US stocks rose to eke out fresh record highs on Thursday, as Nvidia (NVDA) ticked higher following a major milestone and bitcoin (BTC-USD) surged to a new record amid fresh tariff threats from President Trump.
The Dow Jones Industrial Average (^DJI) rose around 0.4% on the heels of a winning day for the major gauges. Meanwhile, the S&P 500 (^GSPC) added about 0.3% to close at a fresh record of 6,280.46, while the tech-heavy Nasdaq Composite (^IXIC) rose 0.1%, to notch its second straight all-time high.
Meanwhile, bitcoin vaulted to a fresh all-time high, breaking above $113,000 as investors went risk-on across assets.
Markets were making sense of Trump’s latest salvos on tariffs, which have done little to sap the ebullient mood that has pervaded for more than two months. After Wednesday’s market close, Trump issued his most stringent threat yet, threatening Brazil with rates of 50% on its imports.
Meanwhile, Delta (DAL) kicked off second quarter earnings season with its report. Shares of the airline jumped 12% as the carrier restored its earnings outlook, citing “greater clarity” as trade deals get done.
Market focus remains on potential trade pacts with bigger US trading partners, such as the EU, India, and Canada. While Trump has said a pact with India is close, the odds have narrowed after he warned of an extra 10% tariff on BRICS members.
In other news, jobless claims for the week ending July 5 were 227,000, a 5,000 decline from the previous week’s revised level. The update comes as investors look for signs of how quickly the labor market is cooling as an indication of when the Federal Reserve will move to cut rates.
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Today at 8:02 PM UTC
Stocks post record highs as Nvidia closes at $4T market cap and bitcoin hits all-time highs
Stocks inched higher on Thursday with the S&P 500 (^GSPC) eking out a fresh record, topping its previous all-time closing high of 6,279.35 one week ago.
The Nasdaq Composite (^IXIC) also hit its second record close in a row as investors went risk-on.
AI chipmaker Nvidia (NVDA) closed at a $4 trillion market valuation, and bitcoin (BTC-USD) surged above $113,000 for the first time. The cryptocurrency is up roughly 21% year to date.
The Dow Jones Industrial Average (^DJI) also rose roughly 0.4%.
Today at 7:30 PM UTC
Bitcoin surges to new highs above $113,000 as investors go risk on
Bitcoin (BTC-USD) vaulted to a fresh all-time high Thursday, breaking above $113,000 amid a wave of bullish momentum across risk assets.
The token’s price action coincides with AI giant Nvidia’s (NVDA) surge to a $4 trillion valuation, highlighting crypto’s tie with tech. The tech-heavy Nasdaq Composite (^IXIC) hit a fresh record on Wednesday, and the S&P 500 (^GSPC) was headed that way on Thursday.
“Historically, Bitcoin has remained highly correlated with tech stocks, and this correlation is still playing out,” Nic Puckrin, crypto analyst and founder of the Coin Bureau, wrote on Thursday morning.
Stocks are on track to notch fresh record highs. With roughly an hour left in the trading session, the S&P 500 (^GSPC) was seen trading above 6,285, topping its previous all-time high of 6,279.35 one week ago.
The Nasdaq Composite (^IXIC), which hit a record close on Wednesday, added another 0.2% as Nvidia (NVDA) hovered near its $4 trillion market valuation, helping extend the index’s gains.
The Dow Jones Industrial Average (^DJI) also traded in positive territory, rising about 250 points, though it remains below its record highs seen earlier in the year.
MP Materials soars after $400 million defense department investment
Shares of rare earths miner MP Materials (MP) skyrocketed about 45% in mid-afternoon trade on Thursday following news that the US Department of Defense has agreed to purchase $400 million of preferred stock in the company, becoming its largest shareholder.
According to the Pentagon, rare earths, used in everything from electric vehicles to advanced military equipment, are “needed to manufacture the permanent magnets used in important US military weapons systems.”
The purchase reflects growing concerns over supply chain vulnerabilities, especially as tensions between the US and China persist. Rare earths have become a key sticking point in trade negotiations between the two countries.
China accounted for approximately 70% of US rare earth imports in 2023, according to the US Geological Survey. Members of the Trump administration have framed the deal as a strategic move to reduce dependence on Beijing and strengthen national security.
Jobless claims report shows why Fed rate decision is complicated
New government data showed that weekly jobless claims unexpectedly fell during the week ended July 5. But a deeper look shows a more mixed picture.
Initial jobless claims came in at 227,000, a decline of 5,000 from the previous week’s revised level. Analysts were expecting 235,000 claims, per Reuters. Meanwhile, continuing claims, which lag the headline data by a week, ticked up to 1.97 million.
Investors have been closely watching labor market data for clues on when the Fed could next cut interest rates. The central bank is weighing its dual mandate of price stability versus full employment. While the labor market doesn’t appear to be cooling significantly yet, some cracks have emerged.
As of Thursday morning, investors were placing a 93% chance on the Fed holding rates steady at its July meeting. The probability of that scenario was 30% for its September meeting.
Today at 2:12 PM UTC
Ramaco Resources stock soars after massive rare earths elements deposit confirmed in Wyoming
Ramaco Resources stock (METC) surged more than 27% in early trading on Thursday after the Fluor Corporation (FLR) confirmed large rare earth element deposits at Ramaco’s Brook Mine in Wyoming.
According to Fluor’s assessment, the rare earth deposits at Brook Mine are not only abundant but also economically viable, per FreightWaves. Rare earths are used in many products, from electric vehicles to military systems.
The feasibility of this mine marks a strategic pivot for the Kentucky-based Ramaco, which was known for its coal-mining operations in Appalachia. It also positions Ramaco Resources as a key player in the lucrative rare earths market, which has been in focus as the US looks to reduce its dependency on foreign critical minerals and China, in particular, which controls roughly 85% of global rare earths production.
Stocks open flat on tariff uncertainty as Nvidia rises
Stocks on Wall Street opened mostly flat as investors eyed trade developments with an Aug. 1 date for implementing tariff hikes looming.
Meanwhile, Nvidia (NVDA) shares were headed toward a new record after touching a $4 trillion market cap in the prior session.
The Dow Jones Industrial Average (^DJI) inched down 0.1%, while the S&P 500 (^GSPC) and the Nasdaq (^IXIC) were little changed.
Today at 1:05 PM UTC
Airline stocks rally after Delta restores guidance
US airline stocks rose across the board after Delta (DAL) — the first airline to report earnings for the June quarter — posted upbeat results.
United Airlines (UAL) gained 9.5% in premarket trading. American (AAL) rose nearly 9%. And Southwest (LUV) added 3.6%.
Delta sparked the rally after indicating that bookings had stabilized in the most recent quarter. The Atlanta-based airline had pulled its guidance amid a swirl of “Liberation Day” tariff uncertainty but now feels confident enough to reinstate that guidance, seeing adjusted earnings in the range of $5.25 a share to $6.25 a share.
US-listed shares of Brazilian companies sink following Trump’s 50% tariff threat
US-listed shares of Brazilian firms fell in premarket trading on Thursday after President Trump warned on Wednesday that he was prepared to slap a 50% tariff on Brazilian goods starting Aug. 1. Previously, the US had signaled it would tax Brazilian imports at a more modest 10%.
“These Tariffs may be modified, upward or downward, depending on our relationship with your Country,” Trump wrote in a letter, citing the trial of former president and Trump ally Jair Bolsonaro by Brazil’s Supreme Court.
Brazil’s state oil company Petrobras (PBR) dropped 2% while Brazil’s largest bank, Itau Unibanco (ITUB), lost 3.5%. Banco Santander (SAN) also fell 2.7%.
The Brazilian real (BRLUSD=X) sank by as much as 2.4% against the US dollar following the escalating tensions.
As my colleague Jenny McCall noted below, coffee futures (KC=F) also climbed on the tariff news, as around a third of the coffee consumed in the US comes from Brazil. The country also exports significant quantities of orange juice to the US. Orange juice futures (OJ=F) spiked 6% on Thursday morning.
Circle stock up 3% on reports that Jack Ma’s Ant Group will adopt its stablecoin
Circle stock (CRCL) jumped 3% in premarket trading on news that the Jack Ma-backed Ant Group Co. is reportedly considering adopting its stablecoin on the Chinese fintech company’s blockchain platform.
Bloomberg reported that Ant International, the company’s global unit, is planning to incorporate Circle’s USD coin (USDC-USD) on its blockchain platform after the asset becomes compliant in the US, according to people familiar with the matter. They did not give a timeline for when that might happen.
Ant Group is also seeking to apply for stablecoin licenses; it has reportedly processed more than $1 trillion in global transactions last year, a third of which were on the blockchain.
And Circle has been buoyed recently by increased optimism over the stablecoin regulatory environment. Circle stock is up over 500% since its IPO a little over a month ago.
Coffee prices climb after Donald Trump threatens 50% tariffs on Brazil
Coffee futures (KC=F) rose on Thursday after President Trump threatened to slap a 50% tariff on Brazil, the world’s largest producer. The news has shaken the industry and risks US consumers seeing a price surge.
TSMC revenue climbs 39% in latest sign of AI spending boom
Taiwan Semiconductor Manufacturing Company’s (TSM) revenue rose 39% last quarter, boosting expectations that AI spending remains robust.
Bloomberg reports that TSMC’s sales to Nvidia (NVDA) and Apple (AAPL) reached roughly $32 billion for the June quarter, above expectations. Shares of TSMC advanced 0.88% in premarket trading.
Delta stock pops premarket as the airline beats on earnings, reinstates guidance
Delta stock (DAL) soared more than 12% in premarket trading after the company’s earnings topped Wall Street estimates and Delta reinstated its guidance for the year.
Delta CEO Ed Bastian told Yahoo Finance’s Pras Subramanian that progress on trade deals and the approval of the tax deal were “helpful” in removing uncertainty for the airline.
The FTSE 100 (^FTSE) hit a new all-time high on Thursday morning, while European stocks also advanced. The German Dax (^GDAXI) also touched a record, as traders shrugged off the threat of Donald Trump’s escalating trade wars.
The Brazilian Real weakened by 2.29% against the US dollar on the back of the news, its biggest decline since 4 April, but mining stocks rallied in London, signalling that investors are not concerned about the new tariffs. …
