The Dow Jones Industrial Average finished on a high note Wednesday even as President Donald Trump issued further tariff directives. Nvidia made history on the stock market today by becoming the first company to hit a $4 trillion valuation.
Stocks held to higher ground after the release of the Federal Reserve's June meeting minutes, which indicated potential rate cuts this year. The tech-heavy Nasdaq composite rose 1% and notched a record high close. The Dow Jones Industrial Average ended up 0.5%, a second consecutive gain. The S&P 500 advanced 0.6%, and the small-cap Russell 2000 index closed up 1.1%.
Volume was lower on the New York Stock Exchange and higher on the Nasdaq compared with the same time on Tuesday. Advancers outnumbered decliners by more than 3-to-2 on the NYSE and nearly 2-to-1 on the Nasdaq
The 10-year Treasury yield fell to 4.34%. Oil prices were flat, with West Texas intermediate futures unchanged at $68.27 a barrel.
Trump Issues Seven Tariff Letters
Trump issued seven more letters imposing tariffs on Algeria, Brunei, Iraq, Libya, Moldova, the Philippines and Sri Lanka on Wednesday. Algeria will face the same tariffs as it did on April 2, while the Philippines and Brunei will face stiffer tariffs. Tariffs on the other four will be lower. Trump also threatened steep tariffs on Brazil on Wednesday.
3:34 p.m. ET
Stock Market: A Late Breakout
US Foods Holding broke out in afternoon trades. Shares edged past a buy point of 79.64 from a consolidation base. The stock also scored an all-time high on Wednesday. Rising profit estimates in 2025 and 2026 also indicate strength for the breakout. Analysts polled by FactSet estimates earnings to rise 21% to $3.82 per share in 2025 and 19% to $4.55 in 2026.
2:35 p.m. ET
Fed Minutes
Minutes of the Fed's June meeting showed that participants projected higher real GDP growth this year through 2027 than in May. Most Fed officials thought a rate cut would be appropriate this year. The median respondent to the Open Market Desk's Survey of Market Expectations implied two 25-basis-point rate cuts both this year and in 2026.
1:41 p.m. ET
Benchmark Moves
Among the S&P 500 sectors, consumer staples, energy and real estate lagged while communication services, utilities and consumer discretionary sectors gained.
12:25 p.m. ET
Trump Economic Advisor On Tap For Fed Chair
Kevin Hassett, economic adviser to President Donald Trump, is on track to become a serious contender as successor to Fed Chair Powell, according to The Wall Street Journal.
Trump is looking to replace Powell at some point because of the Fed chair's reluctance to immediately lower interest rates. On Truth Social Wednesday, Trump said the Fed's benchmark rate was "AT LEAST 3 Points too high."
In tariff news, reports said the European Union is racing to develop a trade deal this month. Trump said earlier this week that a number of nations were on notice that they face tariffs on Aug. 1.
Elsewhere, U.S. mortgage applications jumped in the week ended July 4. The MBA mortgage composite index rose 9.4% vs. views for a 2.7% increase. The MBA purchase index also jumped 9.4% while the refinance index also surprised to the upside, increasing to 9.2%. Economists had expected the purchase index to rise 0.1% and the refinance index to increase 6.5%.
Nvidia Hits The $4 Trillion Mark
In stocks, Nvidia jumped nearly 3% in recent action. Shares of the artificial intelligence leader had earlier touched the $4 trillion mark in market capitalization, making it the first company to do so.
Nvidia subsequently dipped back below $4 trillion and recently sat around 163.25 a share, for a valuation of $3.99 trillion. The stock needs to finish at 163.94 a share to clear the $4 trillion bar at the close.
Meanwhile, Dow component UnitedHealth fell following reports that the Department of Justice is investigating its Medicare billing practice.
Ralph Lauren broke out of a cup-with-handle base at a buy point of 286.77. This is an early stage base that can net higher gains. Shares also hit an all-time high on Wednesday.
Bloom Energy soared 20% after analysts at JPMorgan upgraded the stock to "overweight" from "neutral" with a price-target of $33, up from $18. Shares have formed a consolidation base and are just below a buy point of 29.82.
Futures: Nvidia Hits $4 Trillion; Two AI Plays Flash Buy Signals
11:06 a.m. ET
StoneX edged past a buy point of 97.17 from a cup base before pulling back. The finance and investment brokerage services play has a Composite Rating of 97 and Relative Strength Rating of 93.
Homebuilders lifted the S&P 500. Lennar, D.R. Horton and Builders FirstSource gained roughly 2% each. Lennar stock rebounded from its 50-day moving average.
10:31 a.m. ET
Stock Market Today: Data Center Play Soars
AES soared amid news that the renewable energy provider is exploring options for a sale. AES provides energy for data centers and has partnered with several Magnificent Seven leaders including Amazon, Alphabet and Microsoft.
Commercial advertising firm WPP cut its annual profit outlook and expects revenue less pass-through costs to decline 4% at the midpoint vs. earlier guidance of a 1% decline. Omnicom and Interpublic fell as well.
9:42 a.m. ET
Stock Market Today: Magnificent Seven Player Gains On Upgrade
Magnificent Seven stock Microsoft added 0.7% Wednesday after Oppenheimer upgraded the stock to outperform from perform, setting a new price target at 600. Shares were squarely above a 468.35 buy point.
Meanwhile, Apple lost 0.3% in premarket action. Shares are pulling back to their 50-day moving average following a strong rebound in recent weeks.
8:31 a.m. ET
Dow Jones Movers: Boeing, Nvidia, UnitedHealth
Early movers on the Dow Jones industrials were Boeing, Nvidia and UnitedHealth Group.
Boeing shares climbed 1.1%, on pace to hit a new 52-week high, while Nvidia stock moved up 0.5%, due to set another record high at the market open. But UnitedHealth lost 1% in premarket trading.
8:03 a.m. ET
Dow Jones Giant Merck To Acquire Verona For $10 Billion
Merck announced before the open that it will buy British drugmaker Verona Pharma, which focuses on respiratory diseases, for about $10 billion, or $107 per American depositary share.
Merck stock rose 0.3% in premarket trading, while Verona soared nearly 21%.
Stock Market Today: Trump Tariff News, Fed Minutes
President Donald Trump plans to send out more tariff letters for various countries on Wednesday, stressing the new rates will start on Aug. 1, with no further delays.
The latest rates devised for each country are only slight tweaks on the April 2 "Liberation Day" tariffs, which triggered a massive market sell-off that spurred Trump to delay most of them. So far, investors have taken the revised rates in stride, perhaps assuming there will be changes or further relief.
Trump has not sent out a new letter to the European Union, which says it hopes to reach a deal by Aug. 1.
Further, Trump said he'll announce up to 200% tariffs on pharmaceutical imports "very soon," though they might not take effect for 12-to-18 months.
Elsewhere, the minutes from the Federal Reserve's latest policy meeting are due at 2 p.m. ET. The Fed minutes are expected to provide insight into the Federal Reserve's thinking on future interest rates.
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