(The opinions expressed here are those of the author, a

columnist for Reuters.)

July 9 - TRADING DAY -

Making sense of the forces driving global markets

By Alden Bentley, Editor in Charge, Americas Finance and

Markets

Jamie is enjoying some well-deserved time off, but the

Reuters markets team will still keep you up to date on what

markets were focused on today and why investors shifted their

focus from tariffs to a big milestone for AI chip-leader Nvidia ( NVDA ).

I'd love to hear from you so please feel free to reach out at

Today's Key Market Moves

* The S&P 500 rose 0.6%. The Nasdaq rose 0.9%

* The 10-year US Treasury yield fell 7.5 basis points

* The dollar eased against the yen and otherwise

nearly

flat

* US Crude futures rose 0.01% to $68.34/barrel

* Gold bullion rose 0.35% to $3,311 an ounce

Today's key reads:

Nvidia ( NVDA ) clinches historic $4 trillion market value on AI

dominance

Trump issues new tariff notices as EU pushes for US trade

deal

Investors set for first US earnings quarter under Trump

tariff war

Trump says U.S. interest rate is at least 3 points too high

Fed minutes show narrow support for rate cut later this

month

Wall Street digests Fed minutes with tariffs in focus,

Nvidia ( NVDA ) hits $4 trillion valuation

Nvidia ( NVDA ) becomes first $4 trillion stock

U.S. stock indexes were buoyed on Wednesday by AI

confidence thanks to Nvidia ( NVDA ), which became the first

company to reach a market cap of $4 trillion.

While most of the Magnificent Seven stocks were up (only

Tesla was down in late trade), reaching the milestone

for the most-mega of megacaps was the chief distraction from

trade headlines. It overshadowed U.S. President Donald Trump

delivering on Tuesday's promise to announce 50% tariffs on

copper, while again threatening tariffs on imported chips and

pharmaceuticals.

Trump issued final tariff notices to seven minor trading

partners - 20% on goods from the Philippines, 30% on goods from

Sri Lanka, Algeria, Iraq, and Libya, and 25% on Brunei and

Moldova - while his administration inched closer to a deal with

its biggest trading partner, the European Union.

If traders have become desensitized to Trump's daily

pronouncements, they similarly hardly reacted to the minutes

from the Fed's June meeting that showed a couple of officials

felt interest rates could fall as soon as this month, while most

others remained worried about the potential inflation fallout

from the tariff war. The only other scheduled event was the

Treasury's sale of $39 billion in 10-year notes, which went well

and saw the yield on the benchmark US debt instrument fall

afterward.

The dollar backed off a two-week high against the Japanese

yen. Japan, which depends on exports, stands out among

major U.S. trading partners as being the farthest from reaching

a trade deal with Washington.

What could move markets tomorrow?

* US weekly unemployment claims

* Treasury auctions $22 billion of 30-year bonds

Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.

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