U.S. stocks moved higher on Monday as optimism around earnings overshadowed any investor fears over the latest developments in trade.

The S&P 500 and the Nasdaq notched record high closes on Monday, lifted by Alphabet and other megacaps ahead of several earnings reports this week, while investors bet on potential trade deals to blunt economic damage from the Trump administration's global tariffs.

Note: The prior top four record outperformance by the Nasdaq-100 versus the Dow Jones Industrial Average (May-91; May-09; May-20; May-03) occurred during the early stages of new bull markets.

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Follow all the latest U.S. market action for Wednesday here to see if trade deal hopes can push markets to fresh record highs as big tech earnings kick off with Tesla and Alphabet results due after the close.

It's been a few years since the Nasdaq Composite index (NASDAQINDEX: ^IXIC) last touched a new record. But that changed on the last day of February when the Nasdaq finally broke its 2021 record.

Northern Trust Corporation (NASDAQ:NTRS) reported second-quarter earnings per share of $2.13, surpassing analyst expectations of $2.05. The financial services firm benefited from record net interest income and growth in trust fees.

Wall Street is hanging near its records following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much President Donald Trump’s tariffs are hurting or hel