US: S&P 500, Nasdaq edge to fresh records despite tariff fog

Published Fri, Jul 11, 2025 · 06:11 AM

Wall Street stocks edged higher on Thursday, lifting major indices to records as traders shrugged off worries about US tariffs while strong Delta earnings sent airline shares upward.

The Nasdaq Composite Index added 0.1 per cent at 20,630.66, notching a second straight record, while the broad-based S&P 500 climbed 0.3 per cent to 6,280.46, topping last Thursday’s all-time high.

The Dow Jones Industrial Average gained 0.4 per cent to 44,650.64.

Investors are largely ignoring a flood of tariff announcements from US President Donald Trump this week affecting myriad important trading partners, analysts said.

“It’s pretty clear that the market does not want to pay attention to tariff news until the tariffs are actually in place,” said Steve Sosnick of Interactive Brokers.

“As long as there is any plausible, any possible reason for tariffs to get renegotiated or pushed back or modified, then the market is going to just not respond to the news,” said Steve Sosnick of Interactive Brokers.”

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Delta Air Lines surged 12.1 per cent after reporting better than expected earnings and reinstating its full-year guidance.

The carrier, which had withdrawn its forecast in April amid a weakening outlook at the time, characterized travel demand as “stabilised” and the US economy as “solid,” according to chief executive officer Ed Bastian.

Rivals United Airlines and American Airlines both also scored double-digit gains ahead of their reports later this month.

US rare earth company MP Materials surged 50.8 per cent after announcing a partnership in which the Pentagon will take a 15 per cent stake in the company in exchange for billions of dollars to finance additional manufacturing. AFP

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