Stocks climbed Wednesday, led by gains in tech, as investors looked past the latest tariff threats from President Donald Trump and awaited key Fed commentary.
The Dow Jones Industrial Average rose 230 points, or 0.5%, rebounding after two straight losses.
The S&P 500 added 0.6%, while the Nasdaq Composite advanced 0.8%.
Nvidia gained 2%, bringing it close to a $4 trillion market cap.
Other tech heavyweights also posted gains, with Meta, Microsoft, and Alphabet trading higher.
Markets appeared to shrug off Trump’s latest tariff announcements.
On Tuesday, he reaffirmed that the upcoming duties on countries including Japan and South Korea would not be delayed.
The new tariffs, ranging from 25% to 40%, take effect August 1.
Trump also announced a 50% tariff on copper imports and hinted at further action, including a potential 200% duty on imported pharmaceuticals, though implementation of that measure could be delayed up to 18 months.
Investors are also keeping an eye on the Federal Reserve, with the FOMC’s meeting minutes due later in the day, which could offer more insight into the central bank’s next policy moves.
Trump’s tariffs 2.0
In a Tuesday evening post on Truth Social, President Donald Trump said he would announce trade measures involving at least seven additional countries on Wednesday.
“We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon,” Trump wrote.
Earlier on Tuesday, Trump announced a 50% tariff on copper imports from US trading partners, pushing copper prices to a record high.
While he did not specify when the new tariff would take effect, Commerce Secretary Howard Lutnick told CNBC’s Power Lunch that the measure is expected to be implemented by the end of the month.
Trump also threatened to impose tariffs of up to 200% on pharmaceutical imports, saying he would “give people about a year, year and a half” to adjust before the higher rates are applied.
Lutnick said more information on the pharmaceutical tariffs would be shared later this month.
Despite the announcement, pharmaceutical stocks remained largely unchanged following Trump’s comments.
The US has collected $100 billion in revenue from President Donald Trump’s reciprocal tariffs since they took effect in April, Treasury Secretary Scott Bessent said at a Cabinet Committee meeting.
We will be taking in $300B in tariff revenue this year alone.
The CBO, of all places, has previously estimated $2.8T in tariff revenue over a 10-year window.
Bessent projected that the figure could triple by year-end. “So we could expect that that could be well over $300 billion by the end of the year,” he said.
The forecast comes even as uncertainties around implementation and trade retaliation continue to loom over the policy.
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