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US close: Nasdaq hits new high as investors shrug off tariff disruption

Wed 09 July 2025 22:21 | A A A

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FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

8965.82 | Positive 98.80 (1.11%)
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Prices delayed by at least 15 minutes

(Sharecast News) - US stocks finished firmly higher on Wednesday, bouncing back after two days of losses despite ongoing tariff-related uncertainty, while minutes from the latest Federal Reserve meeting opened the door to another rate cut this year.

The Dow gained 0.5% and the S&P 500 closed up 0.6%, coming within a whisker of its record high reached last Thursday.

However, the Nasdaq climbed 0.9% to a new all-time closing high of 20,611.34. The tech-heavy index was lifted by semiconductor giant Nvidia which became the first company to (briefly) boast a market cap of more than $4trn.

In the latest tariff news, US president Donald Trump said that there would be no change or extensions on duties that he has slapped on 14 countries, including Japan and South Korea, with the new tariff rates (ranging from 25% to 40%) set to come into effect on 1 August. On Wednesday, he sent new tariffs letters to seven more countries.

He also announced a 50% levy on copper imports and seemed to indicate that further sector-specific tariffs would soon be announced. What's more, he threatened to a 200% tariffs on pharmaceuticals imported into the US, but said that he would "give people about a year, year and a half" until those tariffs were instituted.

"The S&P 500 edged closer to record shores, with the megacap tide lifting most index boats," said Stephen Innes, managing partner at SPI Asset Management.

"Even a new round of Trumpian trade threat letters - this time aimed from Baghdad to Manila - couldn't capsize the mood. Traders shrugged, markets yawned, and the tariff headlines continue landing more like a drizzle than a downpour."

FOMC minutes, mortgage applications

In other news, minutes from June's Federal Open Market Committee meeting, released at 1400 ET, revealed a unanimous vote to keep interest rates unchanged, while the majority of policymakers indicated that they would expect to reduce rates again this year.

Two officials suggested that a rate cut could come as soon as next month, though this came as no surprise to the markets given public remarks given by Christopher Waller and Michelle Bowman supporting a move in recent weeks.

In economic news, US mortgage applications surged 9.4% in the week ended 4 July, according to the Mortgage Bankers Association of America, extending the prior week's 2.7% increase.

Market movers

Nvidia's share price reached a new high on Wednesday, with the chip titan briefly becoming the first publicly traded company in history to be worth more than $4 trillion. The Nasdaq-listed stock rose to an intraday high of $164.42 early on, before falling to $162.88 by the close of play, equating to a value of $3.97trn.

That surpassed an earlier record set by Apple, which hit a record market cap of $3.90trn at the end of last year.

The stock has now surged more than 70% since hitting a 2025 low of $94.31 in April following the wider tariff-related market sell-off. However, despite the company's recent rapid growth expected to slow as competition in the market ramps up, there is still "an attractive opportunity ahead" for potential investors, according to Matt Britzman, senior equity analyst at Hargreaves Lansdown. He pointed out that the stock is trading at just 32 times forward earnings despite forecasts of growing sales by more than 50% this year.

Pharma giant Merck gained after announcing that it is to pay $10bn for UK-based respiratory disease specialist Verona Pharma. Verona, whose ADR shares trade on the Nasdaq, is being taken over for $107 each, up from Tuesday's closing price of $86.86, causing the share price to surge 15%.

Meanwhile, Starbucks traded higher after news broke that the coffee giant's Starbucks China arm had drawn bids for a potential stake sale that would value the subsidiary at up to $10bn.

Dow Jones - Risers

Intel Corp. (INTC) $23.44 5.87%

Boeing Co. (BA) $226.60 3.70%

Merck & Co. Inc. (MRK) $83.71 2.88%

Dow Chemical Co. (DOW) $29.84 2.68%

Caterpillar Inc. (CAT) $402.18 2.00%

3M Co. (MMM) $155.98 1.46%

Microsoft Corp. (MSFT) $503.51 1.20%

Cisco Systems Inc. (CSCO) $69.27 1.03%

Apple Inc. (AAPL) $211.14 0.98%

Home Depot Inc. (HD) $371.04 0.96%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $302.91 -1.56%

Coca-Cola Co. (KO) $69.48 -1.08%

Verizon Communications Inc. (VZ) $42.61 -1.05%

Salesforce.Com Inc. (CRM) $270.92 -1.00%

Walt Disney Co. (DIS) $120.61 -0.99%

Nike Inc. (NKE) $73.56 -0.49%

Travelers Company Inc. (TRV) $255.32 -0.42%

Walmart Inc. (WMT) $96.81 -0.29%

Procter & Gamble Co. (PG) $157.52 -0.23%

Chevron Corp. (CVX) $153.02 -0.14%

S&P 500 - Risers

AES Corp. (AES) $13.26 19.78%

Intel Corp. (INTC) $23.44 5.87%

D. R. Horton Inc. (DHI) $138.41 5.36%

Advance Auto Parts (AAP) $58.37 4.77%

Vertex Pharmaceuticals Inc. (VRTX) $478.96 4.75%

PulteGroup Inc. (PHM) $113.77 4.49%

Lennar Corp. Class A (LEN) $115.36 4.47%

Apache Corp. (APA) $20.45 4.28%

Boeing Co. (BA) $226.60 3.70%

Tapestry Inc. (TPR) $95.31 3.36%

S&P 500 - Fallers

Seagate Technology Plc (STX) $142.01 -4.94%

Hershey Foods Corp. (HSY) $161.95 -4.70%

Monster Beverage Corp (MNST) $59.57 -4.67%

American Airlines Group (AAL) $11.48 -3.41%

Autodesk Inc. (ADSK) $307.27 -3.04%

Altria Group Inc. (MO) $57.75 -3.01%

Omnicom Group Inc. (OMC) $72.50 -2.89%

Globe Life Inc. (GL) $117.60 -2.88%

United Airlines Holdings Inc (UAL) $80.18 -2.80%

Baxter International Inc. (BAX) $29.81 -2.77%

Nasdaq 100 - Risers

Qvc Group Inc Series A (QVCGA) $3.03 7.07%

Intel Corp. (INTC) $23.44 5.87%

Vertex Pharmaceuticals Inc. (VRTX) $478.96 4.75%

Biomarin Pharmaceutical Inc. (BMRN) $59.68 4.15%

Check Point Software Technologies Ltd. (CHKP) $231.23 3.59%

Microchip Technology Inc. (MCHP) $74.68 2.88%

DENTSPLY Sirona Inc. (XRAY) $16.57 2.86%

Hologic Inc. (HOLX) $65.85 2.62%

Regeneron Pharmaceuticals Inc. (REGN) $552.58 2.61%

Fastenal Co. (FAST) $43.40 2.50%

Nasdaq 100 - Fallers

Seagate Technology Plc (STX) $142.01 -4.94%

Monster Beverage Corp (MNST) $59.57 -4.67%

American Airlines Group (AAL) $11.48 -3.41%

NetEase Inc. Ads (NTES) $130.22 -3.39%

Autodesk Inc. (ADSK) $307.27 -3.04%

JD.com, Inc. (JD) $31.60 -2.96%

Booking Holdings Inc. (BKNG) $5,668.04 -2.53%

Baidu Inc. (BIDU) $88.66 -2.47%

Mondelez International Inc. (MDLZ) $66.85 -2.14%

Paypal Holdings Inc (PYPL) $74.83 -1.95%

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