US stock futures were steady after another milestone moment from Nvidia (NVDA) helped push the S&P 500 and Nasdaq to new highs.
Futures tied to the S&P 500 (ES=F) and the tech-heavy Nasdaq (NQ=F) wavered around the flatline after the two indexes rose to eke out record highs on Thursday. Dow Jones Industrial Average futures (YM=F) also were largely flat.
Renewed investor enthusiasm has been felt in the market’s standouts, most prominently AI giant Nvidia, which on Thursday became the first company to close above a $4 trillion market cap level after initially breaching it in the prior session.
The Jensen Huang-led company’s stock has risen nearly 75% since its April low, driven by concerns over increasing competition and President Trump’s tariffs.
Trump has taken notice of the rally — both of the broad market and of Nvidia, posting about the records on Thursday even as he claimed it was because of the tariffs — and not his early-April “pause” on his steepest duties. He used it as an argument for the Federal Reserve to cut interest rates soon.
Read more: The latest on Trump’s tariffs
In any case, the market is shaking off Trump’s renewed tariff threats, which have culminated in nearly two-dozen letters to trading partners this week dictating the duties their country’s imports will face beginning Aug. 1. The highlight this week was Wednesday’s announcement of a 50% levy on imports from Brazil, a striking move with which Trump waded into the country’s domestic political scene.
But investors remain focused on the overall deadline shift, as the US continues to work on deals with major partners including the EU, Canada, and India. At least one prominent investor, though, thinks markets need to start taking the tariff threats a bit more seriously.
“Unfortunately, I think there is complacency in the markets,” JPMorgan CEO Jamie Dimon said Thursday.
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Stock market coverage for Friday, July 11, 2025.
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