U.S. markets little changed as investors weigh fresh tariff threats

The S&P 500 held near record highs as Wall Street remained upbeat despite new tariff concerns, with Nvidia stock up as the chipmaker became the first publicly listed company to hit $4 trillion.

After closing 0.6% higher on Wednesday, the S&P 500 opened near the flatline and is hugging its record high zone.

The S&P 500, the benchmark index, was up 0.06%, benefiting from the upbeat sentiment around Nvidia (NVDA), a company that has rode the overall bullish outlook for stocks to storm to the $4 trillion valuation. 

The Dow Jones Industrial Average and the Nasdaq Composite were little changed, with the blue-chip index down 38 points and the Nasdaq up 0.02%.

Nvidia surge helps Nasdaq to record high

Nvidia’s run to staggering heights in terms of market cap has aligned with the artificial intelligence chipmaker’s massive stock price surge.

While NVDA has jumped 13% in the past month and 17% year-to-date, it has soared some 1,454% in the past five years and has been in an uptrend since breaking above $31.50 in November 2021. The AI chipmaker’s stock closed 1.8% higher on July 9, 2025, trading at $162 and helping the Nasdaq Composite hit a new record high . 

Comparatively, the S&P 500 has advanced 6.7% year-to-date and 96% in the past five years.

Investor focus will be on the next moves on the tariffs front, particularly around deals with U.S. trade partners China, the United Kingdom, India, and the European Union. Trump has also threatened an additional 10% tariff on BRICS countries.

Also attracting market attention will be U.S. weekly jobless claims and the Federal Reserve’s next move regarding interest rates. Positive news around these factors may help dilute any potential headwinds from the global trade war.

While analysts have noted a potential sell signal for the S&P 500 as it looks to rally above 6,300, some experts are forecasting a continuation.

“This is a broad-based global bull market and we don’t think it’s slowing down anytime soon,” Ryan Detrick, chief market strategist at Carson Group, told CNBC.

The bullish sentiment also engulfs the cryptocurrency market, with Bitcoin (BTC) rising to a new all-time high above $112k. Altcoins are also largely up.

Meanwhile, oil is down 1.5% around $67 and gold is poised near $3,335.