US Stock Market Rises Amid Tariff Threats… NVIDIA Surpasses $4 Trillion Market Cap For the First Time

NVIDIA and Microsoft Hit All-Time Highs

Amid continuing additional tariff threats from President Trump, the US stock market, which has become less sensitive to tariff risks, began its session on the 9th (local time) with a rally led by tech stocks.

As of 10 a.m. Eastern Standard Time, the S&P 500 rose 0.6%. Major tech stocks such as NVIDIA and Microsoft pushed the Nasdaq Composite up 1%. The Dow, which had declined for two consecutive days, rose 0.4%.

NVIDIA (NVDA) hit an all-time high of $164.28, up more than 2.6% in early trading. After reaching a market capitalization of $3.9 trillion the previous day, NVIDIA’s opening market cap surpassed $4 trillion (approx. ₩5,505 trillion) in early trading. Based on NVIDIA’s 24.4 billion shares outstanding, if it closes over $164 today, NVIDIA will become the first company in both global financial and stock market history to break the $4 trillion market cap mark.

Microsoft (MSFT) also hit an all-time high at $506.99, up 1.9%, buoyed by analysts’ upgraded investment ratings.

President Trump announced the day before that tariffs, imposed on 14 countries including Japan and South Korea, would take effect from August 1 and would not be extended.

He also indicated that a 50% tariff would be imposed on copper, and that additional tariffs on the pharmaceutical and semiconductor sectors would be announced in the future. For pharmaceuticals, he mentioned a tariff of up to 200%, but stated that roughly a year to a year and a half would be granted before moving production facilities to the US.

The yield on 10-year Treasuries slipped 1 basis point (1bp = 0.01%) to 4.39%, while the Bloomberg Dollar Index, the euro, and the yen remained about the same as the previous day. Spot gold prices fell 0.2% to $3,296 per ounce.

Bitcoin rose 0.8% to $109,594.4. West Texas Intermediate (WTI) slipped 0.8% to $67.79.

Scott Helfstein, Head of Investment Strategy at Global X, stated, “Trump’s new tariff announcement once again reminded the market that the crisis is not fully over.” He added that the White House has failed to achieve trade goals, which could account for ongoing volatility.

Craig Johnson, an analyst at Piper Sandler, said, “Even if concerns over trade wars re-emerge, I expect the stock market to remain strong.” He added, “While US stocks may face some short-term pressure, investors are becoming increasingly desensitized to tariff news and are instead focusing on trendlines.”

Meanwhile, minutes of the Federal Open Market Committee (FOMC) June meeting by the Federal Reserve System are set to be released this afternoon.

Contributing journalist Kim Jung-ah kja@hankyung.com