Stock market today: Dow, S&P 500, Nasdaq aim for records as Wall Street returns to rally mode
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Diverging Reports Breakdown
Stock market today: Dow, S&P 500, Nasdaq aim for records as Wall Street returns to rally mode
The Dow Jones Industrial Average rose around 0.7% on the heels of a winning day for the major gauges. After Wednesday’s market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports. Meanwhile, Delta (DAL) kicked off second quarter earnings season with its report. Shares of the airline jumped 12% as the carrier restored its earnings outlook, citing “greater clarity” as trade deals get done. The chipmaker’s stock edged higher Thursday after becoming the first public company to cross a market value of over $4 trillion.
The Dow Jones Industrial Average (^DJI) rose around 0.7% on the heels of a winning day for the major gauges. Meanwhile, the S&P 500 (^GSPC) added about 0.4%, and the tech-heavy Nasdaq Composite (^IXIC) rose 0.2% after notching a record high in the prior session. The S&P 500 was eyeing another record close, which would be its first in a week.
Markets are making sense of Trump’s latest salvos on tariffs, which have done little to sap the ebullient mood that has pervaded for more than two months. After Wednesday’s market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports.
Meanwhile, Delta (DAL) kicked off second quarter earnings season with its report. Shares of the airline jumped 12% as the carrier restored its earnings outlook, citing “greater clarity” as trade deals get done.
Market focus remains on potential trade pacts with bigger US trading partners, such as the EU, India, and Canada. While Trump has said a pact with India is close, the odds have narrowed after he warned of an extra 10% tariff on BRICS members.
Read more: The latest on Trump’s tariffs
Amping up the pressure for deals, Trump has sent 22 letters to the heads of countries this week. Each has a similar formula, dictating the tariff rates he says will apply to their imports starting Aug. 1.
Meanwhile, eyes are back on prospects for AI after the Nasdaq Composite clinched a new record close on Wednesday, thanks in large part to a continued surge from Nvidia. The chipmaker’s stock edged higher Thursday after becoming the first public company to cross a market value of over $4 trillion.
In other news, jobless claims for the week ending July 5 were 227,000, a 5,000 decline from the previous week’s revised level. The update comes as investors look for signs of how quickly the labor market is cooling as an indication of when the Federal Reserve will move to cut rates.
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