S&P 500, Dow Jones Hit Another Record High On Trump’s Trade Deal Momentum, AI Action Plan
Synopsis
The S&P 500 climbed more than 0.5% to hit an all-time high of 6,347.09, and the Dow Jones Industrial Average gained 0.86% to reach a record high of 44,926.55.
The S&P 500 and the Dow Jones Industrial Average hit fresh record highs in afternoon trade on Wednesday after President Donald Trump touted the trade deals he has made with Japan and Indonesia on Truth Social and Washington unveiled its now ‘AI Action Plan.’
The S&P 500 climbed more than 0.5% to hit an all-time high of 6,347.09, and the Dow Jones Industrial Average gained 0.86% to reach a record high of 44,926.55.
The SPDR S&P 500 ETF (SPY) was up 0.52% and the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.91%. On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory as compared to a day ago, while retail sentiment around DIA dipped to ‘bearish’ territory from ‘neutral.’
In a series of posts on Truth Social on Wednesday morning, Trump touted the progress he has made in trade deals with Japan and Indonesia. He also applauded how the U.S. had gotten the countries to open their markets “for the first time ever.”
Trump also signaled that he’s ready to “give up tariff points” if countries opened up their markets to the U.S. in a post on Truth Social on Wednesday.
The EU and the US are reportedly making progress toward a trade deal that would see 15% tariffs on most goods imported into the U.S. from the 27-nation bloc.
Adding to the stock market’s momentum was Washington’s new ‘AI Action Plan.’ The plan proposes softer regulations and expanding the energy supply for data centers. It also urges the federal government to withhold funding from states that have regulations hindering the development of emerging technologies.
Investors are also watching Google-parent Alphabet (GOOG/GOOGL) and Elon Musk-led Tesla (TSLA), scheduled to report second-quarter (Q2) earnings after the bell. However, both were trending lower in afternoon trade on Wednesday. Alphabet’s stock edged 0.68% lower while Tesla’s stock fell nearly 1%.
Read also: Trump Says He Will ‘Give Up Tariff Points’ Only If Countries Fully Open Markets
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