Nasdaq Hits Record Before Retreating As Traders Weigh Trump Tariff Impact

The Nasdaq Composite hit a fresh record on Thursday as traders shrugged off trade tensions following President Donald Trump’s announcement of new tariffs on eight countries. On Stocktwits, retail sentiment around the Nasdaq Composite edged higher into ‘neutral’ territory from ‘bearish’ a day ago. 

The tech-heavy benchmark climbed to an all-time high of 20,641 after the opening bell before paring gains and slipping back into the red. The Dow Jones Industrial Average and S&P 500 hovered near the flatline.

The Invesco QQQ Trust Series 1 (QQQ), which tracks the Nasdaq-100, also hit an record high of $557.6 after market open. In tandem with the Nasdaq Composite, it soon pared those gains, trading at a loss 0.5% at the time of writing. 

The SPDR S&P 500 ETF (SPY), which tracks the broader S&P 500 index, edged 0.06% lower, while the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.2%. 

The markets remain mixed after President Trump announced a 50% tariff on Brazil, citing the current trial against former Brazilian President Jai Bolsonaro as unjust. Brazil retaliated by stating that the country would enforce a 50% tariff on imports from the U.S. in accordance with its economic reciprocity law.

If Trump remains true to his word, this could mean that the U.S. may increase its tariff on Brazil to 100%. 

Prior to announcing tariffs on Brazil, Trump also sent out tariff letters to seven other countries – the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. He also confirmed that a 50% tariff on imported copper will kick-in starting Aug. 1. 

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