US stocks ended mixed on Thursday after President Trump’s new tariffs were implemented, affecting dozens of US trade partners. The tech-heavy Nasdaq Composite (^IXIC) rose nearly 0.4%, closing at a fresh record high, while the S&P 500 (^GSPC) finished little changed. The Dow Jones Industrial Average (^DJI) dropped 0.5%.
Stocks regained some ground following Trump’s nomination of Stephen Miran, the current chairman of the Council of Economic Advisors, to the Federal Reserve Board. Miran’s appointment is expected to fill the position vacated by Adriana Kugler’s resignation.
Trump’s tariffs took effect Thursday at 12:01 AM ET, imposing duties of 10% to 50% on imports from nearly 200 countries. The average tariff rate is projected to rise to 18.6%, the highest level since 1933, according to the Yale Budget Lab.
Apple (AAPL) saw its stock rise as Trump and CEO Tim Cook announced a $100 billion investment in the US, including manufacturing iPhone and Apple Watch cover glasses in Kentucky. Trump also hinted at exemptions for some companies from the 100% tariffs on semiconductors, which gave tech stocks a boost. Nvidia (NVDA) gained around 0.7%.
Earnings reports continued to roll in, with Toyota (TM) warning that US tariffs could cost it $9.5 billion. Eli Lilly (LLY) also faced a tough day, with shares dropping 14% after disappointing trial results for its GLP-1 oral pill, despite better-than-expected earnings.
In labor news, continuing claims for unemployment benefits hit 1.974 million, the highest since November 2021, amid concerns about the labor market following a weak July jobs report and revised figures for May and June.
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