The S&P 500 Index ($SPX) (SPY) today is up +0.64%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.46%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.15%. March E-mini S&P futures (ESH26) are up +0.60%, and March E-mini Nasdaq futures (NQH26) are up +1.22%.
Stock indexes are moving higher today, with the S&P 500 and Nasdaq 100 posting 1.5-week highs. Strength in AI-infrastructure stocks and chipmakers is leading the broader market higher. Stocks have some carryover support from Tuesday, when AI startup Anthropic PBC eased AI disruption concerns after saying its new AI tools for its Claude Cowork agent software will integrate rather than displace existing systems. The markets await Nvidia’s earnings results after today’s close to see if the surge in artificial intelligence spending is continuing. Bloomberg estimates Nvidia’s Q4 revenue to be $65.91 billion.
In Tuesday night’s State of the Union address, President Trump doubled down on his commitment to tariffs. President Trump’s new 10% global tariffs went into effect on Tuesday after the Supreme Court struck down his global “reciprocal” tariffs last Friday. Mr. Trump subsequently threatened to raise the global tariff rate to 15%, and an administration official said the White House is working on a formal order to implement that higher rate, but the timeline for its implementation has not been finalized. Mr. Trump is applying the 10% baseline levy under Section 122 of the 1974 Trade Act, which allows the president to impose the charge for 150 days without congressional approval.
Geopolitical risks are a negative for stocks. Tuesday evening, President Trump said Iranian officials are “again pursuing their sinister nuclear ambitions,” boosting speculation that the US may be preparing a military strike on Iran in the coming days. US-Iran nuclear talks are scheduled to resume on Thursday in Geneva, and Iranian Foreign Minister Araghchi said he saw a “good chance” of a diplomatic solution to the standoff over his country’s nuclear program. …
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