US stock indices climbed during Wednesday’s session and held onto their gains following the release of the Federal Reserve’s meeting minutes. The Nasdaq Composite posted a new all-time closing high, with Nvidia leading broader market gains.
President Donald Trump expanded the scope of his global trade war on Tuesday by announcing a 50% tariff on US copper imports, adding that long-threatened levies on semiconductors and pharmaceuticals would follow soon.
The announcement came a day after Trump imposed steep tariffs on 14 major trading partners, including South Korea and Japan—two of the top suppliers to the United States. He also renewed his threat to impose 10% tariffs on imports from Brazil, India, and other BRICS nations.
Separately, Trump escalated his criticism of Federal Reserve Chairman Jerome Powell, calling for his immediate resignation.
The minutes from the Federal Reserve’s June meeting revealed a divide among officials over how aggressively interest rates should be cut, amid concerns about inflation from tariffs versus signs of labor market softness and ongoing economic strength.
The minutes, covering the June 17–18 meeting and released Wednesday, showed policymakers largely maintaining a “wait-and-see” approach on future rate moves. The meeting concluded with a unanimous decision to keep the federal funds rate in the 4.25% to 4.5% range, where it has remained since December 2024.
At the closing bell, the Dow Jones Industrial Average rose 0.5% (217 points) to 44,458, after reaching a high of 44,556 and a low of 44,225.
The broader S&P 500 index gained 0.6% (37 points) to 6,263, trading between 6,269 and 6,231 during the session.
The Nasdaq Composite climbed 0.9% (193 points) to 20,611, marking a new record, with an intraday high of 20,645 and a low of 20,486.
