Wall Street is drifting on Friday toward the finish of its third winning week in the last four, as more big U.S. companies deliver stronger profits for the spring than analysts expected.

The S&P 500 was 0.2% higher in early trading after setting its all-time high the day before. The Dow Jones Industrial Average was down 25 points, or 0.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was up 0.4% after coming off its own record.

The House gave final approval to President Donald Trump's request to claw back about $9 billion for public broadcasting and foreign aid early Friday as Republicans intensified their efforts to target institutions and programs they view as bloated or out of step with their agenda.

The vote marked the first time in decades that a president has successfully submitted such a rescissions request to Congress, and the White House suggested it won't be the last. Some Republicans were uncomfortable with the cuts, yet supported them anyway, wary of crossing Trump or upsetting his agenda.

The Central Bank has denied a media report that claimed it intends to shut down the branches of the Hezbollah-affiliated Al-Qard Al-Hasan Association across Lebanon.

The European Union and Britain on Friday ramped up pressure on Russia over its war on Ukraine, targeting Moscow's energy sector, shadow fleet of aging oil tankers and military intelligence service with new sanctions.

"The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war," EU foreign policy chief Kaja Kallas said after the bloc agreed its new measures, including a new oil price cap.

Lebanese authorities intend to shut down all money exchange firms that deal with Hezbollah and the Central Bank intends to shut down Al-Qard Al-Hasan’s branches across Lebanon, Al-Arabiya’s Al-Hadath channel quoted unnamed sources as saying on Thursday.

PepsiCo reported better-than-expected earnings and revenue in the second quarter despite sluggish North American sales.

Sales of Frito-Lay and other snacks fell 1% in North America during the April-June period, PepsiCo said Thursday, while beverage sales slid 2% in the region.

Japan sank into a trade deficit of 2.2 trillion yen ($15 billion) for the first six month of this year, according to government data released Thursday, as exports were hit by President Donald Trump's tariffs.

In June, Japan's exports slipped 0.5% from a year earlier after its shipments of vehicles and other products were slapped with a 25% tariff. Trump has postponed implementing that higher import duty until Aug. 1, to allow time for negotiations but so far no deal has been reached.

American companies in China are reporting record-low new investment plans for this year and declining confidence in their profitability, with uncertainty in U.S.-China relations and President Donald Trump's tariffs their top concerns, according to a survey released Wednesday.

The companies are also challenged by China's slowing economy, where weak domestic demand and overcapacity in local industries are eroding profitability for the Americans.

U.K. Prime Minister Keir Starmer and German Chancellor Friedrich Merz are set to sign a treaty on Thursday pledging to tighten defense ties and step up law-enforcement cooperation against gangs that smuggle migrants across the English Channel.

The center-right German leader is in London on his first official visit to Britain since taking office in May. Starmer visited Berlin in August 2024, announcing plans for the U.K.-Germany "friendship and cooperation" treaty with Merz's predecessor, Olaf Scholz.

The Senate has passed about $9 billion in federal spending cuts requested by President Donald Trump, including deep reductions to public broadcasting and foreign aid, moving forward on one of the president's top priorities despite concerns from several Republican senators.

The legislation, which now moves to the House, would have a tiny impact on the nation's rising debt but could have major ramifications for the targeted spending, from the Corporation for Public Broadcasting to U.S. food aid programs abroad.