Equities Rise Intraday Amid Fed Official's Comments

02:02 PM EDT, 07/10/2025 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets parsed remarks by a Federal Reserve official and continued to monitor tariff updates.

The Dow Jones Industrial Average was up 0.6% at 44,730.5 after midday Thursday, while the S&P 500 rose 0.3% to 6,282.6. The Nasdaq Composite added 0.1% to 20,626.9. On Wednesday, the technology-heavy Nasdaq hit a fresh record high.

Among sectors, real estate and health care paced the gainers intraday Thursday, while communication services saw the biggest drop.

St. Louis Fed President Alberto Musalem said Thursday it is too soon to determine whether tariffs will have a persistent impact on inflation, Bloomberg News reported.

"It's going to take time for the tariffs to settle," Musalem reportedly said. "There's a scenario where we could be in (the fourth quarter) this year, or (the first or second quarter) of next year where tariffs are still working themselves into the economy."

On Wednesday, minutes from the central bank's June meeting showed that policymakers offered mixed views on the monetary policy path ahead, with opinions ranging from "some reduction" in interest rates this year to no cuts at all.

At the meeting, the Federal Open Market Committee decided to keep its benchmark lending rate unchanged for a fourth straight time, while sticking to its federal funds rate outlook for 2025 amid higher inflation expectations.

US Treasury yields were higher intraday Thursday, with the 10-year rate increasing 2.6 basis points to 4.37% and the two-year rate adding 2.3 basis points to 3.89%.

Brazil will respond to US President Donald Trump's planned 50% tariff rate on the country in accordance with its economic reciprocity law, CNBC reported, citing Brazilian President Luiz Inacio Lula da Silva.

In a letter sent to Brazil on Wednesday, Trump said he will impose 50% tariffs on the country's products, effective Aug. 1. Trump criticized the ongoing prosecution of the country's former president, Jair Bolsonaro.

Trump confirmed in a separate social media post Wednesday that the recently announced duties of 50% on copper imports are set to come into effect at the beginning of next month.

West Texas Intermediate crude oil was down 2.4% at $66.72 a barrel intraday Thursday. Oil prices dropped as traders assessed the impact of tariffs, D.A. Davidson said in a client note.

In company news, Delta Air Lines (DAL) logged better-than-expected second-quarter results as demand trends stabilized, while the air carrier restored its earnings guidance for the full year. Delta Air shares jumped nearly 13%, the second-top gainer on the S&P 500 following United Airlines (UAL), which soared 16%. Southwest Airlines (LUV) was the third-best performer, with an 8.9% gain.

MP Materials (MP) shares surged nearly 45% after the rare earths miner outlined a plan to construct a rare-earth magnet manufacturing facility in the US as part of a private-public partnership with the Department of Defense, which will become the largest shareholder in the company.

Autodesk (ADSK) is mulling a potential acquisition of engineering-software provider PTC (PTC), Bloomberg News reported, citing unnamed sources. Autodesk (ADSK) shares were down 7.5%, the second-steepest decline on the S&P 500, while PTC dropped 6%, among the worst performers on the index.

Gold was little changed at $3,322.1 per troy ounce, while silver rose 1.5% to $37.19 per ounce.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.