US stocks keep climbing, notching a sixth straight record close as investors focus on a wave of significant earnings, US-China trade talks, and the start of the Fed’s July meeting. Union Pacific (UNP) acquires Norfolk Southern (NSC) in an $85B deal, creating a transcontinental rail giant. Procter & Gamble (PG) warns of a $1B tariff hit and plans price hikes, while Boeing (BA) shows signs of a turnaround. UnitedHealth (UNH), Novo Nordisk (NVO), Baker Hughes (BKR), UPS (UPS), and SoFi (SOFI) are also in focus as more companies cite tariff impacts. The S&P 500 and Nasdaq continue their record streaks, but analysts debate whether markets are getting frothy.

Takeaways:

S&P 500 and Nasdaq hit new highs; Fed expected to hold rates steady
Tariffs pressure earnings: P&G, Stanley Black & Decker, Whirlpool warn of hits
Union Pacific buys Norfolk Southern in historic $85B rail merger

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Stocks hit more records, the Fed meets, and tariffs pressure earnings