The Vanguard S&P 500 ETF (NYSEMKT: VOO) is looking like it wants to hit a new all-time high today as shares rise 0.4% premarket. And what's driving today's rise? In a word: Japan. President Trump announced on Truth Social last night that Japan has signed "perhaps the largest Deal ever made" with the U.

Japan’s market is rallying, but bond markets are flashing warnings. With rising yields, political uncertainty, and fading trust, the current surge may not hold for long.

Investors held onto hopes that the U.S. and Japan’s trade agreement could lead to a tariff breakthrough with other countries, and pushed the S&P 500 and Nasdaq Composite to fresh record highs.

Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, said the U.S.-Japan trade agreement should encourage cautious investors to enter the stock market, helping to push an already record-breaking S&P 500 even higher. Lisa Bernhard has more.

Trump’s tariffs and recent trade deals continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

On July 22, Japan's stock market experienced significant volatility due to election uncertainties. The Nikkei 225 index rose over 1% but later fell by 0.60%, while the broader TOPIX index also declined by approximately 0.

Trump’s tariffs continue to affect markets and corporate earnings. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

The Dow Jones Industrial Average surged 450 points, or 1%, and the S&P 500 moved up 0.7%, on course for a record high close. The tech-heavy Nasdaq composite rose 0.5%. Small caps on the Russell 2000 climbed 1%.