Wall Street climbed on Thursday, with the S&P 500 finishing just shy of a new all-time high after rebounding sharply from its April lows. The benchmark index rose 0.8% to 6,141.02, now within three points of its February record. It has gained nearly 3% this week and is up more than 27% from its April trough.
The Nasdaq Composite added 1% to close at 20,167.91, and the Dow Jones advanced 404 points, or 0.9%, to 43,386.84.
White House signals tariff delay
Markets moved to session highs after White House spokesperson Karoline Leavitt suggested that the July tariff deadlines are flexible. The so-called “liberation day” tariffs, originally set for July 8 and 9, now appear likely to be delayed again, easing investor fears of a trade shock.
That reassurance, combined with a resilient labour market, strong corporate earnings, and renewed excitement around artificial intelligence, has fuelled the recent rally. The S&P 500 is now up over 4% for the year.
Tech, AI drive gains
Tech stocks again led the charge. Nvidia rose 0.5% to a fresh record, briefly pushing its market cap beyond US$3.8 trillion. Meta jumped 2.5%, and Alphabet rose 1.7%. Nvidia is up nearly 80% since April, helping power the Nasdaq 100 to a new high earlier this week.
Cooling tensions, firm economy
Geopolitical risk also eased. The Israel–Iran ceasefire is holding, and President Trump says talks with Iranian officials could happen next week. Oil prices have retreated from earlier spikes, helping ease inflation pressure.
Economic data remained solid. Jobless claims for the week ending June 21 fell to 236,000, below forecasts and signalling continued labour market strength.
Australian market set to open higher
The SPI futures are pointing up 55 points, or 0.6%, to 8588. Local shares are expected to follow Wall Street’s lead, with gains likely in energy and communication sectors.
