The S&P 500 and the Dow indexes scaled record highs on Thursday, as a slate of strong corporate earnings reports and data showing a pickup in US economic growth reinforced confidence in a post-pandemic recovery.

Overall, of the 195 companies in the S&P 500 that have reported second-quarter earnings so far, nearly 91% have beaten estimates, according to Refinitiv, although investors have begun to book profits across equities after solid stock market gains this year.

Still, economically sensitive S&P indexes including financials, miners and energy jumped more than 1%, a day after the Federal Reserve said it was not yet time to start withdrawing its massive pandemic-era monetary stimulus.

Data on Thursday showed gross domestic product increased at a 6.5% annualized rate in the second quarter. That was, however, slower than the 8.5% growth rate economists polled by Reuters had forecast.

With rising inflation, and concerns that higher prices would not be as transient as expected, focus on Friday will be on the June reading of the personal consumption expenditures price index — the Fed's main inflation measure.

Futures contracts tied to the major U.S. stock indexes fell early Friday as a soft earnings report from Amazon threatened to dampen an otherwise strong month ahead of July’s final day of trading.

The tech-heavy Nasdaq Composite underperformed with a 0.1% gain, kept in check by a 4% drop in Facebook shares after the social media company’s earnings report.

Thursday’s positive session came despite a government report that showed U.S. second-quarter gross domestic product accelerated 6.5% on an annualized basis, considerably less than the 8.4% Dow Jones estimate.

The Fed will receive the latest iteration of its preferred inflation gauge, the personal consumption expenditures price index, Friday morning at 8:30 a.m. ET.

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Plan A : Remain buy as long as oil prices trades firmly above 72.4. Targets are 73.4 and 74.2.

Plan B : Consider sell only oil price fails to breach above 74.2 and retrace. Targets are 73.4 and 72.7.