New records for S&P, Nasdaq | Consumer to the GDP rescue | T-Mobile, Sprint mega-deal gets green light

While earnings are key next week, the Fed will likely have the most market impact.

VIEW IN BROWSER | SUBSCRIBE FRI, JUL 26, 2019 EVENING BRIEF AS OF FRI, JUL 26, 2019 • 04:05 ET DJIA 27192.45 +0.19% +51.47 S&P 500 3025.86 +0.74% +22.19 NASDAQ 8330.21 +1.11% +91.67   Most Active DOW NAME LAST CHG %CHG INTC 51.59 -0.57 -1.09% PFE 43.09 +0.42 +0.98% AAPL 207.74 +0.72 +0.35% S&P 500 NAME LAST CHG %CHG TWTR 41.52 +3.40 +8.92% F 9.57 +0.01 +0.10% BAC 30.77 +0.43 +1.42% NASDAQ NAME LAST CHG %CHG AMD 34.02 +0.35 +1.04% INTC 51.59 -0.57 -1.09% FB 199.75 -0.96 -0.48% EDITOR'S NOTE   The S&P 500 and Nasdaq both notched new highs on Friday as investors anticipated a Fed rate cut and cheered a better-than-expected earnings season.   Earnings growth is slightly positive this quarter, but that could improve with nearly a third of the S&P 500 reporting next week, CNBC's Patti Domm writes in her look ahead. So far, 75% of companies have beaten estimates with 60% topping revenue expectations. Apple, Exxon Mobil, Procter & Gamble, Merck, General Motors and Verizon are among the corporate giants on deck for next week.  While earnings are key, the Fed will likely have the most market impact. The central bank is expected to cut interest rates for the first time in more than a decade Wednesday. The move, which is seen as preventative by economists, comes as concerns rise about the effect of the trade wars and a slowing global economy, Domm writes.    In the past several weeks, though, economic data has begun to show signs of improvement from a soft patch in the winter and spring. Consumers, who make up 70% of the economy, showed strength in the second quarter, with consumption up 4.3% for its best reading since late 2017.   Investors will also be watching for headlines on trade in the coming week, as the U.S. delegation returns to China for the first round of face-to-face talks since May.   Have friends or colleagues who might like this newsletter? Tell them they can sign up for CNBC's Evening Brief here. Kate Rooney | CNBC Markets Reporter @Kr00ney TOP NEWS  S&P 500 and Nasdaq notch another record close after strong earnings from Alphabet and Starbucks GDP slows to 2.1% in second quarter but beats expectations thanks to strong consumer Kudlow: 'I wouldn't expect any grand deal' on China DOJ announces agreement on $26 billion merger between T-Mobile and Sprint Recount shows Trump didn't get his 3% growth in 2018 after all Strong consumer spending vs. weak business investment: What really matters for the US economy Trump targets French wine while threatening 'substantial' retaliation against France for digital tax The IRS is warning thousands of cryptocurrency holders to pay their taxes Apple lost the 5G battle, but it paid Intel $1 billion to win the war Trump says Apple will not be given tariff waivers or relief for Mac Pro parts made in China   CNBC PRO Fed's rate cut will be good for banks, KBW upgrades Citigroup, Bank of America and Goldman Sachs     TOP VIDEO Economic advisor Larry Kudlow on the economy and GDP growth   SPECIAL REPORTS Beyond Meat's market cap is bigger than 25% of the S&P 500—and that's 'beyond ridiculous,' says investor This level is the line in the sand for Tesla, says expert   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2019 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS