Stock market today: Dow, S&P 500, Nasdaq drift higher, dollar slides amid renewed tariff threats
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Stock market today: Dow, S&P 500, Nasdaq drift higher, dollar slides amid renewed tariff threats
The Dow Jones Industrial Average (^DJI) rose over 0.2%, as component Boeing (BA) slid in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) gained almost 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) also rose. Oracle (ORCL) led tech names with a 13% surge. The US dollar sank to its lowest level in three years amid the tariff threats and as fresh price data showed a so-far mild impact from Trump’s tariff policies.
The Dow Jones Industrial Average (^DJI) rose over 0.2%, as component Boeing (BA) slid in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) gained almost 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) also rose around 0.2% as Oracle (ORCL) led tech names with a 13% surge.
Trump reiterated his call for a jumbo rate cut from Fed Chair Jerome Powell, saying it was needed to decrease the cost of short-term debt. Trump said he told Powell in his office that if inflation rises, he can raise rates again.
“If it’s going to go up, I’m OK with you raising — but it’s down, and we’re going out to financing, and I may have to force something,” Trump said. He reiterated that he would not fire Powell.
Meanwhile, the US dollar (DX-Y.NYB) sank to its lowest level in three years amid the tariff threats and as fresh price data showed a so-far mild impact from Trump’s tariff policies. Wholesale inflation increased less than economists expected, one day after its consumer counterpart showed an easing in price pressures.
Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts.
While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump’s tariff policy in the hunt for clarity.
Read more: The latest on Trump’s tariffs
US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes.
But Treasury Secretary Scott Bessent told Congress it’s “highly likely” that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9.
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