The S&P 500 rose to a record on Wednesday, as stocks held firm despite President Donald Trump's threats of more tariffs and the Federal Reserve's continued cautious stance.
The S&P 500 rose 0.1%, notching its second straight record. The Nasdaq Composite fell 0.02%, while the Dow Jones Industrial Average was flat.
Microsoft rose 1% and led the broader technology sector higher after the company unveiled its first quantum computing chip. Nvidia rose 1% while Tesla rose more than 2%. Analog Devices jumped nearly 10% after posting better-than-expected quarterly results on both top and bottom lines.
Trump on Tuesday floated the idea of imposing 25% tariffs on imports of cars, chips and pharmaceuticals. Trump did not say whether the potential tariffs would be targeted or broad, but said they could be implemented as early as April 2.
"I think there's a lot of noise around DOGE, Elon Musk and tariffs in the short term, which is what you're seeing today. And I think a lot of this is going to be long-term," said Jim Elios, founder and chief investment officer at Elios Financial Group. "The Trump effect with the headlines is weighing on the market and causing some pain. Longer-term, I'm still very optimistic about how this can be a pro-business environment."
Investors are also weighing minutes from the Federal Reserve's most recent meeting, which showed central bankers wanted to see more progress on inflation before cutting interest rates further, and are also concerned about the impact of Trump's tariffs. (Newsmaker23)
Source: CNBC
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