The New York stock market is rising despite U.S. President Donald Trump's tariff policy. The Nasdaq index, focused on technology stocks, even hit an all-time high early in the session.
As of 9:39 a.m. local time on the 10th, the Dow Jones Industrial Average was up 145.91 points (0.33%) to 44,604.21 on the New York Stock Exchange (NYSE), while the Standard & Poor's (S&P) 500 index rose 3.42 points (0.055%) to 6,266.68. The Nasdaq Composite Index touched an all-time high of 26,653.86 shortly after the opening before falling to 25,562.20, down 48.54 points (0.24%) from the previous session.
The market focused on the new import tariff measures announced late the previous day by President Trump. Trump stated that starting August 1, the U.S. would impose a 50% tariff on imported copper. He also mentioned a 50% high tariff on products from Brazil. In response, Brazilian President Luiz Inácio Lula da Silva said he would respond according to his country’s 'economic reciprocity law.'
In addition to Brazil, President Trump sent a letter outlining new U.S. tariff rates on imported goods from at least seven additional countries. Earlier this week, he sent letters to the leaders of 14 countries, including Japan and Korea, explaining the new tariff rates. These related measures are set to take effect on August 1.
Despite this protectionist trend, the market is focused on expectations for the artificial intelligence (AI) industry and improvements in employment indicators. Jeremy Siegel, a professor at the Wharton School of the University of Pennsylvania, noted, 'AI can offset the price increases caused by tariffs, and if the negative impact is not significant, this bullish market could continue.'
The latest U.S. weekly employment indicators were better than expected. According to the U.S. Department of Labor, for the week ending July 5, seasonally adjusted initial unemployment claims were 227,000, down 5,000 from the previous week and below market expectations of 235,000.
European markets showed mixed directions. The Euro Stoxx 50 index was down 7.27 points (0.13%). Germany's DAX index fell 71.62 points (0.28%), while the U.K.'s FTSE index rose 100.76 points (1.14%), and France's CAC 40 index was up 19.66 points (0.26%).
International oil prices are falling. As of 9:34 a.m. on this day, the price of West Texas Intermediate (WTI) crude oil for August delivery was $66.93 per barrel, down 2.12% from the previous session, while the price of Brent crude for September delivery was $68.92 per barrel, down 1.81% from the last session.