The S&P 500 ETF (SPY) has remained in green territory throughout Wednesday’s trading session, shaking off seven new tariff rate letters from President Trump.
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Here are the new rates compared to the April 2 reciprocal tariff rates:
- Iraq: 30%, down from 39%
- Libya: 30%, down from 31%
- Sri Lanka: 30%, down from 44%
- Algeria: 30%, unchanged from 30%
- Brunei: 25%, up from 24%
- Moldova: 25%, down from 31%
- Philippines: 20%, up from 17%
Of the seven letters, two countries received higher tariffs, one country’s tariff remained unchanged, and four countries received lower tariffs. Trump has now informed a total of 21 countries of their new tariff rates, effective as of August 1.
Trump has also accused Fed Chair Jerome Powell of committing a $1 trillion mistake for the U.S. “Our Fed Rate is AT LEAST 3 Points too high. ‘Too Late’ is costing the U.S. 360 Billion Dollars a Point, PER YEAR, in refinancing costs. No Inflation, COMPANIES POURING INTO AMERICA,” said Trump in a Truth Social post.
White House economic advisor Kevin Hassett has emerged as a serious contender for the next Fed Chair. Hassett met with Trump twice to discuss the position in June, according to the Wall Street Journal.
The S&P 500 (SPX) is up by 0.34% at the time of writing.
Which Stocks are Moving the S&P 500?
Let’s take a look at TipRanks’ S&P 500 Heatmap, which illustrates the stocks that have contributed to the index’s price action.
On Wednesday, Nvidia (NVDA) cemented its place in the history books by becoming the first company to reach a $4 trillion market capitalization. Microsoft (MSFT) trails behind with a $3.73 trillion market cap.
In third place is Apple (AAPL) with a $3.12 trillion market cap. AAPL stock is falling today despite a Bloomberg report that said the company is preparing to release its Apple Vision Pro 2 before the end of the year.
Elsewhere, many consumer defensive stocks, like Coca-Cola (KO) and Procter & Gamble (PG), are in the red. As the name suggests, these stocks tend to lag when the broader market is rallying.
SPY Stock Moves Higher with the S&P 500
The S&P 500 ETF is an exchange-traded fund designed to track the movement of the S&P 500. As a result, SPY moves in tandem with the SPX.
Wall Street expects further upside for SPY. During the past three months, analysts have issued an average SPY price target of $675.36 for the index, implying upside of 8.51% from current prices. The 504 stocks in SPY carry 422 buy ratings, 77 hold ratings, and 5 sell ratings.