Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed in the green, with the former securing a new intraday record high of $647.37.
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Nvidia (NVDA), the world’s largest company by market capitalization, reported its highly-anticipated earnings after the closing bell. The company reported second-quarter revenue of $46.74 billion, topping the estimate for $46.23 billion. Its adjusted EPS of $1.05 also beat the estimate for $1.01. However, Nvidia’s data center revenue of $41.10 billion fell short of the expectation for $41.25 billion. The semiconductor leader’s earnings have significant implications for SPY and QQQ, as it is the largest component in both ETFs with weights of 8.07% and 10.11%, respectively.
On Wednesday, the Trump administration’s 50% tariff on India took effect. President Trump doubled the tariff rate as punishment for India purchasing Russian oil, indirectly funding attacks on Ukraine in the process. The higher rate comes as the U.S. ran a $45.7 billion goods trade deficit with India last year.
Meanwhile, Trump called for billionaire and philanthropist George Soros to receive criminal charges under the Racketeer Influenced and Corrupt Organizations (RICO) Act.
“George Soros, and his wonderful Radical Left son, should be charged with RICO because of their support of Violent Protests, and much more, all throughout the United States of America,” Trump said in a Truth Social post. Soros has donated hundreds of millions of dollars to the Democratic Party since 2020 and was accused of funding violent street protests over Trump’s immigration policies in June.
Last week, Trump fired Fed Governor Lisa Cook, alleging she committed mortgage fraud. Cook hasn’t denied the allegations but rejected Trump’s decision, arguing that he has no legal grounds or cause to remove her. The Fed will allow Cook to keep her position while waiting for a legal decision, although National Economic Council Director Kevin Hassett said that Cook failing to reject the claims “suggests that she’s being partisan, taking a partisan stance, which is contrary to the evidence.”
Finally, Trump is currently leading a meeting with top U.S. and Israeli officials at the White House to decide the fate of the Gaza war. While Hamas previously rejected Israel’s conditions to end the war, U.S. Special Envoy to the Middle East Steve Witkoff said on Tuesday that a new, comprehensive plan “reflects President Trump’s humanitarian motives.” Israel seeks to announce a new plan before the United Nations General Assembly on September 9, according to a person familiar with the matter.
The S&P 500 (SPX) closed with a 0.24% gain while the Nasdaq 100 (NDX) returned 0.11%.
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