U.S. stocks rose on Wednesday, led by the technology sector as Nvidia shares neared historic data levels, while investors continued to monitor the latest developments regarding tariffs announced by President Donald Trump.
The Dow Jones Industrial Average rose 230 points, or 0.5%, recovering slightly after two straight sessions of losses. The S&P 500 Index rose 0.6% while the Nasdaq Composite Index jumped 0.8%.
Nvidia shares rose 2%, approaching a market value of US$4 trillion. Several other technology giants also recorded gains, including Meta Platforms, Microsoft and Alphabet.
The increase came despite investors not seeming too impressed by the news of the new tariffs announced. On Tuesday, Trump insisted via Truth Social that there will be no changes or extensions to the series of tariffs already announced on countries such as Japan and South Korea. The new tariffs, which range from 25% to 40%, are scheduled to start on August 1.
Trump also announced a 50% levy on copper imports and hinted at tariffs on other sectors to follow. He also threatened to impose tariffs of up to 200% on pharmaceuticals imported into the US, but gave a year to a year and a half before they would take effect.
In addition to awaiting further developments on tariff policy on Wednesday, investors are also awaiting the release of minutes from the latest Federal Open Market Committee (FOMC) meeting.
