FX.co ★ Wall Street Rises on Tech Rally, Despite Tariff and Fed Caution

U.S. stocks experienced an uptick on Wednesday, as investors considered the effects of broadening tariffs on corporate earnings and forthcoming Federal Reserve policy directions. The S&P 500 rose by 0.6%, breaking a two-day decline, while the Dow advanced by 217 points, and the Nasdaq 100 increased by 0.7%, buoyed by Nvidia's momentary achievement of a $4 trillion market capitalization. Insights from the Fed's June meeting indicated officials perceived the recent tariff announcements as potentially inflationary, prompting a decision to delay resuming interest rate cuts earlier in the year. The details emerged following President Trump's announcement of an expanded list of countries, including the Philippines, Iraq, and potentially Brazil, that would face U.S. tariffs starting August 1. This was on top of previously declared tariffs of 50% on copper and plans for levies on semiconductors, as well as a 200% duty on pharmaceuticals after a designated grace period. The day saw tech stocks leading the upward trend, with Nvidia climbing 1.8%, Broadcom rising 2.2%, Alphabet increasing 1.4%, and Meta advancing by 1.7%.