On Thursday, at the close, the U.S. stock market rose, with the Nasdaq and the S&P 500 reaching all-time intraday highs. Traders momentarily set aside concerns about Trump's tariff policies. Federal Reserve member Waller supported the continuation of balance sheet reduction and an increase in the proportion of short-term assets.

The Nasdaq reached a peak of 20,653.85 points, while the S&P 500 rose to 6,290.22 points, both marking all-time intraday highs.

On Wednesday, the S&P 500 and the Dow Jones ended two consecutive days of declines, with increases of 0.6% and 0.5% respectively, while the Nasdaq closed up 0.9%, setting a new closing record. This bullish momentum was driven by investor enthusiasm in artificial intelligence (AI) related stocks: Nvidia's shares rose nearly 2%, reaching an all-time high and becoming the first public company with a market capitalization that briefly surpassed $4 trillion.

Jeff Lewis personally summarized: artificial intelligence could be the solution that offsets the negative effects of tariffs and rising prices. If the negative impact of tariffs is limited, this bullish phase still has room to grow. But if difficult obstacles arise, the market could experience volatility during this quarter.

Investor focus is now on the second-quarter earnings season starting next week. Delta Airlines' shares rose 11% on Thursday after exceeding quarterly earnings expectations and reaffirming its profit guidance for 2025.