01:04 PM EDT, 07/09/2025 (MT Newswires) -- US equity indexes rose, with the Nasdaq Composite hitting a record high as Nvidia ( NVDA ) became the first publicly traded company in the world to hit $4 trillion in market capitalization.

The Nasdaq was up 0.5% at 20,529.2 after hitting an all-time high of 20,645.41 earlier in the session. The S&P 500 rose 0.3% to 6,243.2, trading close to its all-time high of 6,284.65. The Dow Jones Industrial Average was 0.1% higher at 44,299.4, also closing on its record of 45,073.63.

Communication services, utilities, and consumer discretionary were among the top gainers, while consumer staples led the decliners intraday.

Nvidia ( NVDA ) shares rose 2% intraday, among the top gainers in the Dow and the Nasdaq, lifting the tech giant's market capitalization above $4 trillion, making it the first company ever in the world to hit that milestone.

US Treasury yields fell, with the US 10-year Treasury yield down 4.7 basis points to 4.37% and the two-year 3.5 basis points lower at 3.87%.

During a Cabinet meeting Tuesday, President Donald Trump reportedly unveiled plans to impose 50% duties on copper imports and threatened to set tariffs of up to 200% on pharmaceutical products. Trump suggested he may give drug manufacturers a certain time to "get their act together," CNBC reported.

The US imports just under half of its copper, or almost 1 million metric tons annually, with the majority of imports coming from Chile, Canada, and Peru, Stifel cited the United States Geological Survey in its Wednesday note. The majority of domestic production, roughly two-thirds, is mined in Arizona.

The US president sent letters to 14 nations earlier in the week, including Japan, South Africa, Malaysia, and Thailand, informing them of new reciprocal tariff rates scheduled to come into effect on Aug. 1. In a social media post Tuesday, Trump said that he will send letters to additional US trading partners. "No extensions will be granted" beyond Aug. 1. The original deadline was July 9.

The Federal Reserve is scheduled to release the minutes of its last monetary policy meeting later on Wednesday.

In economic news, US mortgage applications jumped last week as the 30-year fixed rate on conforming loans hit a three-month low, the Mortgage Bankers Association said on Wednesday. The market composite index, which measures loan application volume, rose 9.4% on a seasonally adjusted basis for the week ended July 4, following a 2.7% rise the week prior. The results included an adjustment for the July 4th holiday, the MBA said.

Further, in company news, AES ( AES ) shares soared 17% intraday, the top performer on the S&P 500, following a Bloomberg News report that said the company is exploring options, including a potential sale.

In energy markets, West Texas Intermediate crude oil futures climbed 0.3% to $68.53 a barrel.

Gold futures rose 0.1% to $3,320.21 per ounce.