US Stocks Little Changed
The three major US stock averages hovered near the flatline on Thursday, following the Nasdaq's fresh record close in the previous session, as traders weighed ongoing trade developments and attempted to look past new tariff threats.
President Trump announced a 50% tariff on Brazilian imports and confirmed that a 50% tariff on copper imports will take effect on August 1. On the economic front, initial jobless claims unexpectedly fell to 237K last week, while continuing claims rose to 1.965 million, the highest since 2021.
The data continued to point to a labor market that remains solid but is showing signs of cooling. In corporate news, Nvidia shares rose 0.4%, extending the 1.8% gain from the previous session that pushed its market capitalization to $4 trillion.
The rally was fueled by continued AI enthusiasm and reports that the company plans to launch a new China-specific AI chip. Meanwhile, Delta Air Lines surged more than 10% after delivering stronger-than-expected earnings.
Source: Trading Economics