The S&P 500 and Nasdaq Composite achieved new milestones on Thursday, as investors persistently dismissed concerns regarding tariffs.

Both the S&P 500 and Nasdaq Composite reached unprecedented levels, with the broad index increasing by 0.27% to conclude the day at 6,280.46. The tech-heavy Nasdaq concluded the trading session with a modest increase of 0.09%, reaching a level of 20,630.67. The Dow Jones Industrial Average increased by 192 points, representing a 0.43% rise, concluding at 44,650.64.

The actions followed President Donald Trump’s announcement late Wednesday regarding the implementation of a 50% U.S. tariff on imported copper, set to commence on August 1. Trump announced a 50% tariff on Brazil, partly in retaliation for the ongoing trial against former Brazilian President Jair Bolsonaro concerning his involvement in an alleged attempt to overturn the country’s 2022 election results. The decision was influenced by the “very unfair trade relationship” with Brazil, as Trump noted, indicating it has been “far from Reciprocal.” Brazilian President Luiz Inacio Lula da Silva subsequently indicated that the nation would react to the 50% levy in alignment with its economic reciprocity law. The iShares MSCI Brazil ETF experienced a decline of 1.6% on Thursday.

Before the president’s announcement regarding tariffs on Brazil, he dispatched letters outlining new U.S. import rates for at least seven other countries. This week, he dispatched letters detailing new rates to the leaders of 14 additional countries, including Japan and South Korea. The implementation of the duties is scheduled for August 1.

In the face of escalating trade tensions, U.S. markets have demonstrated resilience, achieving record highs and rebounding from significant losses experienced in the spring. “It is remarkable to consider that valuations have surpassed their levels at the beginning of the year, given the myriad uncertainties surrounding tariffs, compounded by the introduction of a new deadline.” The market has demonstrated a notable desensitization to the ongoing fluctuations, and this response appears justified,” stated Mike Dickson, head of research and quantitative strategies at Horizon Investment.

Wall Street experienced an uptick during Wednesday’s session. The recent gains were driven by heightened optimism surrounding the artificial intelligence sector, resulting in Nvidia shares rising nearly 2%, thereby making it the first publicly traded company to achieve a valuation of $4 trillion. With shares increasing by 0.8% on Thursday, the chip stock sustained its position above that benchmark. Both the S&P 500 and Nasdaq Composite are currently on track for a positive weekly performance, whereas the Dow is set to conclude with a 0.4% decline.