The S&P 500 (SPX) reached a major milestone on Wednesday, with the benchmark index rising past 7,000 amid a busy week for earnings. Tesla (TSLA), Microsoft (MSFT), and Meta Platforms (META) are scheduled to report their results after the closing bell today.
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“The S&P 500 just hit 7000 for the FIRST TIME EVER,” President Trump said in a Truth Social post. “AMERICA IS BACK!!!”
S&P 500 Shrugs Off Trump’s Tariff Threats
The S&P 500 has largely brushed off fresh tariff threats from Trump, including a 10% tariff on eight European nations that was later pulled back, a 100% tariff on Canada if it signs a trade deal with China, and a 25% tariff on South Korea that has yet to be implemented.
Earnings reports from major companies will likely “put a floor under tariff noise,” said Matthias Scheiber, Head of the Multi-Asset team at Allspring Global Investments. Earnings season will continue into next week, with major companies like Amazon (AMZN) and Google (GOOGL) on deck.