US stocks trade with modest gains, Nasdaq sets fresh intraday record highs

Major US equity indices opened with modest gains on the last trading day of the week, with tech-heavy Nasdaq Composite Index hitting record highs.

At the time of writing, the Dow Jones Industrial Average rose 55-points to 21,240, while broader S&P 500 Index added around 6-points to 2,440. Meanwhile, Nasdaq Composite Index held stable near record high levels and was up nearly 8-points to 6,330.

With today's move, all the main indices were on track to finish the weekly roughly unchanged as investors’ preferred to remain on the sideline in wake of this week's important political and economic events.

Investors shrugged off the UK PM Theresa May's disastrous gamble on a snap election and turned focus to the upcoming two-day FOMC meeting on June 13-14, where the central bank is widely expected to go ahead and raise Fed fund rates.

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Meanwhile, the so-called Trump reflation trade seems to have made a comeback after Thursday's public testimony by former FBI Director James Comey offered little surprise to spark further political turmoil in the US. Hence, expectations for pro-growth economic policies by the US President Donald Trump further collaborated to the mildly positive investors' sentiment on Friday.