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S&P 500, Nasdaq post record closing highs

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50% tariff on US copper imports to begin August 1, says

Trump

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Bitcoin hits fresh record

(Updates with closing US market levels)

By Caroline Valetkevitch

NEW YORK, July 10 (Reuters) - The S&P 500 and Nasdaq

registered record closing highs on Thursday, and Nvidia's ( NVDA )

market value closed above $4 trillion for the first

time, while the Brazilian real recovered some losses following

U.S. President Donald Trump's announcement of a 50% tariff on

the country's goods.

Also helping Wall Street, shares of Delta Air Lines ( DAL )

jumped 12% after it forecast third-quarter and full-year profits

above analysts' estimates. Other travel stocks also rose,

including United Airlines, which ended 14.3% higher, and

Hertz Global ( HTZ ), up 11.8%.

Shares of

Nvidia ( NVDA )

ended up 0.75% at $164.10, giving the chipmaker a market

value of $4.004 trillion, thanks to surging demand for

artificial-intelligence. The move solidified its position as one

of Wall Street's most-favored stocks.

Trump confirmed a 50% tariff would be imposed on copper, and

said it would start August 1.

The Brazilian real recovered some losses that followed the

tariff news. Late on Wednesday, the currency's volatility gauges

surged to their highest levels since late April. The

dollar was last down 0.8% against the real. Brazilian

stocks were down 0.5%.

Brazilian President Luiz Inácio Lula da Silva vowed

retaliation against unilateral tariff hikes.

Some traders said U.S. consumers could see sharp price

increases for coffee and orange juice if Trump sticks to the

Brazil tariffs.

Reactions in the broader market to Trump's latest tariff

moves have been less severe than in April, possibly reflecting

expectations that ongoing negotiations between Washington and

trade partners could yield agreements.

Investors are gearing up for second-quarter earnings,

looking for signs of an impact from Trump's trade war launched

on April 2.

Bruce Zaro, managing director at Granite Wealth Management

in Plymouth, Massachusetts, said the market appears to be in a

holding pattern ahead of reports from S&P 500 companies.

JPMorgan Chase ( JPM ) is due to release results Tuesday,

essentially kicking off the reporting period.

"There's been great skepticism with all of the analysts that

follow the S&P 500, how they've been reducing their estimates at

large, based on the tariffs and uncertainty around that," he

said.

"But we think, when all is said and done, those growth

companies, and specifically tech companies, are going to come

through with fabulous earnings. So I think the market is in a

waiting period."

The Dow Jones Industrial Average rose 192.34 points,

or 0.43%, to 44,650.64, the S&P 500 rose 17.20 points, or

0.27%, to 6,280.46 and the Nasdaq Composite rose 19.33

points, or 0.09%, to 20,630.67.

MSCI's gauge of stocks across the globe

rose 1.92 points, or 0.21%, to 926.22. The pan-European STOXX

600 index rose 0.54%.

Bitcoin

rallied

to another all-time high. The world's largest

cryptocurrency was last up 2.56% to $113,609.36.

Investors also digested upbeat quarterly results from TSMC

, which showed strong demand for the world's largest

contract chipmaker's products, fueled by surging interest in AI

applications.

The dollar index, which measures the greenback

against a basket of currencies, rose 0.23% to 97.61.

Benchmark 10-year U.S.

Treasury yields

edged higher after U.S. data showed jobless claims

unexpectedly fell last week and as investors focused on how

tariffs will impact inflation.

The yield on benchmark U.S. 10-year notes

was last up 0.4 basis points on the day at 4.346%.

Oil prices fell as investors weighed potential effects

of Trump's tariffs on growth. Brent crude futures

settled at $68.64 a barrel, down $1.55, or 2.21%. U.S. West

Texas Intermediate crude finished at $66.57 a barrel,

down by $1.81, or 2.65%.

Spot gold rose 0.3% to $3,323.39 an ounce.