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The S&P 500 and Nasdaq reached fresh record highs on Thursday, powered by continued strength in chip stocks as optimism over AI-driven demand overshadowed concerns about escalating tariffs.
As of 2:07 p.m. ET, the Dow Jones Industrial Average rose 190 points (0.2%), while the S&P 500 gained 0.3% to close at a new high of 6,280.39. The Nasdaq Composite posted its second consecutive record close, finishing at 20,630.67.
Semiconductor stocks jumped 1% on the day, with Taiwan Semiconductor Manufacturing (NYSE: TSM) leading the way after reporting a nearly 40% surge in Q2 sales—beating analyst expectations and highlighting sustained AI-driven demand.
Advanced Micro Devices (NASDAQ: AMD) rose following a rating upgrade to “buy” from HSBC, while NVIDIA (NASDAQ: NVDA) extended gains after surpassing a $4 trillion market value for the first time earlier this week.
Former President Donald Trump escalated trade tensions on Wednesday by releasing additional letters detailing new tariffs, including a proposed 50% tariff on all imports from Brazil, set to take effect August 1. The move is widely seen as a reaction to the treatment of former Brazilian President Jair Bolsonaro, a Trump ally.
Brazilian President Luiz Inácio Lula da Silva condemned the decision and pledged a proportional response, raising concerns of a possible trade war between the two nations.
Separately, Trump also reaffirmed a 50% tariff on copper imports, effective the same date, following through on earlier threats.
Weekly jobless claims came in at 227,000, below the forecasted 236,000, suggesting continued resilience in the labor market.
Minutes from the Federal Reserve’s June meeting showed only a few policymakers favoring a near-term rate cut. Most officials preferred to hold steady, citing inflation risks tied to tariffs and their potential drag on economic growth. Trump, however, has reiterated his call for lower rates, warning of possible economic consequences if the Fed doesn’t act.
In corporate news:
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This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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