4:10pm: Nasdaq hits new level
US stocks closed higher on Wednesday, lifted by a fresh surge in Nvidia shares that helped push the chipmaker into the history books—if only briefly.
The Nasdaq led the charge, gaining 0.9% to finish at 20,611, while the S&P 500 added 0.6% to close at 6,263. The Dow Jones was also in the green, up 218 points to 44,458, and the small-cap Russell 2000 rose a solid 1% to 2,251.
All eyes were on Nvidia, which soared to a record high close just shy of $163 after briefly crossing the $4 trillion market cap milestone during the session. That makes it the first company to ever reach that level, solidifying its lead as the most valuable firm in history—even if it didn’t end the day above the mark.
Outside of tech, geopolitics grabbed some attention. President Donald Trump unveiled more tariff notices on Wednesday, with proposed rates of 20% to 30% targeting countries like the Philippines, Libya, Algeria, and Iraq. The measures are set to take effect on August 1, and Trump was clear: no extensions for countries that haven’t reached deals by then.
That tough talk weighed on commodities. US copper prices, which had spiked to a record on Tuesday, pulled back as Trump floated the idea of a 50% tariff on copper and even hinted at 200% duties on pharmaceuticals.
Meanwhile, investors got a closer look at the Federal Reserve’s thinking. Minutes from the June meeting showed only “a couple” of officials were in favor of cutting rates as early as July. Still, markets are holding on to hopes of two cuts before the year is out.
In short: Nvidia made history, the Fed is playing it cool, and trade tensions are heating up again.
3:45pm: Proactive news headlines
- Candel Therapeutics Inc has been added to several value-oriented Russell indexes following the 2025 Russell US Indexes reconstitution.
- Ocean Power Technologies Inc successfully deployed its latest PowerBuoy system integrated with proprietary technology for the Naval Postgraduate School in Monterey Bay.
- Black Swan Graphene secured a U.S. patent for its proprietary process enabling scalable production of high-quality sub-micron graphene for industrial applications.
- Millennial Potash Corp received up to $3 million in funding from the U.S. DFC to support a feasibility study at its Banio Potash Project in Gabon.
- First Phosphate Corp. raised approximately $3.2 million through a private placement of Flow-Through Shares to support its phosphate exploration activities.
- Sonoro Gold Corp submitted a revised environmental impact statement for its Cerro Caliche project in Mexico, incorporating updates to its mine plan and sustainability studies.
- Arizona Gold & Silver Inc reported a strong gold intercept at its Philadelphia Project, including 22.47 metres grading 3.05 g/t gold.
- Petro-Victory Energy Corp. completed drilling of the AND-5 well in Brazil’s Potiguar Basin, reaching a depth of 1,165 meters.
- Evergold Corp agreed to acquire 100% of four mineral claims at its Golden Lion property in British Columbia, expanding its copper-gold exploration footprint.
- Union Jack Oil PLC increased its drilling and development activity, including acquiring a 60% interest in the Sark well in Central Oklahoma.
- 80 Mile PLC shares jumped after signing an MOU in Italy to potentially supply 40,000 tonnes of biofuel annually through subsidiary Greenswitch.
- TechFinancials, Inc. announced a deal to acquire up to a 60% stake in the high-grade Dilotiko iron ore project in Kenya through a share-based transaction.
- Active Energy Group PLC raised £346,180 in an oversubscribed placing and revealed plans to explore Bitcoin and digital assets as part of its treasury strategy.
- Union Jack Oil PLC also finalized terms with Reach Oil and Gas to acquire a 60% working interest in the Sark well, committing to 80% of its drilling costs.
- Prescient Therapeutics Ltd advanced its lead drug PTX-100 into Phase 2 trials for T-cell lymphomas, with analysts raising their valuation on its clinical potential.
- Orthocell Ltd achieved record annual revenue of $9.19 million driven by sales of its nerve repair product Remplir™, supported by FDA clearance in the U.S.
- American Rare Earths Ltd reported high recovery rates of key rare earth elements at its Halleck Creek Project and selected atmospheric tank leaching as the preferred processing method.
- Resolution Minerals Ltd received US Forest Service approval to begin a 57-hole drill program at its Horse Heaven project in Idaho, with drilling set to begin in August 2025.
3:10pm: Stocks on the move
- Meta Platforms Inc has invested $3.5 billion to acquire just under 3% of EssilorLuxottica, the world’s largest eyewear manufacturer, advancing its AI glasses initiative.
- Candel Therapeutics Inc was included in several value-oriented Russell US indexes following the 2025 Russell index reconstitution effective June 30.
- Ocean Power Technologies Inc successfully installed its latest PowerBuoy system integrated with proprietary technology at the Naval Postgraduate School in Monterey Bay.
- Black Swan Graphene received a USPTO patent for its continuous, scalable, and cost-effective method to produce high-quality sub-micron graphene and related 2D materials.
- Millennial Potash Corp secured up to $3 million in development funding from the U.S. DFC to support a feasibility study for its Banio Potash Project in Gabon.
2:45pm: Policymakers in holding pattern
Jeffrey Roach, Chief Economist at LPL Financial, said the latest Fed minutes confirm that policymakers are in a holding pattern as they monitor inflation and economic developments.
While some FOMC members were open to cutting rates at the next meeting, others favored keeping rates steady for the rest of the year. The committee acknowledged stagflation risks if inflation remains high while employment weakens, yet noted that uncertainty around the economic outlook had decreased.
Roach emphasized, “The FOMC is comfortable remaining in wait-and-see mode,” adding that upcoming inflation data could show a reacceleration, reinforcing the case for holding rates higher.
2:30pm: Fed minutes reveal diverging views
Federal Reserve officials at their June policy meeting expressed concern that persistent tariffs could add to inflationary pressures, with most participants highlighting the potential for a lasting impact, minutes released on Wednesday showed.
The minutes also revealed that while all policymakers agreed to hold the benchmark federal funds rate steady, a couple of participants said they would be open to a rate cut as soon as the July meeting if incoming economic data evolved as expected. Still, others believed no rate reductions would be appropriate through 2025.
Several officials noted that the current interest rate level may not be far above the so-called neutral rate, and many anticipated a gradual softening in labor market conditions. A majority of participants also expected the economy to slow in the months ahead, further underscoring the uncertainty surrounding the policy outlook.
1:30pm: X CEO steps down
Linda Yaccarino announced on Wednesday that she is stepping down as CEO of X, the social media platform formerly known as Twitter. In a post on the site, she called her time at X “the opportunity of a lifetime” and thanked Elon Musk for entrusting her with the role. Yaccarino did not provide a reason for her departure.
Yaccarino joined X in 2023 after more than a decade leading NBCUniversal’s advertising business. She took the helm as the company faced an exodus of advertisers, but helped steer a turnaround that has X on track to grow ad revenue this year for the first time since 2021. A successor has not been named.
12:45pm: Trump renews pressure on Fed
Markets are bracing for the release of the Federal Reserve’s June meeting minutes later today, as former President Donald Trump intensifies pressure on the central bank to slash interest rates.
Trump said on Wednesday that interest rates are “at least 3 points too high,” arguing that the delay in cuts is costing the US economy $360 billion per point annually in refinancing costs.
"Our Fed Rate is AT LEAST 3 Points too high. “Too Late” is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs. No Inflation, COMPANIES POURING INTO AMERICA. “The hottest Country in the World!” LOWER THE RATE!!!" Trump wrote on Truth Social.
Trump’s push for lower rates coincides with newly imposed tariffs that economists warn could stoke inflation.
Investors are now focused on the forthcoming minutes from the Fed’s June 17 to 18 meeting, which are expected to reveal a divided central bank. The Fed left its benchmark rate unchanged at 4.25% to 4.5% and signaled the possibility of two quarter-point cuts later this year.
However, internal divisions remain: seven Fed officials have projected no cuts in 2025, citing persistent inflationary risks and a resilient labor market.
The Fed meeting minutes will be released at 2pm Eastern Time.
11:55am: Investors brush off tariff letters
Trump’s tariff threats didn’t weigh on Wall Street on Wednesday, with tech stocks leading the gains late morning.
Trump on Wednesday posted on his social media platform Truth Social six letters to country leaders outlining the tariffs goods imported from their countries will be subjected to starting in August.
He sent letters to the heads of the Philippines, Brunei, Moldova, Algeria, Iraq, and Libya, with tariffs ranging from 20% to 30%.
Investors appeared unbothered. The Nasdaq added 0.6% at 20,530 points, while the S&P 500 added 0.3% at 6,243 points and the Dow Jones added 0.2% at 44,328 points.
“Stocks continue to broadcast defiance against Trump’s tariff threats, with the Dax the latest index to breach new record highs,” IG chief market analyst Chris Beauchamp said.
“This comes even as the world waits to see whether the EU will get one of the now-infamous tariff letters, but equities continue to act as if there will be another round of extensions come 1 August.”
Beauchamp added: “Reports suggesting that Trump relishes the actual dealmaking process more than an actual resolution seem to suggest that a further delay to tariffs will be forthcoming, although this is an approach fraught with risk.”
10:52am: Nvidia hits $4 trillion
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) has achieved a historic milestone, becoming the first company to hit a $4 trillion market capitalization.
Shares of Nvidia added 2% on Wednesday, sending its market cap briefly above the $4 trillion level and past previous records, including Apple’s $3.915 trillion peak in December 2024.
The company’s valuation has surged amid investor enthusiasm for artificial intelligence, increasing eightfold from a $500 billion market cap in 2021.
Nvidia started out mainly making graphics chips for gaming but has become a leading company in AI technology. Its chips are now used to train AI and run data centers for big tech companies like Microsoft, Amazon, Meta, and Alphabet, which together make up over 40% of Nvidia’s sales.
“Nvidia passing $4 trillion is not just a market moment, it’s a turning point,” deVere Group CEO Nigel Green said. “It tells us that AI is the defining economic engine of our time, and it needs to be present in every serious investor’s portfolio.”
Shares of Nvidia pulled back slightly by late morning on Wednesday, up 1.8% at about $163 per share, giving it a $3.98 trillion market cap.
9.55am: Nasdaq leads rebound, AES jumps on takeover talk
Stocks have opened higher, led by the Nasdaq, which has risen almost 1%.
The S&P 500 has gained 0.6% and the Dow Jones 0.55%, while the Russell 2000 has climbed 0.7%.
Top riser on the S&P is AES Corp (NYSE:AES), with shares in the renewable power provider jumping 12% as it was revealed to be exploring options including a potential sale, according to a Bloomberg report.
Takeover interest was also mentioned, with investment giants including Brookfield Asset Management and BlackRock’s GIP circling the firm, which has an enterprise value of around $40 billion.
8am: Dow Jones called higher as markets digest new tariff talk
US stock futures were indicating a positive start on Wednesday as markets try to regain their footing amidst the ever-shifting sands of President Trump's trade policy.
Dow Jones futures were up 0.25%, while S&P 500 and Nasdaq 100 futures are both up 0.2%.
This follows a mixed Wall Street session overnight, with the Dow Jones falling 0.4%, the S&P 500 and Nasdaq either side of flat, while the small and mid-caps of the Russell 2000 rose 0.7%.
This followed the latest statements on tariffs from Donald Trump late in yesterday's session, saying "no extensions will be granted" to the August 1 deadline on the reciprocal tariffs, a shift in tone from his comments at the start of the week, plus threatening a 50% tariff on copper imports and saying some pharmaceutical levies could reach as high as 200%.
Analysts pointed out that metals traders and markets have anticipated US copper tariffs and have responded by sending record volumes of copper to the US in recent months.
The stockpiling of US inventories in recent months, "should help cushion the initial impact," said UBS, "but once tariffs take effect and lower-duty copper stockpiles are depleted, US buyers could face materially higher prices".
Citi called the copper tariffs a "watershed moment" for the copper market, which could "abruptly close the window for further significant US-bound copper shipments".
Although US copper futures surged, the spot copper price fell.
"If those shipments are diverted from the US to elsewhere, then it could boost supply outside of the US and weigh on prices. Hence, the divergence," said market analyst Kathleen Brooks at XTB.
Trump's floated tariffs on drugs are "unlikely to materialize", in the view of UBS, given the cost it would impose on drugs and the recent reduction in Medicaid coverage.
The timing of these copper and pharma tariff threats, they added, suggests the Trump administration is using them to try and pressure the EU and other trade partners into faster deals by creating uncertainty and risk, they added.
Shares in Freeport-McMoRan were up another 1.8% in pre-market trading, after rising 2.5% yesterday.
More broadly, while Trump’s tariffs cause "chaos and confusion, however, this time they are not triggering bouts of extreme volatility", pointed out XTB's Brooks.
"We expect mild sell offs in the coming weeks, as we wait to hear whether Trump will levy pharma imports, and what the tariff rate is for the EU."
The bond market and US dollar were stable on Wednesday, with small declines for the euro and the yen.
"investors are not panicking like they did in April because there seems to be a confidence that we and other countries will negotiate in good faith and the drama will not be as dramatic," said Kenny Polcari at Slatestone Wealth.
The low volatility is helping to boost wider momentum, with the equal-weighted S&P 500 index outperforming the headline market cap-weighted index.
This, said Brooks, was a "sign that it might take a big negative shock to knock the main US blue chip index from its record highs".