Merchants work on the ground of the New York Inventory Alternate on July 8, 2025.
Michael M. Santiago | Getty Pictures
The S&P 500 rose Wednesday, as Nvidia reached a significant milestone and traders monitored the newest tariff updates from President Donald Trump.
The broad market benchmark climbed 0.61%, ending the session at 6,263.26, and the Nasdaq Composite superior 0.94% for a report shut of 20,611.34. The Dow Jones Industrial Common added 217.54 factors, or 0.49%, ending at 44,458.30.
Nvidia shares added 1.8% and the chip large briefly hit a market capitalization of $4 trillion — the primary firm to take action. Different main tech names additionally rose — together with Meta Platforms, Microsoft and Alphabet — nodding to a rekindling in urge for food for the substitute intelligence theme.
These strikes got here as merchants seemingly downplayed the newest tariff-related headlines of the week.
On Wednesday, Trump despatched letters dictating new U.S. tariff charges on items from at the very least six extra international locations, together with the Philippines and Iraq. This comes after Trump posted letters setting new duties earlier this week to the leaders of 14 different international locations, together with South Korea and Japan.
On Tuesday, the president stated in a Reality Social put up that there could be no change or extensions on the raft of duties he introduced this week. The new tariff charges vary from 20% to 40% and are set to start on Aug. 1.
Trump on Tuesday additionally introduced a 50% levy on copper imports and hinted that additional sector-specific tariffs will quickly be introduced. He threatened Tuesday afternoon to impose as much as 200% tariffs on prescription drugs imported into the U.S., however stated that he’ll “give folks a couple of 12 months, 12 months and a half” till the duties go into impact.
“The market is simply shrugging these tariff threats off and presuming that there’s room for offers and negotiations to be made,” stated Ross Mayfield, funding strategist at Baird, in an interview with CNBC. “I feel that the extension of the deadlines to Aug. 1 — and the occasional remark that these deadlines may even be kicked out farther — is an admission that there is a deal making urge for food, and the market is clearly going to run with that till confirmed in any other case.”
Mayfield continued: “As a result of if the counter have been true, I do not assume we’d be wherever close to all-time highs.”
