The S&P 500 reached a new record high on Wednesday. Investors looked past concerns about potential new tariffs from President Trump. The index climbed 0.24% to close at 6,144.15.
This was its second record close in a row. The Nasdaq Composite added 0.07% to finish at 20,056.25. The Dow Jones Industrial Average rose 71 points, or 0.16%, to 44,627.59.
Tech stocks helped lead the market higher. Apple climbed almost 2%. Another tech giant surged nearly 10% after reporting strong quarterly results.
However, President Trump said he may impose new tariffs starting April 2. The tariffs would be on imported autos, chips, and pharmaceuticals. This has added some uncertainty to the market.
Jim Elios is the founder of Elios Financial Group. He said, “I think there’s a lot of noise tied to DOGE, Elon Musk, and tariffs in the short-term, which is what you’re seeing today. But I’m still bullish long-term about the pro-business environment.”
Investors also reviewed the latest Federal Reserve meeting minutes.
The minutes showed that Fed officials want to see more progress on inflation before cutting interest rates again.
S&P 500’s tech-fueled milestone
The central bank is also worried about how Trump’s tariffs might impact the economy.
Palantir’s stock price fell as much as 12.9%. This was the stock’s biggest drop in over nine months. The decline came after reports that the Trump administration plans to reduce defense spending by 8% per year for the next five years.
Walmart’s stock neared an all-time high ahead of its earnings report. Morgan Stanley raised its bull case price target on Walmart to $153 per share. The firm pointed to Walmart’s alternative businesses.
It predicted Walmart will see big growth in revenue and earnings over the next three years. Microsoft unveiled its first quantum computing chip, called the Majorana 1. This development suggests that quantum computers are getting closer to solving complex, industrial-scale problems.
Quantum computing could revolutionize data processing and artificial intelligence. Apple introduced its latest iPhone model, the iPhone 16e. It will cost $599.
The new phone will be able to run advanced AI technology. This highlights Apple’s ongoing innovation in the tech industry. The S&P 500’s record close reflects a market that is cautiously optimistic.
Investors are weighing new technological advances against lingering uncertainties around trade policy.
