House passes President Trump's megabill
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Trading Day: Nvidia becomes first $4 trillion stock
July 9 - TRADING DAY - Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what markets were focused on today and why investors shifted their focus from tariffs to a big milestone for AI chip-leader Nvidia. I'd love to hear from you so please feel free to reach out at opens new tab Today's Key Market Moves Today's key reads: Nvidia clinches historic $4 trillion market value on AI dominance Trump issues new tariff notices as EU pushes for US trade deal Investors set for first US earnings quarter under Trump tariff war Trump says U.S. interest rate is at least 3 points too high Fed minutes show narrow support for rate cut later this month Wall Street digests Fed minutes with tariffs in focus, Nvidia hits $4 trillion valuation Nvidia becomes first $4 trillion stock U.S. stock indexes were buoyed on Wednesday by AI confidence thanks to Nvidia (NVDA.O), opens new tab, which became the first company to reach a market cap of $4 trillion. While most of the Magnificent Seven stocks were up (only Tesla (TSLA.O), opens new tab was down in late trade), reaching the milestone for the most-mega of megacaps was the chief distraction from trade headlines. It overshadowed U.S. President Donald Trump delivering on Tuesday's promise to announce 50% tariffs on copper, while again threatening tariffs on imported chips and pharmaceuticals. Trump issued final tariff notices to seven minor trading partners - 20% on goods from the Philippines, 30% on goods from Sri Lanka, Algeria, Iraq, and Libya, and 25% on Brunei and Moldova - while his administration inched closer to a deal with its biggest trading partner, the European Union. If traders have become desensitized to Trump's daily pronouncements, they similarly hardly reacted to the minutes from the Fed's June meeting that showed a couple of officials felt interest rates could fall as soon as this month, while most others remained worried about the potential inflation fallout from the tariff war. The only other scheduled event was the Treasury's sale of $39 billion in 10-year notes, which went well and saw the yield on the benchmark US debt instrument fall afterward. The dollar backed off a two-week high against the Japanese yen . Japan, which depends on exports, stands out among major U.S. trading partners as being the farthest from reaching a trade deal with Washington. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.
