Stocks Rise After State of Union, Greer: Trump to Hike 15% Tariff, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Nathan Hager. Wednesday morning trading is now underway on Wall Street. That is the sound of the opening bell from the floor of the New York Stock Exchange. A solid start to the trading day with the S&P 500 up four tenths of one percent, a gain of almost 30 points. The S&P is above 6,900 now. The Dow Jones Industrial Average is higher by a third of one percent at the open, and the Nasdaq Composite is leading the gains up six tenths of one percent. We'll have more on the market in a moment, but we continue to follow the reaction to President Trump's State of the Union address.
We have achieved a transformation like no one has ever seen before and a turnaround for the ages.
Over a record one hour and 47 minutes, the president touted his economic record and blamed Democrats for prices that are still elevated. More from Bloomberg's Laura Davison.
Trump really looked backwards. He, you know, touted the economy. He touted his tax cuts. But he didn't really give the party something to seize on going forward.
That's Bloomberg's Laura Davison. And that could point to a challenge ahead of the midterms, according to University of Virginia politics professor Jennifer Lawless.
He has a problem that Joe Biden had a few years ago, which is that you can you can name a bunch of metrics that suggest that the economy is moving in the right direction. But if people don't feel it, it doesn't matter.
You can hear my full conversation with UVA professor Jennifer Lawless on the Bloomberg Daybreak U.S. edition podcast. Following the speech, Vice President J.D. Vance will keep selling the message. He's headed to a factory in Wisconsin tomorrow. President Trump heads to Texas on Friday ahead of that state's congressional primaries coming up next Tuesday. President Trump also said he plans to stick with tariffs despite the Supreme Court's, quote, very disappointing ruling against his emergency duties. He started with a 150 day, 10 percent global tariff. U.S. Trade Representative Jameson Greer says the president will follow that with a supplemental 15 percent declaration in the coming days.
We have a lot of countries out there that for a long time have had 10 percent. We have some that have higher at 15 percent. And so our goal with all of this is to have continuity.
U.S. Trade Rep Jameson Greer also says he expects the U.K. and European Union to hold up their end of the bargain when it comes to trade deals. Greer was a guest on Bloomberg Surveillance. Iran is pushing back at this part of President Trump's speech.
They were warned to make no future attempts to rebuild their weapons program in a particular country. nuclear weapons, yet they continue starting it all over.
This morning, Iranian officials are calling the president's remarks big lies, while at the same time saying negotiations could lead to an agreement through honorable diplomacy. Another round of nuclear talks with U.S. envoys Steve Witkoff and Jared Kushner is set for tomorrow in Geneva. Ukrainian President Volodymyr Zelensky says a delegation from his country will also meet with the U.S. team tomorrow as well. The main market event of the week comes after today's closing bell when NVIDIA reports its latest earnings. Bloomberg Intelligence tech analyst Matthew Bloxam says expectations are high for the AI chip giant.
This is a $4.7 trillion market cap company. there's already a huge amount of forward growth baked into the valuation. And so the market's looking for about $66 billion of revenue in their fourth quarter, which ended at the end of January. That would be 68% year-on-year growth, and actually a small acceleration from Q3 when it was 62%.
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