The S&P 500 climbed to a fresh record on Wednesday. Stocks remained resilient despite a cautious Federal Reserve and President Trump’s threat of more tariffs. The index rose 0.24% and settled at 6,144.15.
It earned its second record close in a row. The Nasdaq Composite added 0.07% to close at 20,056.25. The Dow Jones Industrial Average advanced 71 points, or 0.16%, to end at 44,627.59.
Intel gained 1.3% and led the broader technology sector higher. The company unveiled its latest processor. Tesla surged nearly 10% after posting better-than-expected quarterly results.
Trump signaled more tariffs could be implemented as soon as April 2. They could impact imported autos, chips, and pharmaceuticals. “There’s a lot of noise tied to tariffs in the short term,” said Jim Elios, chief investment officer at Elios Financial Group.
“In the long term, I’m still really bullish about how this can become a pro-business environment.”
Investors also weighed the Federal Open Market Committee minutes. They showed central bank officials want to see more progress on inflation before cutting interest rates further. Officials are also concerned about the effect of Trump’s tariffs.
Palantir fell as much as 12.9% on Wednesday, its largest loss since May 2024. Reports said the Trump Administration is ordering Pentagon officials to cut 8% from the defense budget over the next five years. Palantir also filed notice that CEO Alex Karp adopted a trading plan allowing him to sell nearly 10 million shares through mid-September 2025.
s&p 500 hits record high
Despite the loss, Palantir remains 48% higher in 2025. Shares of Walmart are trading near all-time highs ahead of the retailer’s earnings on Thursday morning.
Morgan Stanley raised its bull case price target to $153 per share. The firm expects Walmart’s alternative businesses to drive revenue and earnings growth over the next three years. The base case price target is $115.
Analysts are optimistic about Nike’s partnership with Kim Kardashian’s Skims brand. Nike announced a line of activewear with the intimate apparel maker called NikeSKIMS. Analysts believe this celebrity partnership can bring buzz to Nike by leveraging Kardashian’s social media following.
Microsoft unveiled its first quantum computing chip, Majorana 1, after nearly two decades of research. The company stated quantum computers capable of solving industrial-scale problems are “years, not decades” away. Quantum stocks rallied in response.
Shares of IonQ surged 42%, while Rigetti Computing and Quantum Computing Inc. saw gains of 5% and 2%. Apple announced the iPhone 16e, set to retail for $599 and go on sale later this month.
The new model is notable for being powerful enough to run artificial intelligence technology. Shares of Apple traded around flat. The stock market experienced a day of mixed yet mostly positive reactions.
Major indices reached new highs. Investor sentiment was influenced by strong earnings reports, new technology unveilings, and concerns regarding federal policies and spending cuts.
