S&P 500 and Nasdaq hit record closing highs, boosted by Alphabet.

(Reuters)- The S&P 500 and Nasdaq indexes hit record closing highs on Monday, boosted by Alphabet and other megacaps ahead of the release of several corporate earnings reports this week, while investors bet on potential trade deals to mitigate the economic damage from global tariffs imposed by U.S. President Donald Trump's administration.

The S&P 500 rose 0,14% to 6.305,60 points. The Nasdaq gained 0,38% to 20.974,18 points. The Dow Jones registered a negative variation of 0,04%, to 44.323,07 points.

Alphabet, Google's parent company, rose 2,7% ahead of its quarterly report on Wednesday. Alphabet and Tesla, which also release their reports on Wednesday, kick off the earnings season for the so-called "Magnificent Seven," and their results could set the tone for other major companies releasing their earnings in the coming days.

Tesla fell 0,35%, while Apple gained 0,62% and Amazon rose 1,43%, both boosting the S&P 500 and Nasdaq.

"So far, companies that have released their reports have generally met or exceeded the guidance from the previous quarter, and we haven't seen any deterioration in corporate profits or consumer spending," said Tom Hainlin, national investment strategist at US Bank Wealth Management.

With the deadline for President Trump's tariffs approaching on August 1st, the S&P 500 is up about 8% year-to-date, as investors bet that the economic damage from the tariffs will be less than feared.

Seven of the 11 sectors in the S&P 500 rose, led by communication services, up 1,9%, followed by a 0,6% gain in consumer discretionary spending.