S&P 500 Index Sets New Intraday High Amid Trade War Escalation

The S&P 500 index hit a new intraday high of 6,290.22 points this week despite Wall Street ending the week slightly lower due to trade war escalation. US stocks are at record levels.

The S&P 500 index reached a new intraday high of 6,290.22 points this week, despite Wall Street ending the week slightly lower due to escalating trade war tensions. This milestone underscores the resilience of the U.S. stock market, which remains at record levels despite geopolitical uncertainties.

The week's trading was marked by President Donald Trump's tariff announcements, which dominated headlines. Trump issued letters to several countries outlining tariff rates, including major trading partners such as Japan, South Korea, Canada, Brazil, and the Philippines. He also targeted copper imports with a 50% tariff and floated a 15% to 20% blanket tariff on most trading partners [2].

Despite these developments, the S&P 500 shed -0.3%, the Dow Jones Industrial Average fell -1%, and the tech-heavy Nasdaq Composite slipped -0.1% [2]. The trade war concerns did not significantly impact the broader market, with Nvidia (NVDA) becoming the first publicly listed company to hit $4 trillion in market capitalization and Delta Air Lines (DAL) delivering bullish results and upbeat guidance [2].

Investors are now turning their attention to the earnings season, which begins next week. However, the recent tariff announcements have cast a shadow over market expectations. UK-based global banking giant HSBC downgraded JPMorgan Chase, Goldman Sachs, and Bank of America, citing macroeconomic uncertainty and potential slowing economic growth [4].

As the markets prepare for the next week's earnings reports, the focus will remain on the potential impact of trade tensions and macroeconomic factors. While the S&P 500 hit a new high, the ongoing trade war and inflation concerns may continue to influence investor sentiment.

References:
[1] https://seekingalpha.com/news/4466967-trending-news-this-week-as-sp-500-index-hits-new-intraday-high
[2] https://seekingalpha.com/article/4800834-what-moved-markets-this-week?source=affiliate_program:stockanalysis.com&utm_medium=affiliate&utm_source=stockanalysis.com&affid=858&oid=16&transaction=a8ccc868d922484eb827962f8c20c9b2
[3] https://finance.yahoo.com/news/live/stock-market-today-dow-falls-250-points-sp-500-nasdaq-retreat-from-record-as-trump-escalates-tariff-threats-200042843.html
[4] https://finance.yahoo.com/news/hsbc-waves-caution-flag-wall-040100225.html