On Wednesday, the New York stock market closed mixed as investors prepared for the Independence Day holiday.
The Dow Jones Industrial Average, comprising 30 blue-chip stocks, finished slightly lower.
However, the S&P 500 and tech-heavy Nasdaq, which better reflect overall market conditions, surpassed their previous all-time highs set on Monday.
The New York Stock Exchange will end trading at 1:00 p.m. EST on Thursday, ahead of the U.S. Independence Day holiday.
Markets will be closed on Friday for Independence Day.
Record-breaking Performance
The Dow slipped 10.52 points (0.02%) to close at 44,484.42.
In contrast, the S&P 500 and Nasdaq resumed their record-breaking rally after a brief pause on the first trading day of July.
The S&P 500 gained 29.41 points (0.47%) to reach 6,227.42, while the Nasdaq surged 190.24 points (0.94%) to 20,393.13.
The New York stock market received a boost from U.S. President Donald Trump’s announcement that the U.S. had reached a trade agreement with Vietnam.
As the deadline for the reciprocal tariff grace period approaches, hopes are rising that Trump will avoid a trade war through this deal.
Tesla and Nvidia Lead Tech Rally
Tesla, Nvidia, and other major tech companies generally showed strength.
Despite reporting its worst quarterly performance ever with a 13.5% year-over-year decline in Q2 deliveries, Tesla’s stock price surprisingly surged.
Investors reacted positively as Q2 deliveries exceeded some pessimistic market expectations, aligning with Wall Street analysts’ forecasts and showing improvement from Q1.
Anticipating that the decline in demand has bottomed out and will rebound, investors returned to Tesla after six consecutive days of losses.
Tesla shares closed up 14.94 USD (4.97%) at 315.65 USD, marking its first gain in a week.
Nvidia continued its march toward a 4 trillion USD market cap.
The stock rose 3.95 USD (2.58%) to 157.25 USD. While falling short of its June 30 record high of 157.99 USD, it is moving closer to the 164 USD price needed to reach a 4 trillion USD valuation.
Microsoft (MS), another contender for the 4 trillion USD club, dipped 0.96 USD (0.20%) to close at 491.09 USD.
To hit the 4 trillion mark USD, Microsoft’s stock needs to reach 538.40 USD, requiring a nearly 9% increase from current levels.
Apple shares climbed 4.62 USD (2.22%) to 212.44 USD.
Vietnam-related Stocks Surge
Following the U.S.-Vietnam trade agreement, stocks of retailers that manufacture goods in Vietnam and import them to the U.S. rallied.
The deal allows the U.S. to export to Vietnam duty-free, while Vietnam will export to the U.S. at a reduced 20% tariff rate, down from the previously announced 46%.
Nike, which manufactures apparel and footwear in Vietnam, jumped 2.98 USD (4.06%) to 76.39 USD, while Lululemon edged up 1.18 USD (0.48%) to 246.30 USD.
On Holding, which produces rubber-soled shoes in Vietnam, gained 1.49 USD (2.86%) to close at 53.70 USD.
