S&P 500 and Nasdaq Scale New Highs, Trump's Tariffs Expand to Sectors

Barry Adams
09 Jul, 2025
New York City

Wall Street indexes hugged the flatline, and investors fear tariff talks are likely to drag on with key trading partners with no hard deadline. 

The S&P 500 index edged up 0.5%, and the tech-heavy Nasdaq Composite edged up 0.6%, as investors fear the next wave of Trump tariff threats are likely to focus on sectors. 

Trump imposed a 50% tariff on imported copper without specifying timing and grades of metal and announced his plan to impose an additional tariff of 200% on pharmaceuticals. 

The Trump administration's arbitrary and reckless approach to import taxes has severely impacted businesses of all sizes, and most retailers, wholesalers, and manufacturers are passing on higher tariffs to consumers. 

Moreover, the constant changes in import taxes have forced businesses to halt shipments or avoid international purchases until trade agreements are finalized, which could take several more months. 

 

U.S. Stock Movers 

Verona Pharma PLC jumped 20% to $104.92, and the UK-based lung therapy company agreed to be acquired by Merck for $10 billion. 

Merck & Co. edged up 0.9% to $81.86. 

Mining companies were in focus after the U.S. president slapped a 50% tariff on copper imports. 

BHP Group added 1.2% to $49.96, Rio Tinto plc decreased 0.6% to $58.40, Newmont Corporation edged up 0.1% to $57.68, and Freeport-McMoRan Inc. gained 1.1% to $46.80.

AES Corp. jumped 16.5% to $12.90 on a report that the company is exploring a potential sale, according to Bloomberg News. 

Starbucks Corp. jumped 2.3% to $97.60 after a CNBC report suggested that the company's China subsidiary sale was valued as high as $10 billion in preliminary bids.