US indices close higher, Nasdaq hits new record

US indices closed higher on July 9, supported by signs that monetary policymakers are open to resuming interest rate cuts, in addition to a strong performance in the technology sector led by Nvidia.

The Dow Jones Industrial Average climbed 0.49%, or 217 points, to close at 44,458 points.

The S&P 500 gained 0.61% to end at 6,263 points. Meanwhile, the Nasdaq Composite rose 0.94% to 20,611 points, a new record for the benchmark.

Nvidia shares surged more than 2.6% during the session, making it the first company in history to surpass a market capitalization of $4 trillion.

However, the chipmaker’s stock trimmed its gains to 1.80%, closing at $162.88, bringing the company’s market capitalization to $3.974 trillion.

Stoxx Europe 600 rose 0.8% to 549.96 points, supported by a 2% gain in the banking sector sub-index.

Germany’s DAX increased 1.4% to a new record close at 24,549 points, France’s CAC 40 added 1.45% to 7,878 points, and the UK’s FTSE 100 inched up 0.15% to 8,867 points.

Japan’s Nikkei gained 0.35% to 39,821 points, while the broader Topix index edged up 0.4% to 2,828 points.

Brent crude futures and US WTI crude for August delivery remained stable at $70.19 and $68.38 per barrel, respectively.

Gold futures for August delivery climbed 0.12%, or $4.1, to settle at $3,321 per ounce.

US President Donald Trump announced today the issuance of tariff notifications to seven additional countries, with duties ranging between 20% and 30%. This comes after his administration notified 14 countries on July 7, including Japan and South Korea.

Meanwhile, minutes from the Federal Reserve’s June meeting showed that a majority of FOMC members are open to resuming interest rate cuts later this year, despite maintaining a cautious wait-and-see approach.