Live: Nvidia Hits $4 Trillion, Dow, S&P 500, Nasdaq Post Gains, Trump Issues Tariff Notices

Uber Technologies (UBER) has seen its shares jump more than 60% year-to-date, reaching a new all-time high as the company sharpens its focus on autonomous vehicle (AV) collaborations.

With major players like Tesla, GM, and Amazon entering the self-driving taxi race, Uber is doubling down on strategic AV alliances rather than going it alone. The move reflects a broader effort to stay competitive in a fast-evolving market and reduce long-term costs tied to human drivers.

The Federal Reserve’s June meeting minutes, published Wednesday, show only a small group of policymakers supported a potential rate cut in July.

According to the document, “a couple” of participants were open to lowering interest rates this month. However, the broader consensus suggested any rate adjustment would likely come later in the year, assuming inflationary pressures from recent tariffs remain limited and longer-term price expectations stay stable.

Officials noted that any signs of economic slowdown or softness in the labor market could support a shift toward easing later in 2025.

The Fed’s next policy decision is due this month, but current market expectations still lean toward a possible rate cut by September, despite continued pressure from President Trump for earlier action.

U.S. stocks gave up part of their earlier gains on Wednesday after former President Trump released a new set of tariff notices aimed at smaller trading partners.

The Dow inched up 0.1%, the S&P 500 gained 0.3%, and the Nasdaq rose 0.7%, slowing from earlier momentum.

New tariffs, ranging between 20% and 30%, were announced for imports from the Philippines, Libya, Algeria, Iraq, Sri Lanka, Moldova, and Brunei. The Philippines saw a revised increase from earlier expectations, with its rate now set at 20%.

While the targeted countries are not among the U.S.’s top-tier trade partners by volume, the move signals a continued push toward broader tariff enforcement ahead of the August 1 implementation deadline.

Apple announced that Chief Operating Officer Jeff Williams will exit his role this month and retire later this year. Sabih Khan, a longtime executive who currently oversees global operations, will take over as COO.

Khan, who joined Apple’s leadership team in 2019, will continue reporting to CEO Tim Cook. His responsibilities are expected to expand as he steps into the role, potentially adding oversight of AppleCare.

The leadership change comes at a time when Apple is facing pressure on multiple fronts — including rising trade-related costs, slowing iPhone sales, and increasing global scrutiny over its market power. Apple shares were flat in premarket trading.

Merck has reached a $10 billion agreement to acquire Verona Pharma, a UK-based company focused on lung treatments. The news sent Verona’s U.S.-listed shares up 20% in premarket trading.

The acquisition strengthens Merck’s respiratory drug pipeline as it looks to expand beyond its cancer blockbuster, Keytruda.

Starbucks shares rose up to 2% early Wednesday following reports the company is exploring partnership options for its China business. According to CNBC, offers have come from firms like Centurium Capital, Hillhouse Capital, and Carlyle Group.

The coffee chain is aiming to keep a significant stake while finding a partner that aligns with its long-term strategy in the region. Starbucks has faced strong competition from low-cost rival Luckin Coffee, which operates more than double the store count in China.

Same-store sales in China had fallen sharply in late 2023 but have recently stabilized, helped by lower pricing and more demand for zero-sugar products. Analysts expect modest growth in the next quarter. Starbucks shares are up over 5% this year, slightly behind the S&P 500’s performance.