12:37 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 surpass $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 trading close to its record of 45,073.63.

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

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 on Tuesday, President Donald Trump reportedly announced 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.

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

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

In company news, 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.

In energy markets, West Texas Intermediate crude oil futures climbed 0.6% to $68.69 a barrel.