Mucahithan Avcioglu
09 July 2025•Update: 09 July 2025
ISTANBUL
The New York Stock Exchange ended with gains midweek as Nvidia became the first company to reach a market value of $4 trillion, leading a tech rally.
The Dow rose 0.49%, or 217.54 points, to close at 44,458.3, and the S&P 500 earned 0.61%, or 37.74 points, to 6,263.26.
The Nasdaq went up 0.95%, or 192.87 points, to end with a new record of 20,611.34.
Nvidia's market capitalization hit $4 trillion, making it the first to reach the threshold.
The tech company has surpassed Apple and Microsoft, which hit a $3 trillion market value before Nvidia.
Meta shares were also up 1.68%, while Microsoft rose 1.39%. Alphabet climbed 1.43%.
US President Donald Trump, meanwhile, shared seven more tariff letters on social media.
The letters showed that the Philippines will face 20% tariffs, Brunei and Moldova 25%, while Sri Lanka, Iraq, Algeria and Libya will face 30% rates.
The announcement follows Trump's warning that he would send letters outlining new tariff rates starting Monday.
He previously announced 25% tariffs on Japan and South Korea beginning Aug. 1.
Trump later announced tariffs on a dozen countries, including 25% for Malaysia, Kazakhstan and Tunisia; 30% on South Africa and Bosnia and Herzegovina, 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand, and 40% on Laos and Myanmar.
An executive order signed Monday extended the implementation of reciprocal tariffs from July 9 to Aug. 1.
Separately, Trump said Wednesday that Federal Reserve Chair Jerome Powell should lower interest rates, saying they are three points "too high."
He again called Powell "Too Late," indicating that he was late to lower the rates while other central banks began their easing cycles.
The Wall Street Journal reported Tuesday that Trump is considering White House economic adviser Kevin Hassett as a significant contender to be the next Fed chair.
Meanwhile, the minutes of the last meeting of the US Federal Reserve revealed Wednesday that most officials considered it would be appropriate to lower the policy rate this year, while some did not consider a rate cut due to inflation risks.
