Nvidia will be the first company to acquire a market value of $4 trillion
Nvidia won a market capitalization of $4 trillion on Wednesday, becoming the world’s first public company to reach a milestone.
US stock futures go low after President Donald Trump slapped Canada at 35% tariffs.
White House officials said products compliant with the US-Canada contract are still exempt.
Canada is the second largest trading partner of the United States. Recently, he cancelled the Digital Services Tax and brought Trump back to the negotiation table over trade issues.
Trump also told NBC News that he is focusing on 15% to 20% blanket tariffs for most trading partners, but the exact level is still determined. The current blanket tariff rate is 10%.
At 6:05am on ET, futures tied to the Blue Chip Dow fell by -0.69%, while Broad S&P 500 futures fell by -0.67%, while high-tech Nasdaq futures were at -0.63%.
The announcement of the new tariffs comes after the August 1st locked in the shoulder a 50% tariff on copper imports and a 50% Brazilian tariff on the shoulder.
Instead, investors focused on positive corporate news, including better results than expected and Delta’s outlook. Its annual revenue outlook was drawn in April due to tariff uncertainty, but it revived as bookings stabilized. Delta’s earnings per share guidance was lower than forecasts in January, but higher than Wall Street estimates, which helped ease fears about the recent tariff disruption. The technology-incorporated Nasdaq and Broad S&P 500 were closed at record highs.
“As we enter the second quarter revenue season, stock prices could be further boosted by low expectations,” said Christie Achturian, head of BlackRock’s Ishhales investment strategy. “Analyst forecasts have been steadily declining since the first quarter, when it faced with policy uncertainty. This means that consensus expectations for S&P 500’s 3% year-on-year revenue growth could be a lower bar compared to the 13% growth offered in the first quarter.”
Corporate News
- Jeans maker Levi Strauss has surpassed expectations with second quarter results, boosting the year’s outlook more than analysts’ forecasts. He said he is working to absorb additional tariff costs, rather than handing it over to consumers.
- PriceSmart’s quarterly results have surpassed analyst estimates.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
