MARKET SNAPSHOT

U.S. stocks rose despite renewed trade concerns. Treasury yields fell after President Trump revived tariff threats and added pressure on the Fed to cut interest rates. Oil futures gained a few cents in a choppy session. Gold prices rose as the dollar ticked down.

MARKET WRAPS

EQUITIES

The Nasdaq Composite rose to a record high, as markets took the latest tariff moves from President Trump in stride.

Stocks pared early gains but gained back some momentum toward the close of trading after the president released new tariff letters to seven countries including the Philippines, Libya and Iraq. He also previewed steep tariffs on Brazil.

Chip-maker Nvidia's market cap briefly touched $4 trillion, the first company in the world to ever hit that mark.

By the end of trading, the tech-heavy Nasdaq Composite rose 0.9%, eclipsing its previous high set on July 3. The S&P 500 rose 0.6%, while the Dow Jones Industrial Average gained 0.5%.

Earlier Wednesday, stocks in Asia were mixed.

China's benchmark Shanghai Composite Index declined 0.1%. The Shenzhen Composite Index ended nearly flat, and the ChiNext Price Index rose 0.2%.

Hong Kong's Hang Seng Index dropped 1.1%.

Japan's Nikkei Stock Average increased 0.3%.

Stocks in Australia slipped, as the S&P/ASX 200 fell 0.6%.

New Zealand's S&P/NZX 50 fell 0.7%.

COMMODITIES

Oil futures gained a few cents in a choppy session marked by a large 7.1 million barrel build in U.S. crude stocks and continuing uncertainty as President Trump puts tariffs back on traders' radars.

"We continue to view the most bullish aspect of the current trade as the ability of the complex to easily shrug off seemingly bearish news," Ritterbusch said.

Oil and equities appear to be taking the tariff news in stride on expectations they will eventually be watered down and the possibility of further delays beyond the new Aug. 1 deadline, the firm added.

"The economic fallout from such levies is being tempered and expected oil demand across the second half of 2025 doesn't appear as negative as was the case just one or two months ago."

WTI settled up 0.1% at $68.38 a barrel and Brent edged up 0.1% to $70.19.

Front-month Comex gold for July delivery gained 0.14% to $3311.60 - up seven of the past 10 sessions.

Copper prices fell after soaring to a record high Tuesday when Trump announced tariffs on the metal.

TODAY'S TOP HEADLINES

A Hazy Inflation Outlook Divides the Fed

A majority of Federal Reserve officials at their meeting last month expected they would be able to resume interest rate cuts this year, but only two of them voiced support for a rate cut as soon as the central bank's next gathering later this month.

Minutes of the June 17-18 policy meeting pulled back the curtain on an emerging split inside the central bank's rate-setting committee. The release of the internal discussion coincides with White House pressure on Fed Chairman Jerome Powell to cut rates.

Officials who believed lower rates would be appropriate later this year thought those moves could be justified by a weaker labor market or more modest and temporary inflation pressures from tariffs, according to the minutes, released Wednesday with a customary three-week lag.

Trump Sends Tariff Letters to Iraq, Libya, and Others. An EU Deal Could Be Near.

President Donald Trump posted several more letters on social media on Wednesday, setting tariff rates ranging from 20% for products from the Philippines to 30% for products from Algeria, Iraq, Sri Lanka, and Libya.

The new rates for imports from Brunei and Moldova are 25%.

The letters come two days after he released the first 14 letters detailing what rates the U.S. would charge on imports if no trade deal was reached before his new Aug.1 deadline. Those rates ranged from 25% for products from Japan and South Korea to 40% for products from Laos and Myanmar.

Ferrero Nears Roughly $3 Billion Deal for Maker of Froot Loops, Frosted Flakes

The Italian candy maker behind Ferrero Rocher and Nutella is nearing a roughly $3 billion deal to buy the breakfast-cereal conglomerate WK Kellogg, according to people familiar with the matter.

Ferrero, a family-owned company, could finalize the deal for the iconic cereal company as soon as this week, barring a last-minute hiccup in the talks, the people said.

Linda Yaccarino Steps Down as CEO of Elon Musk's X

Linda Yaccarino said she is stepping down as chief executive of X, capping a tumultuous run atop Elon Musk's social-media company.

Yaccarino's future at the company had been uncertain for months. Musk merged X with Grok chatbot maker xAI this spring, fusing two of his technology bets and making the social-media platform part of a broader AI-focused company.

The high-growth potential of artificial intelligence became more important to investors than the tighter-margin social-media business overseen by Yaccarino.

Merck to Buy Verona Pharma in $10 Billion Deal

Merck & Co. has struck a roughly $10 billion deal to buy Verona Pharma, bolstering its lineup with the chronic obstructive pulmonary disease treatment Ohtuvayre as it braces for the 2028 loss of patent exclusivity for the blockbuster cancer drug Keytruda.

"We're now well on our way toward transitioning to a portfolio with a far more diversified set of future growth drivers," Chief Executive Rob Davis said Wednesday.

Merck will acquire Verona for $107 per American depository share, a 23% premium to the London-based company's closing price of $86.86 on Tuesday.

Nvidia Just Became the First Company to Hit a $4 Trillion Market Cap

Nvidia's record rally just hit another milestone.

The chip maker in Wednesday intraday trading became the first U.S. company in history to hit a $4 trillion valuation, according to Dow Jones Market Data. The company led by CEO Jensen Huang reached $4.012 trillion shortly after the market opened.

Shares pulled back slightly after Nvidia achieved the milestone, closing at $162.88, up 1.8% to $3.97 trillion. Nvidia shares need to close at or above $163.93 to end the day at $4 trillion, according to Dow Jones Market Data.