Trump’s copper, pharma tariffs, Nvidia nears milestone, Elon Musk claps back: Live Updates
Copper and pharmaceuticals are getting hit with the tariff stick and the price is steep says President Trump who is promising more trade deals. Stocks remain volatile amid the uncertainty, but investors are piling into Nvidia lifting its market cap to new record. Over at Tesla, CEO Elon Musk lashes out at Wall Street star. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Traders work on the floor of the New York Stock Exchange in New York City. (Reuters)
Stocks closed higher on Wednesday as investors weigh President Donald Trump's tariffs and minutes from the Federal Reserve's latest meeting.
The Dow Jones Industrial Average climbed 217.54 points, or 0.49%, while the S&P 500 rose 0.61%. The Nasdaq composite finished up 0.95%, notching a new record.
The minutes for the mid-June meeting showed that most Fed officials said they expect rate cuts will be appropriate later this year, with price shocks from Trump's import taxes expected to be "temporary or modest." However, there was little support for a rate cut at the end of July meeting.
Also on Wednesday, chipmaker Nvidia became the first company to reach a market capitalization of $4 trillion.
Reuters contributed to this post
Bitcoin, the largest crypto currency by market value, hit a fresh all-time high Wednesday closing at $112,021.91.
It's gained 119.71% from its 52-week intraday low of $49,314.04 on August 5, 2024 as tracked by Dow Jones Market Data Group.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NVDA | $162.88 | 2.88 | 1.80 |
Akio Kon/Bloomberg via Getty Images, Nvidia CEO Jensen Huang
After a period of extreme downside volatility, AI darling Nvidia resumed its climb with its market cap hitting $4 trillion on Wednesday, marking the first U.S. company to hold this title. Closing with a gain of 1.8% to $162.88 per share.
The stock, which has gained over 19% this year, helped push its market cap to record levels despite some stock selling by CEO Jensen Huang.
Tesla CEO Elon Musk clapped back at Wall Street star analyst Dan Ives who said board of the electric-vehicle maker needs to reign in Musk, who recently floated establishing a new political party 'America First" after his epic fall from grace as President Donald Trump's sidekick.
Tesla stock has lost 26% this year as Musk spent the good first half as leader of DOGE and a regular fixture in The Oval Office.
A worker handles copper wire at a factory. (Getty Images)
Copper prices surged on Tuesday following President Donald Trump's announcement that he will impose a 50% tariff on copper imports as he seeks to boost domestic production of the critical metal.
The price of copper hit a record high following the president's announcement at a Cabinet meeting in front of the press that his administration will impose a 50% tariff on copper, following Trump's move earlier this year to initiate a national security review of copper imports that is expected to conclude this summer.
"Today we're doing copper," the president said. "I believe the tariff on copper, we're going to make it 50%," though he didn't specify whether it would be limited to copper imports from certain countries. Commerce Secretary Howard Lutnick indicated the tariffs will be imposed later in July or in August.
Copper futures rose 13% following the announcement, the biggest one-day move in the commodity's history, as the tariff plans signaled more constraints on an already in-demand metal.
This is an excerpt of an article by FOX Business' Eric Revell
President Donald Trump (Getty Images)
President Donald Trump on Wednesday announced higher tariff rates for imports from at least six more countries.
The president posted letters on his Truth Social account that were addressed to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq and Libya.
Trump teased the trade announcement on Tuesday night, saying "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."
X CEO Linda Yaccarino announced on Wednesday she is stepping down from her role at Elon Musk's social media company. (Getty Images)
Linda Yaccarino announced on Wednesday she is stepping down as chief executive of Elon Musk's social media platform X.
"When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company," Yaccarino said in a post on X. "I’m immensely grateful to him for entrusting me with the responsibility of protecting free speech, turning the company around, and transforming X into the Everything App."
President Donald Trump rattled off a reminder on a slew of tariffs already levied on things like lumber and chips, while also teasing forthcoming steep tariffs for pharmaceuticals and the industrial metal copper which saw its price spike to a record on Tuesday.
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