Markets are reorganizing following Trump's recent attacks on tariffs, which have done little to weaken the optimistic mood that has prevailed for more than two months. After the market closed on Wednesday, Trump issued his strictest threat yet, warning Brazil of 50% rates on its imports.

Before the bell, Delta (DAL) kicked off the second quarter earnings season with its report, under a high level of scrutiny after withdrawing its guidance last quarter due to Trump's trade measures. Its earnings and revenue slightly exceeded Wall Street expectations, and its shares rose by 12%. At the same time, the airline restored its earnings outlook, citing "greater clarity" as trade agreements are finalized.#BTCBreaksATH