TLDR
- Nvidia becomes the world’s first public company to reach $4 trillion market value, driving Wednesday’s tech rally
- Stock futures show mixed signals Thursday with Dow down 0.2%, S&P 500 futures down 0.1%, Nasdaq futures flat
- Trump announces 50% tariffs on Brazil and copper imports, effective August 1, adding to ongoing trade tensions
- Federal Reserve meeting minutes reveal policymakers split on interest rate cuts, with few supporting July reductions
- Delta Air Lines reports earnings beat and reinstates 2025 profit outlook, shares jump 11% in premarket trading
Stock markets showed mixed signals Thursday morning following a tech-driven rally that saw Nvidia achieve a historic milestone. The AI chipmaker became the first public company to cross the $4 trillion market valuation threshold.
Dow Jones Industrial Average futures dropped 0.2% while S&P 500 futures fell 0.1%. Nasdaq 100 futures remained flat after Wednesday’s strong performance that pushed the Nasdaq Composite to a new record close.
The previous trading session saw the S&P 500 and Dow Jones Industrial Average post their first gains in three sessions. The S&P 500 climbed 0.6% and the Dow rose 0.5%, while the Nasdaq Composite jumped 0.9% to close at a record high.
Nvidia shares drove much of Wednesday’s rally with a near-2% gain. The company briefly crossed the $4 trillion market cap milestone during trading, marking a historic first for any publicly traded company.
Trump Escalates Tariff Threats
President Trump announced new tariff measures late Wednesday targeting Brazil and copper imports. The administration set a 50% tariff on Brazilian goods, citing the country’s treatment of former President Jair Bolsonaro and what Trump called an unfair trade relationship.
BREAKING: Trump just imposed 50% tariffs on all imports from Brazil because they’re prosecuting his corrupt ally Bolsonaro: “This trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!”
He’s using U.S. trade policy to defend a disgraced politician… pic.twitter.com/b9NbnxJZm7
— Republicans against Trump (@RpsAgainstTrump) July 9, 2025
Trump also imposed a 50% tariff on imported copper, effective August 1. Brazilian President Luiz Inacio Lula da Silva responded by saying the country would retaliate according to its economic reciprocity law.
The Brazil tariff announcement follows Trump’s pattern of sending letters to various countries this week. He has contacted leaders of at least 22 nations, outlining new tariff rates set to take effect August 1.
Previous letters this week targeted 14 countries including Japan and South Korea. Trump had indicated a potential trade deal with India was close, but prospects dimmed after he warned of additional 10% tariffs on BRICS members.
Federal Reserve Signals Split on Rate Cuts
Federal Reserve meeting minutes released Wednesday showed policymakers divided on interest rate policy. Few officials supported beginning rate cuts in July, according to the June meeting records.
The minutes revealed concerns about tariff impacts on inflation and employment. Policymakers remain split on how many rate cuts to implement in coming months.
Weekly jobless claims data due later Thursday will provide additional economic context. The week offers limited economic data to help shape expectations for future Federal Reserve decisions.
Second Quarter Earnings Begin
Delta Air Lines kicked off second-quarter earnings season with results that beat expectations. The airline reported stronger-than-expected profits and reinstated its 2025 profit outlook after previously pulling guidance.
Delta shares jumped 11% in premarket trading following the earnings announcement. The company had withdrawn its guidance last quarter due to uncertainty around Trump’s trade policies.
Markets continue balancing optimism around artificial intelligence developments against concerns over escalating trade tensions. The iShares MSCI Brazil ETF dropped 2% in premarket trading following the tariff announcement.
Nvidia’s stock continued rising in premarket trading, building on Wednesday’s record-setting performance. The company’s market valuation milestone represents a key moment for the AI sector and broader technology markets.
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