Trading volume in Japan’s power futures is set to climb as companies prepare for expiration of a key agreement between the nation’s largest utilities, a change expected to jolt the market.

After months of fraught negotiations with the United States, Japan clinched a deal just days before punitive tariffs were scheduled to take effect.

The S&P 500 index notched its third consecutive record high Wednesday, with a U.S.-Japan tariff deal and signs of progress with other trade partners lifting the Dow Jones Industrial Average more than 500 points.