US stocks edged higher on Thursday, extending gains from earlier in the week and pushing the S&P 500 and Nasdaq Composite to new closing records. Investors largely shrugged off fresh tariff announcements from President Donald Trump, instead focusing on continued momentum in technology and consumer discretionary stocks.
The S&P 500 rose 0.27% to finish at 6,280.46, while the Nasdaq gained 0.09% to close at 20,630.67. The Dow Jones Industrial Average climbed 192 points, or 0.43%, ending the session at 44,650.64.
Futures little changed as investors digest trade and Fed outlook
Despite the strong session, futures were flat in Thursday’s evening trade. S&P 500 futures slipped 0.04%, Nasdaq 100 futures dipped 0.01%, and Dow futures edged lower by 32 points, or 0.07%. Markets are treading water as traders assess the implications of new 50% tariffs on copper and Brazilian imports, and look for clarity on the Federal Reserve’s next moves.
Tech enthusiasm remains strong following Nvidia’s milestone this week. The chipmaker rose 0.8% on Thursday to close at US$164.10, pushing its market cap above US$4 trillion. Consumer discretionary stocks led the market, supported by risk-on sentiment despite growing uncertainty around trade.
Debate intensifies over timing of rate cuts
While markets remain resilient, some analysts caution the rally may not be sustainable without economic confirmation. Citi’s Drew Pettit warned that continued outperformance in key sectors will require both steady macroeconomic data and actual rate cuts, not just expectations.
Meanwhile, in a social media post, Donald Trump claimed credit for Nvidia’s surge and renewed his calls for the Fed to “rapidly” lower rates.
ASX set to rise
Locally, the Australian sharemarket is poised for a stronger open. The SPI futures are up 28 points, or 0.3%, with Wall Street’s performance expected to provide support. Bitcoin gained 2.3% to trade above US$113,700, and the Australian dollar rose 0.8% to US65.89¢.
Gold rose 0.3% to US$3,324 an ounce, while Comex copper surged 2.5% to US$5.62 a pound. Brent crude slipped nearly 2% to US$68.84 a barrel.
