US stocks rose on Wednesday as Nvidia ( NVDA ) shares jumped to a fresh all-time high, with the AI chip maker becoming the first company to ever cross a $4 trillion market cap.
The Dow Jones Industrial Average ( ^DJI ) rose nearly 0.5%, while the S&P 500 ( ^GSPC ) gained 0.6%. The tech-heavy Nasdaq Composite ( ^IXIC ) rose 0.9% to close at a fresh record of 20,611.34.
Nvidia ( NVDA ) stock also closed at a new record after taking the crown of the most valuable company in history. It crossed the $4 trillion market cap level early in Wednesday's session but ended the day slightly below the milestone level.
Markets edged higher in the face of ramped-up trade rhetoric from President Trump. It stood in contrast to the reaction on Monday and Tuesday, which saw the S&P 500 drop after Trump posted letters outlining new tariff rates on Japan and 13 other countries.
On Wednesday morning, Trump unveiled more notices with tariff rates ranging from 20%-30% to countries such as the Philippines, Libya, Algeria, and Iraq ahead of an Aug. 1 deadline to reimpose country-specific tariffs. Trump has said "no extensions will be granted" to countries that have not struck deals before then.
Read more: The latest on Trump's tariffs
Meanwhile, US copper ( HG=F ) prices retreated after soaring to a record on Tuesday as Trump said he expects to put a 50% tariff on copper and threatened to place 200% duties on pharmaceuticals.
Fed minutes released on Wednesday afternoon showed only "a couple" of Federal Reserve officials at the June meeting supported interest rate cuts as soon as this month. At the June meeting, policymakers held interest rates steady , leading traders to bet that two rate cuts this year are likely.
LIVE COVERAGE IS OVER 21 updates