The S&P 500 hit a high on Trump trade deals. Tesla fell late as Elon Musk sees "rough quarters." Google rose on earnings.

US stocks climbed on Wednesday after the US struck a trade deal with Japan, lifting hopes for further tariff pacts as Wall Street prepared for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings after the bell.

Not a very good showing for Tesla despite largely in-line second-quarter earnings. The stock is losing more than 4% in the extended session, and investors got spooked by Elon Musk's final words about potential "rough quarters" ahead for Tesla.

Tesla enters Wednesday trading with a market value north of $1 trillion, along with eight other companies in the S&P 500: Nvidia, Microsoft, Apple, Amazon.com, Alphabet, Meta Platforms, Broadcom, and Berkshire Hathaway.

US stock futures were mixed after Google-parent Alphabet (GOOG) and Tesla (TSLA) reported earnings. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%, while futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.

A new accounting rule this year lets companies mark crypto assets to market, benefiting Tesla’s balance sheet.

Gift Nifty was trading around 25,297 level, a premium of nearly 44 points from the Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

Tesla's earnings are due today with an investor call at 5:30 p.m. ET. Elon Musk's politics have rocked TSLA stock, with shares down 18% YTD.