Today’s Stock Market Update: Dow Dips While Nasdaq Soars to New Highs Amid Tariff Changes and Trump’s Fed Nomination of Miran

US stocks saw mixed outcomes on Thursday, closing with modest shifts after President Trump rolled out significant tariffs affecting many U.S. trade partners. Notably, the Nasdaq Composite posted a solid gain, reaching a record high, while the Dow Jones slipped slightly.

The mixed performance came as investors reacted to Trump’s tariff announcements. The tariffs range from 10% to 50%, making it the steepest average effective tariff rate since the Great Depression. According to the Yale Budget Lab, the overall average rate is expected to rise to 18.6% this year.

In the tech sector, positive moves were seen as Trump suggested potential exemptions for some companies, notably those in semiconductor manufacturing. Nvidia’s stock rose about 2%, while companies like Broadcom and Micron also gained.

The day also brought concerning news on employment. Continuing claims for unemployment benefits hit 1.974 million, the highest level since November 2021. This points to longer job searches for many Americans. Weekly claims were at 226,000, indicating a slight uptick from the prior week.

In corporate news, Apple saw a boost after announcing a $100 billion investment in U.S. operations. The investment includes plans for manufacturing iPhone components in Kentucky. However, shares of Eli Lilly fell despite the company beating earnings expectations. This decline followed disappointing results from a late-stage trial of their new oral GLP-1 diabetes drug.

Experts are closely monitoring the implications of the tariffs. Economist Dr. Stephen Miran has been nominated to the Federal Reserve Board, bringing skepticism and hopes for potential adjustments in monetary policy. This move may indicate how the Fed could respond to trade tensions and an unpredictable labor market.

In summary, U.S. stocks faced a complicated landscape on Thursday, balancing trade challenges and corporate developments against shifting investor sentiment. The interplay of tariffs, employment data, and company performance will continue to shape the economic outlook in the coming days.

For more on these developments, refer to reliable sources like Yahoo Finance and the Department of Labor.

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President Trump, Nasdaq Composite, Stephen Miran, Adriana Kugler, Apple Watches, Council of Economic Advisors, tariffs, trade partners