Traders work on the floor of the New York Stock Exchange on July 08, 2025 in New York City.
Michael M. Santiago | Getty Images
Stock futures slipped Thursday as traders navigate an everchanging trade landscape following a positive session for Wall Street.
S&P 500 futures traded 0.2% lower, along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average were down 100 points, or less than 0.2%.
President Donald Trump said late Wednesday that a 50% U.S. tariff on imported copper will take effect Aug. 1. Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results. The move was also due to the “very unfair trade relationship” with Brazil, Trump added, saying it has been “far from Reciprocal.”
Brazilian President Luiz Inacio Lula da Silva later said that the country would respond to the 50% levy in accordance with its economic reciprocity law. The iShares MSCI Brazil ETF (EWZ) shed 1.8% in the premarket.
That comes after Wall Street saw gains during Wednesday’s session.
The S&P 500 and Dow Jones Industrial Average posted their first positive sessions in three with a rise of 0.6% and 0.5%, respectively, while the Nasdaq Composite jumped 0.9% and closed at a record. Those gains were spurred by optimism around the artificial intelligence trade, which sent Nvidia shares nearly 2% higher to briefly become the first public company to be valued at $4 trillion.
The bullish AI sentiment helped lift stocks as investors moved past the latest developments surrounding Trump’s tariffs. Prior to the president’s announcement of levies on Brazil, he sent letters that dictated new U.S. rates on the imports of at least seven additional countries. He had also sent letters laying out new rates earlier this week to the leaders of 14 other countries, such as Japan and South Korea. The duties are set to take effect Aug. 1.
“AI might be exactly what is needed to counteract any price increases from the tariffs,” said Jeremy Siegel, Wharton School professor of finance and Wisdom Tree chief economist, on CNBC’s “Closing Bell” Wednesday.
“If we don’t hear much bad effects, boy, this bull market certainly, I think, has further to run,” Siegel also said. “If we begin to hear … there’s some hurdles that are harder to overcome, then we’re going to see choppiness, I think, this quarter.”
Concerns over the impact of tariffs, specifically as it relates to inflation and the labor market, also came up in the minutes from the Federal Reserve’s June meeting unveiled Wednesday. However, the minutes showed that policymakers were split on how many interest rate cuts the central bank should make over the coming months.
Brazil stock ETF falls on U.S. tariff announcement
The iShares MSCI Brazil ETF (EWZ) dropped more than 1.8% in the premarket after President Donald Trump announced a 50% tariff on Brazilian imports. Brazilian President Luiz Inacio Lula da Silva responded by saying his country will respond with similar tariffs targeting U.S. products going into Brazil.
EWZ 5-day chart
— Fred Imbert
Tech and industrials sector close at records Wednesday
The S&P 500’s information technology and industrial sectors rose to close at records on Wednesday, lifting the broad market index to its first winning day in three.
The tech sector gained 0.9%, catching a tailwind from gains in Nvidia, which was up nearly 2%, and Palantir, which added about 2.5%. Nvidia’s ascent briefly pushed it into a $4 trillion market capitalization during the session.
The industrial sector added 0.7%. Boeing and Caterpillar were among the notable winners in the space, up 3.7% and 2%, respectively.
—Darla Mercado, Chris Hayes
Trump hits Brazil with 50% tariff, citing Bolsonaro trial and ‘unfair’ trade
President Donald Trump announced on Wednesday the U.S. will impose a 50% tariff on Brazilian imports, partially due to the trial against former Brazilian President Jair Bolsonaro for his role in an alleged coup attempt to overturn his loss in the country’s 2022 election.
In a letter shared on Truth Social, Trump called Brazil’s treatment of Bolsonaro “an international disgrace” and the ongoing prosecution a “Witch Hunt that should end IMMEDIATELY!”
Trump also accused Brazil in the letter of having a “very unfair trade relationship” with the U.S., adding that the U.S. is launching an investigation into Brazil for its trade practices.
— Kevin Breuninger, Sean Conlon
Bitcoin rises to fresh record above $112,000
Bitcoin hit a fresh record on Wednesday afternoon as an Nvidia-led rally in equities helped push the price of the cryptocurrency higher into the stock market close. Just before 4:00 p.m. ET, it hit a high of $112,052.24, surpassing its May 22 record of $111,999.
The flagship cryptocurrency has been trading in a tight range for several weeks despite billions of dollars flowing into bitcoin exchange traded funds and public companies racheting up their bitcoin purchases.
“The same fundamentals of a scarce asset are at play amid record-breaking budgets and debt ceilings,” said Chris Kline, chief operating officer and cofounder of BitcoinIRA. “There is a friendly regulatory environment, and bitcoin has gained legitimacy from institutional adoption. Additionally, the rumor mill has continued to accelerate speculation that Fed Chair Jerome Powell may either step down or be removed, which has crypto bulls excited about a potential rate cut.”
“This is a perfect storm for even the smallest catalyst to springboard bitcoin and crypto overall to new price discovery levels and … more volatility,” he added.
— Tanaya Macheel
Check out the stocks making moves after the bell
Some stocks are making big moves in extended trading Wednesday:
WK Kellogg – Shares surged more than 55% after The Wall Street Journal, citing people familiar with the matter, reported that chocolate maker Ferrero is nearing a deal to buy the breakfast food company for about $3 billion. The acquisition could be finalized as early as this week, the report said.
PTC – The global software stock fell almost 3%, reversing some of the gains seen during the day’s regular session. On Wednesday, PTC shares soared more than 17% after a Bloomberg report, which cited people familiar with the matter, said that Autodesk is exploring a possible takeover of the company. Autodesk shares, which finished Wednesday’s session with a more than 2% decline, were likewise more than 2% lower after hours.
— Sean Conlon
Stock futures open little changed
U.S. stock futures were relatively unchanged on Wednesday evening.
S&P 500 futures hovered around the flatline just after 6 p.m. ET, as did Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average were likewise flat.
— Sean Conlon
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