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Nvidia became the first company in history to surpass a $4 trillion market valuation, closing the day at $3.974 trillion with its stock finishing at $162.88 per share. The milestone comes just two years after the chipmaker first hit a $1 trillion valuation, highlighting its meteoric rise powered by global demand for artificial intelligence hardware.
Nvidia’s dominance in the GPU market continues to position it as the centerpiece of the AI revolution. The surge in its stock price propelled the Nasdaq Composite to a new all-time high, underscoring investor optimism in the tech and AI sectors despite broader macro uncertainties.
President Trump announced a sweeping set of tariffs targeting Brazil and 7 other countries, citing policy grievances and trade tensions. Brazil will face a 50% tariff starting August 1 in response to its legal actions against U.S. tech firms and former President Jair Bolsonaro. Additional tariff letters were issued to Libya, Iraq, the Philippines, and four other nations, with rates ranging from 20% to 30%.
The president also previewed further aggressive measures, including a 50% duty on copper, a potential 200% tariff on imported pharmaceuticals, a 10% levy on Indian imports for BRICS participation, and threatened new tariffs on the EU for its regulatory pressure on American tech companies. These moves mark a clear escalation in U.S. trade assertiveness and have injected new uncertainty into global markets.
U.S. equity markets moved higher across the board, showing resilience in the face of mounting trade pressures. The S&P 500 rose 0.6%, the Nasdaq gained 0.9%, and the Dow Jones Industrial Average added 218 points, or 0.5%. Investors largely looked past the tariff announcements, focusing instead on strong momentum in the technology and semiconductor sectors, particularly Nvidia.
The market's strength was further supported by falling bond yields, driven by a strong $39 billion auction of 10-year Treasury notes that drew robust demand from investors seeking safety amid policy uncertainty.
Copper futures fell approximately 2.5% after reaching record highs earlier in the week. The decline was triggered by concerns over newly announced U.S. tariffs, including the potential imposition of a 50% duty on copper imports, which could dampen demand and strain global supply chains. This pullback also reflects broader market caution, as industrial metals often serve as a barometer of economic confidence. While not a headline driver like Nvidia or macro policy, copper’s decline is significant for commodities traders and manufacturing-sensitive sectors.
The minutes from the Federal Reserve’s June meeting revealed a growing division among policymakers about when to begin cutting interest rates. While a majority expect at least one rate cut later this year, only two officials supported a cut at the Fed's next meeting.
Most remain cautious due to inflation risks from tariffs, with the current rate at 4.25%-4.50%, close to neutral. This divergence highlights ongoing uncertainty over inflation’s path and the labor market’s health, causing market participants to reassess the timing of monetary easing and contributing to cautious optimism in rate-sensitive sectors.
China’s Consumer Price Index (CPI) rose by 0.1% year-over-year in June, turning positive for the first time in four months, driven by household goods, transport costs, and energy. However, food inflation remained negative, particularly pork prices, which dropped 8.5%.
Meanwhile, the Producer Price Index (PPI) fell by 3.6% year-over-year, marking its 33rd consecutive month in deflation. This was attributed to weakening demand in mining and manufacturing, high temperatures, and export pressure from increased tariffs. While the CPI bounce shows signs of stability, persistent PPI deflation reflects ongoing structural challenges in China’s industrial sector, with broader implications for global supply chains and pricing power.
Oil prices fluctuated but remained moderately higher for the week, supported by a weaker U.S. dollar and renewed geopolitical risks. Brent crude rose 0.1% to $70.26 per barrel, while WTI stayed flat at $68.40. Markets were lifted by fresh Houthi rebel attacks on Red Sea shipping and the announcement of new U.S. sanctions targeting Iranian oil exports.
However, traders remain wary of oversupply, especially after OPEC+ agreed to a larger-than-expected output hike for August. The group is betting on strong summer demand to absorb the extra barrels, but concerns persist about a potential glut later in the year if global growth slows.
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