U.S. stock market: Closed higher, aided by NVIDIA's closing valuation surpassing $4 trillion and Delta Air Lines' optimistic financial forecast

The Dow Jones Industrial Average rose 0.43%, the S&P 500 index increased by 0.27%, and the Nasdaq rose by 0.09%.

Nvidia's closing valuation surpassed $4 trillion, entering the history books.

Delta Air Lines' optimistic financial forecast boosted the airline and transportation sectors.

Reuters, July 10 - The U.S. stock market saw slight gains in the S&P 500 index and the Nasdaq index on Thursday, setting new closing record highs, aided by Delta Air Lines' optimistic financial forecast and Nvidia's record closing market value, as investors shrugged off the latest tariff news from President Trump.

Delta Air Lines (DAL.N) surged 12% after the airline forecasted third-quarter and full-year profits above Wall Street expectations.

The airline sector rose, with United Airlines (UAL.O) up 14.3% and American Airlines Group (AAL.O) up 12.7%. The Dow Jones Transportation Average (.DJT), widely regarded as an economic barometer, reached its highest level since late February.

Nvidia (NVDA.O) rose 0.7%, closing with a market value that first surpassed the $4 trillion mark, providing the second-largest boost to the S&P 500 index.

Data showed that for the week ending July 5, the number of initial jobless claims in the U.S. was 227,000, the lowest level in seven weeks, while the consensus expectation in a Reuters survey was 235,000. However, last week coincided with the July 4 Independence Day holiday, and data around holidays typically shows significant volatility.

Mark Luschini, Chief Investment Strategist at Janney Montgomery Scott, stated that the latest news from Delta Air Lines and the "fairly mild" jobless claims reassured investors.

Luschini said, "Overall, this helps to bring back the risk appetite pattern that was prevalent yesterday and continues today," as investors become "increasingly insensitive" to the potential threats of tariffs on inflation and unemployment.

The S&P 500 index set a new closing record high for the fifth time since June 27, while the Nasdaq index set a record for the sixth time. Year-to-date, the S&P 500 index has set a new closing record high for the eighth time.

The Dow Jones Industrial Average (.DJI) rose 192.34 points, or 0.43%, to 44,650.64 points, just under one percent lower than the closing record set in early December. The S&P 500 index (.SPX) increased by 17.20 points, or 0.27%, to 6,280.46 points. The Nasdaq index (.IXIC) rose 19.33 points, or 0.09%, to 20,630.67 points.

Among the 11 major sectors of the S&P index, nine sectors rose. Communication Services (.SPLRCL) fell nearly 0.5%, and Technology (.SPLRCT) fell 0.1%.

Despite Nvidia's closing record high, the performance of mega-cap stocks was mixed. Netflix (NFLX.O) Microsoft (MSFT.O) and Meta (META.O) fell. Tesla (TSLA.O) provided the biggest boost to the S&P 500 index, rising 4.7%, after the electric vehicle manufacturer announced it would hold its annual shareholder meeting in November. A group of investors had urged Tesla to set a date for the meeting, citing legal obligations.

Last week's strong labor market report propelled major Wall Street indices to record highs, rebounding from a significant sell-off following the April "Liberation Day" tariff announcement.

"You are ticking off the boxes of uncertainty. A major bill passed last week. That’s a big uncertainty that has been ticked off. The tariff issue is starting to become clearer," said Chris Haverland, global equity strategist at Wells Fargo Investment Institute. "While it’s not done yet, the market is starting to become clearer."

"Next week, the second quarter earnings season is just beginning, and you will see how companies are responding to tariffs."

Trump's latest announced measures include imposing a new 50% tariff on copper starting August 1 and threatening to impose a 50% tariff on goods exported from Brazil to the United States.

Some countries are still waiting for official word from the White House, and investors are closely monitoring trade negotiations.

The minutes from the Federal Reserve's June meeting released on Wednesday showed that most policymakers expect to cut rates this year, believing the impact of tariffs on inflation may be "temporary or moderate."

While most investors believe the likelihood of a rate cut in July is low, the CME Group's FedWatch tool indicates a nearly 64% chance of a 25 basis point cut in September.

St. Louis Fed President James Bullard stated that the true impact of rising import tariffs on inflation may not become apparent until the end of this year or even into 2026, highlighting the cautious stance of Fed officials regarding rate cuts.

On the New York Stock Exchange, the ratio of advancing to declining stocks was 2.23:1, with 374 stocks hitting new highs and 36 stocks hitting new lows. On the Nasdaq market, 2,602 stocks rose, 1,885 stocks fell, with a ratio of 1.38:1.

The S&P 500 index recorded 29 new highs and five new lows over 52 weeks, while the Nasdaq index recorded 94 new highs and 29 new lows.

The trading volume on the American Stock Exchange was 18.16 billion shares, while the average trading volume over the past 20 trading days was 18.31 billion shares. (End)

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