US stocks closed higher on Wednesday (July 9th) as investors weighed the impact of expanding tariffs on corporate earnings and future Federal Reserve policy. The S&P 500 rose 0.6%, snapping a two-day losing streak, while the Dow rose 217 points and the Nasdaq 100 gained 0.7% after Nvidia briefly touched a $4 trillion valuation.
The minutes of the Fed's June meeting revealed that officials viewed the newly announced tariffs as inflationary, leading them to delay further interest rate cuts earlier this year. The release came shortly after President Trump expanded the list of countries facing US tariffs starting August 1st, including the Philippines, Iraq, and possibly Brazil.
This follows the earlier announcement of a 50% tariff on copper, as well as planned levies on semiconductors and a 200% duty on pharmaceuticals after a grace period. Technology stocks led the day's gains, with Nvidia (1.8%), Broadcom (2.2%), Alphabet (1.4%), and MetaTrader (1.7%) all closing higher. (alg)
Source: Trading Economics
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