The major averages continue to push higher here in July as strong talk from President Trump regarding tariffs seems to be falling on deaf ears regarding investors. The Dow Jones Industrial Average rose over 250 points or 0.59%. The S&P 500 rose 23 points or 0.37% while the Nasdaq rose 40 points or 0.18%.

Most of the rally is outside the tech space. The airlines are performing well along with travel and leisure as Delta jumps 11% on strong earnings. Healthcare in general is performing well with ABBV up 2% as the FDA approved neck and chin skin care product.

Utilities are having a good day. Bonds are quiet today. The 10-year Treasury yield rose 2 basis points to 4.36%. The 30-year yield rose a basis point to 4.88%. The 2-year yield gained 2 basis points to 3.88%. Banks are higher as well.

Regarding tariffs, President Donald Trump said late Wednesday that a 50% U.S. tariff on imported copper will take effect Aug. 1. Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results.

Prior to the president’s announcement of levies on Brazil, he sent letters that dictated new U.S. rates on the imports of at least seven additional countries. He had also sent letters laying out new rates earlier this week to the leaders of 14 other countries, such as Japan and South Korea. The duties are set to take effect Aug. 1.

Despite the increasing trade tensions, U.S. markets have been able to march to record highs, recovering from steep losses suffered in April.

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