Finance

Wall Street Shrugs Off New Tariff Threats, Sets Fresh Records on Tech Rally

NEW YORK, July 9, 2025 (US close) — U.S. equities marched higher on Wednesday even as President Donald Trump widened his trade offensive, underscoring how dominant mega-cap technology shares continue to overpower macro-anxiety.

Index check

S&P 500 added 0.61 % to 6,263.26, just 0.3 % shy of last week’s all-time high.
Dow Jones Industrial Average rose 0.49 % to 44,458.30.
Nasdaq Composite outperformed with a 0.95 % jump to a record 20,611.34. Reuters Yahoo Finance

Big Tech steals the show

Nvidia briefly became the first company ever valued above $4 trillion, finishing the session worth $3.97 trn after a 1.8 % gain. Microsoft and Amazon each climbed more than 1 %, helping eight of the S&P’s 11 sectors finish in the green. Reuters Bloomberg

Fed minutes keep rate-cut hopes alive

Minutes from the Fed’s June meeting revealed that most officials still expect to lower rates later this year, judging tariff-linked price spikes as “temporary or modest.” Traders now pencil in a first cut at the September meeting, sending two-year Treasury yields down 4 bp to 4.46 %. Reuters

Tariff drumbeat grows louder

Hours before the closing bell, the White House formally notified Brazil of a 50 % blanket tariff and confirmed an identical levy on copper imports effective August 1, while letters threatening duties of up to 30 % went to seven other countries. Markets took the escalation in stride, viewing it as a bargaining ploy ahead of the deadline. Reuters Reuters

Energy and commodities respond

Brent crude slipped to $70.16/bbl and WTI to $68.32/bbl as traders weighed weaker global-growth prospects against the strongest U.S. gasoline demand since 2022. Copper futures stayed near record highs on supply-shock fears, even after London spot prices eased 0.8 %. Reuters

Earnings season on deck

Second-quarter reporting unofficially kicks off Monday with JPMorgan. Consensus now calls for 5.8 % S&P 500 EPS growth, down sharply from Q1 as analysts parse how companies are absorbing tariff costs and a stronger dollar. Reuters

Global tone mixed

Asian shares were split overnight, with Tokyo and Sydney lower while Shanghai eked out gains, as investors dissected tariff rhetoric and a firmer dollar. European bourses closed modestly higher on relief that the Bank of England looks set to cut rates in August. Reuters

What’s next

June U.S. CPI — due July 15 — is the next major macro hurdle, followed by the Fed’s July 30–31 meeting where only a minority of policymakers currently back an immediate cut. Bureau of Labor Statistics
Tariff rhetoric bears watching: the August 1 deadline for a new wave of duties now looms as the key binary for risk sentiment.

Bottom line: A record-setting tech bid and dovish Fed signals are overpowering tariff angst—for now. But with earnings season and fresh inflation data imminent, volatility could return quickly if profits show strain or trade negotiations stall.