S&P 500, NASDAQ POST RECORDS ends, NVIDIA closure rating $4 trillion
Caroline Vallett Kevic
NEW YORK (Reuters) – The S&P 500 and NASDAQ recorded records on Thursday, with Nvidia’s market value shut down for the first time above $4 trillion, while Brazilian Rial recovered some losses after President Donald Trump announced a 50% tariff on the country’s goods.
Wall Street support, Delta stocks also rose 12% after forecasting third-quarter and full-year profits above analyst estimates. Other travel stocks, including United Airlines, also rose, with Hearts Global, which ended 14.3% higher, up 11.8%.
Nvidia’s shares were 0.75% at $164.10, giving Chipmaker a market value of $4.004 trillion thanks to a surge in demand for artificial intelligence. The move solidified its position as one of Wall Street’s most preferred stocks.
Trump confirmed that a 50% tariff will be imposed on copper, and said it will start on August 1st.
Brazilian Rial recovered several losses following the tariff news. Late Wednesday, the currency volatility gauges skyrocketed to their highest levels since late April. The dollar fell 0.8% against reality. Brazilian stocks fell 0.5%.
Brazilian President Luis Inacio Lula da Silva has vowed to retaliate against the unilateral tariff hike.
Some traders said that if Trump sticks to Brazilian tariffs, consumers can see a sharp rise in coffee and orange juice prices.
The broader market response to Trump’s latest tariff move is less severe than in April, and perhaps reflects expectations that continued negotiations between Washington and its trading partners could lead to agreement.
Investors are preparing for second-quarter revenues, looking for signs of impact from Trump’s trade war, which began on April 2.
Bruce Zaro, managing director of Granite Wealth Management in Plymouth, Massachusetts, said the market appears to be in a retention pattern ahead of reports from the S&P 500 companies.
JPMorgan Chase is scheduled to release its results on Tuesday, essentially beginning its reporting period.
“Every analyst following the S&P 500 had a great deal of skepticism. How have they significantly reduced their estimates based on the tariffs and uncertainties around it,” he said.
“But when everything is said and done, I think those growing companies, especially high-tech companies, are going to get great revenue, so I think the market is in a waiting period.”
The Dow Jones industrial average rose to 44,650.64 from 192.34 points (0.43%) and the S&P 500 to 17.20 points (0.27%) to 6,280.46, while the Nasdaq Composite reached 19.33 points and 0.09% to 20,630.67.