CNBC Daily Open: AI is drawing investors' attention away from fresh tariffs

Just this greeting Singapore time, U.S. President Donald Trump said that the 50% tariff connected copper imports, which he announced earlier connected Tuesday, volition statesman connected Aug. 1.

On Wednesday, Trump posted a caller slate of tariff letters connected goods from astatine slightest 7 much countries, including Mexico, the no. 1 importer of goods to the U.S., Philippines, Brunei and Sri Lanka. 

But the president took a fewer steps further with Brazil by threatening a 50% tariff connected the country. This is partially successful effect to the ongoing proceedings of his vocal state Jair Bolsonaro implicit the relation of Brazil's erstwhile president successful an alleged coup to overturn his 2022 reelection loss.

The 50% tariff connected Brazil marks the largest duties complaint that the White House has imposed connected its trading partners successful the caller circular of caller levies, which are acceptable to statesman connected Aug. 1. 

But it appears that investors person decided to attack Trump's tariffs by not responding astatine all. They look to person shifted their absorption distant from tariff developments and alternatively rekindled their appetite for artificial intelligence.

On Wednesday, traders boosted shares of Nvidia, causing the institution to beryllium the archetypal successful the satellite to interaction a marketplace capitalization of $4 trillion. Other large tech names besides rose, including Meta Platforms, Microsoft and Alphabet.

New tariff developments. Trump revealed updated tariff rates connected the Philippines, Brunei, Moldova, Algeria, Iraq, Libya and Sri Lanka, via screenshots connected Truth Social. The 50% work connected copper imports is acceptable to kick successful connected Aug. 1.

U.S. stocks emergence arsenic capitalist appetite for AI rekindles. On Wednesday stateside, each 3 large U.S. benchmarks were up. The Nasdaq Composite precocious 0.94% to adjacent astatine a caller precocious of 20,611.34. Singapore stocks deed a caller precocious for a 4th consecutive time amid mixed trading successful Asia-Pacific markets Thursday.

Bank of Korea keeps rates steady. The cardinal slope stood pat connected its argumentation rate astatine 2.5% Thursday arsenic it assessed the interaction of caller measures to chill the spot market. Housing prices successful Seoul spiked implicit 19% successful June connected an annualized basis, according to Goldman Sachs.

Most Fed officials spot complaint cuts coming, but are divided connected however many. Officials saw tariff-induced ostentation pressures arsenic perchance "temporary and modest" portion economical maturation and hiring could weaken, minutes from the June 17-18 gathering released Wednesday showed.

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Linda Yaccarino steps down arsenic CEO of Elon Musk's X

Linda Yaccarino connected Wednesday announced she is stepping down arsenic CEO of Elon Musk's societal media tract X aft 2 years successful the role. Her departure comes 1 time aft Musk's artificial quality chatbot Grok repeatedly made antisemitic comments and referenced Hitler successful effect to posts astir the Texas flooding.

Yaccarino did not springiness a crushed for her departure, but her exit had been successful the works for much than a week, a idiosyncratic acquainted with the substance told NBC News.

— Ashley Capoot