US Stocks Gain
The S&P 500 gained 0.5%, the Nasdaq added 0.7% and the Dow Jones rose nearly 200 points on Wednesday, with traders continuing to focus on trade announcements.
President Trump signaled that updates would be released today. In addition, he also said he planned to implement a 50% tariff on copper imports and threatened to impose tariffs of up to 200% on pharmaceutical imports, though he noted that implementation would be delayed by 12 to 18 months to allow for industry adjustments.
Meanwhile, traders await the FOMC minutes release for further insights on when the Fed plans to lower interest rates. Markets continue to bet on two 25bps cuts until the end of the year. The tech sector was the top performer while consumer staples and energy underperformed.
Megacaps were mostly higher, particularly Nvidia (2.2%) and Microsoft (1.2%). In contrast, Apple shares were little changed as White House trade counselor Peter Navarro told Fox Business the iPhone maker thinks it is “too big to tariff.”
Source: Trading Economics
