S&P 500, Nasdaq edge to fresh records despite tariff fog
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Traders working on the floor of the New York Stock Exchange
PHOTO: AFP
- Wall Street stocks rose, with the Nasdaq and S&P 500 reaching record highs, seemingly unaffected by concerns over US tariffs.
- Delta Air Lines' strong earnings report, reinstating full-year guidance, boosted airline stocks, with CEO Ed Bastian citing "stabilised" travel demand.
- MP Materials surged after the Pentagon invested billions for a 15% stake to boost manufacturing capabilities.
AI generated
NEW YORK – Wall Street stocks edged higher on July 10, lifting major indices to records as traders shrugged off worries about US tariffs while strong Delta earnings sent airline shares upward.
The Nasdaq Composite Index added 0.1 per cent at 20,630.66, notching a second straight record, while the broad-based S&P 500 climbed 0.3 per cent to 6,280.46, topping July 3’s all-time high.
The Dow Jones Industrial Average gained 0.4 per cent to 44,650.64.
Investors are largely ignoring a flood of tariff announcements from US President Donald Trump this week affecting myriad important trading partners, analysts said.
“It’s pretty clear that the market does not want to pay attention to tariff news until the tariffs are actually in place,” said Mr Steve Sosnick, of Interactive Brokers.
“As long as there is any plausible, any possible reason for tariffs to get renegotiated or pushed back or modified, then the market is going to just not respond to the news.”
Delta Air Lines surged 12.1 per cent after reporting better than expected earnings and reinstating its full-year guidance.
The carrier, which had withdrawn its forecast in April amid a weakening outlook at the time, characterised travel demand as “stabilised” and the US economy as “solid”, according to chief executive Ed Bastian.
Rivals United Airlines and American Airlines both also scored double-digit gains ahead of their reports later in July.
US rare earth company MP Materials surged 50.8 per cent after announcing a partnership in which the Pentagon will take a 15 per cent stake in the company in exchange for billions of dollars to finance additional manufacturing. AFP