Major Indexes Rise Despite Trade Tensions
Major U.S. stock indexes climbed higher on Wednesday, July 9, 2025, as investors monitored the latest developments in President Donald Trump’s expanding tariff policies. At the market close, the S&P 500 added 0.3%, the tech-heavy Nasdaq Composite gained 0.5%, and the Dow Jones Industrial Average rose 0.2%.
The stock market today was buoyed by technology stocks, particularly semiconductor companies, as investors continued to show confidence in artificial intelligence investments. This positive sentiment helped offset concerns about Trump’s expanding tariff announcements, which have kept markets on edge throughout the week.
Nvidia Makes History as First $4 Trillion Company
In a historic milestone at today’s market close, Nvidia (NVDA) became the first company ever to reach a $4 trillion market capitalization. Shares of the leading chip designer rose as much as 2.5% to an all-time high of $164 during the session, solidifying its position as the world’s most valuable company.
Nvidia has benefited tremendously from the ongoing surge in demand for artificial intelligence technologies, with its high-performance chips forming the backbone of this technological advance. The company achieved a $1 trillion market value for the first time in June 2023 and remarkably tripled it in about a year, outpacing both Apple (AAPL) and Microsoft (MSFT), the only other U.S. firms with market values exceeding $3 trillion.
“It started out as being a gaming chipmaker and then a crypto mining chipmaker and now as a chipmaker for artificial intelligence computing power,” said Art Hogan, chief market strategist at B Riley Wealth. “It is continuing to move forward and be a clear early winner of artificial intelligence.”
Trump’s Expanding Tariff Policies Weigh on Market Sentiment
President Trump’s evolving tariff policies continued to influence markets today, creating both volatility and uncertainty. On Tuesday, Trump announced there would be no change or extensions on the raft of duties he announced on 14 countries, including Japan and South Korea, with new tariff rates ranging from 25% to 40% set to begin on August 1.
Additionally, Trump announced a 50% levy on copper imports and hinted that further sector-specific tariffs will soon be announced. He also threatened to impose up to 200% tariffs on pharmaceuticals imported into the U.S., though he indicated these would not take effect for about a year to a year and a half.
“The tariff announcement was a reminder that markets are not out of the woods. The White House has not really achieved their goals on trade, and that could be a continued source of volatility,” said Scott Helfstein, Global X head of investment strategy.
The copper market was particularly affected by Trump’s tariff threats, with futures for the industrial metal stepping back from record highs on Wednesday. Copper futures fell 3% after rising over $5.60 per pound in the prior session.
Earnings Season Set to Begin Next Week
As the market closed today, investors were beginning to shift focus toward the upcoming earnings season, which will unofficially kick off next week with reports from JPMorgan Chase (JPM) and other major banks on July 15.
Analysts are forecasting second-quarter growth of 5.8% year-over-year, a significant deceleration from the 13.7% growth seen in the first quarter, according to LSEG data.
For today, July 9, after the closing bell, two companies are scheduled to report earnings: AZZ Inc. (AZZ) and Bassett Furniture Industries (BSET). AZZ, a machinery company, is expected to report earnings per share of $1.58 for the quarter ending May 31, 2025, representing an 8.22% increase compared to the same quarter last year. Bassett Furniture is forecast to report earnings per share of $0.15, a substantial 178.95% increase from the same period last year.
Other Notable Market Movers
While Nvidia captured headlines with its historic milestone, several other stocks made significant moves in today’s market:
Amazon (AMZN) shares were in focus after a regulatory filing revealed that founder Jeff Bezos sold nearly three million shares worth $665.8 million over two days in July. This stock sale is part of a plan announced earlier this year that entails Bezos will unload up to 25 million shares of Amazon through May 2026. Despite the sales, Bezos still has more than 900 million shares valued at close to $200 billion and remains the largest shareholder of the e-commerce giant.
The copper sector saw significant volatility following Trump’s tariff announcement. Industry experts note that the United States currently imports about 50% of the copper it needs for use across various industries, from construction to autos to data centers. The country’s reliance on imports stems from a lack of necessary facilities to process and recycle enough copper domestically to meet demand.
Looking Ahead: Key Market Events
As markets today digested the latest tariff developments, investors were also looking ahead to several important events that could impact trading in the coming days:
The release of the Federal Open Market Committee’s minutes from its last meeting is expected later today, providing insights into the Federal Reserve’s thinking on monetary policy and interest rates.
The upcoming earnings season will be closely watched for signs of how companies are navigating the current economic landscape, particularly with regard to tariffs and inflation. With the S&P 500 trading at a multiple of about 22 times forward earnings, compared with a 10-year average price-to-earnings ratio of roughly 18, investors will be looking for strong profit growth to support stocks at these elevated levels.
Ongoing trade negotiations between the U.S. and various countries will remain in focus, as only two deals have been struck so far (with Britain and Vietnam) since Trump unleashed his trade war. In June, Washington and Beijing agreed on a framework covering tariff rates, but many other negotiations remain in progress.
As the stock market continues to navigate these complex dynamics, investors will be watching closely for signs of how these various factors will impact economic growth, corporate profits, and ultimately, stock prices in the months ahead.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.