Stock market today: Dow, S&P 500, Nasdaq futures steady amid Trump's latest tariff threats, Nvidia's milestone
US stock futures slipped late Wednesday amid fresh tariff threats from President Trump, as Wall Street looked to keep momentum from a tech-fueled rally that saw Nvidia (NVDA) leap to become the world's first $4 trillion public company.
Futures tied to the S&P 500 (ES=F), the tech-heavy Nasdaq (NQ=F), and the Dow Jones Industrial Average (YM=F) all fell 0.3%.
Stocks returned to rally mode on Wednesday, as Trump's latest salvos on tariffs did nothing to sap the ebullient mood that has pervaded for more than two months. The Nasdaq Composite (^IXIC) clinched its latest record close, thanks in large part to a near-2% jump from Nvidia to its own record high.
Early in Wednesday's session, Nvidia became the first public company to cross a market value of over $4 trillion.
Read more: The latest on Trump's tariffs
After Wednesday's market close, Trump issued his most stringent tariff threat yet in what is rapidly becoming a drip-by-drip repeat of his "Liberation Day" announcement in April. He threatened Brazil with tariffs of 50% on its imports, citing in part its treatment of former President Jair Bolsonaro, who is on trial over an alleged plot to remain in power after losing an election.
In all, Trump has sent 22 letters to the heads of countries this week, each with a similar formula, dictating the tariff rates he says will apply to their imports starting Aug. 1. But market focus remains on potential trade deals with bigger US partners, including the European Union, India, and Canada, among others.
Meanwhile on Thursday, second-quarter earnings season kicks off with a report from Delta (DAL). Last quarter, the airline pulled its guidance amid Trump's trade moves.
LIVE 1 update
Wed, July 9, 2025 at 10:11 PM UTC Brooke DiPalma WK Kellogg Co. shares skyrocket in on reports of potential sale to Nutella-maker Ferrero
The maker of Nutella and Ferrero Rocher, Ferrero, is reportedly close to finalizing a deal to acquire WK Kellogg Co. (KLG) for a roughly $3 billion dollar price tag, per the WSJ. The stock soared in after-hours trading following the report, up over 50%.
As of Wednesday's market close, the company had a market cap of roughly $1.5 billion.
The cereal maker, behind brands like Froot Loops and Frosted Flakes, has been under pressure lately as consumers crave less breakfast food. Over the course of four weeks, ending June 29, cereal category sales fell 1.8% "in line with the trend from recent months," Stifel analyst Matthew Smith wrote in a note to clients. For WK Kellogg in particular, dollar sales were down 5.7% in that same time frame.
It could get even worse when compared to the highs of the pandemic, per Smith. He said that "cereal sales had been running down -1.5% or so, we believe the volumes are likely to continue to move towards the historical decline rate."
"The category is holding in and it's shifting ... we will shift with it," CEO Gary Pilnick told investors on its recent earnings call, "as consumers are looking for value, they're looking for health and wellness... No matter what the combination is, the cereal category is a tremendous destination for those consumers."
WK Kellogg did not respond to a request for comment.
