US markets rallied on Wednesday, lifted by tech momentum and investor optimism despite fresh tariff developments from President Donald Trump.
The S&P 500 rose 0.61% to close at 6,263.26, while the Nasdaq Composite advanced 0.94% to a new record high of 20,611.34. The Dow Jones Industrial Average gained 217 points, or 0.49%, finishing the day at 44,458.30.
Nvidia briefly hits US$4 trillion milestone
Chipmaker Nvidia led the gains, rising 1.8% to end the session at US$162.88, after briefly touching an intraday high of US$164.42. The company became the first ever to trade above a US$4 trillion valuation, before settling at just under that mark with a market cap of US$3.97 trillion.
Other major tech names, including Meta, Microsoft and Alphabet, also moved higher, signalling renewed enthusiasm for artificial intelligence stocks.
Markets unfazed by new Trump tariffs
Investors appeared to shrug off the latest round of tariff headlines. President Trump this week sent letters to leaders in at least 20 countries, outlining new US import duties ranging from 20% to 40%, most set to take effect on August 1.
On Tuesday, Trump reaffirmed there would be no changes or extensions to the new rates, and went further—announcing a 50% tariff on copper imports and threatening up to 200% duties on pharmaceutical products, though he indicated those would be delayed by 12 to 18 months.
Despite the aggressive stance, markets seemed to interpret the moves as negotiable. Analysts say the tone suggests room for deal-making, which has helped support equity valuations.
Bitcoin hits record high
Bitcoin surged to a new all-time high on Wednesday, climbing above US$112,000 during afternoon trading amid the broader tech rally. The cryptocurrency reached US$112,052 just before 4 p.m. Eastern, eclipsing its May 22 record of US$111,999. It last traded near US$110,947, up 1.9% on the day, according to Coin Metrics.
Global cues point to firm start for ASX
Australian shares are set to open higher, with SPI futures up 45 points, or 0.5%, to 8575.
Copper fell 2.4% to US$5.55 a pound, while gold rose 0.4% to US$3,313.66 an ounce. Brent crude edged down to US$70.12 a barrel.
The Australian dollar gained 0.1% to US65.35 cents.
