuclear (NNE), experienced significant rallies amidst heightened institutional interest in the sector. Meanwhile, chipmaker Micron (MU) retreated slightly from its record high as it awaits its upcoming quarterly report due on September 23. Broadcom (AVGO), an AI chipmaker, closed the week down 4% after a substantial rise the previous week.

As momentum continues, market observers remain keen on corporate earnings announcements as a potential catalyst for sustained growth. Analysts are maintaining optimistic projections surrounding key sectors, despite ongoing geopolitical and trade uncertainties.