Wall Street ended the day with mixed results — the Nasdaq Composite reached a new all-time high, while the Dow Jones and S&P 500 indexes declined, AFP reported. Investors reacted to the trade agreement between the U.S. and Indonesia announced by President Donald Trump, even as negotiations with over two dozen other trade partners remain unresolved ahead of the looming August 1 tariff deadline.

According to Trump, all Indonesian goods entering the U.S. will be subject to a 19% tariff — lower than the previously threatened 32%.

“High stock market prices may be encouraging the administration to maintain its aggressive tariff rhetoric,” commented Art Hogan of B. Riley Wealth Management, describing the latest trade headlines from the White House as “more negative than positive.”

The Dow Jones Industrial Average fell 1.0% to 44,023.29 points, while the S&P 500 lost 0.4% to close at 6,243.76. Meanwhile, the tech-heavy Nasdaq Composite rose 0.2% to 20,677.80, marking a second consecutive record.

The Nasdaq’s rise was supported by Nvidia, which announced it was resuming sales of its H20 AI chips in China after the Trump administration pledged to lift licensing restrictions on exports. Nvidia shares surged by 4%.

Markets also responded to new inflation data showing the Consumer Price Index (CPI) rose 2.7% year-over-year in June, up from 2.4% in May — a rise analysts partially attributed to the effects of newly imposed tariffs. Experts described the report as mixed: inflation remains a concern, but not at a level high enough to spark panic.

Several major banks posted strong quarterly earnings. Citigroup surprised to the upside, significantly beating expectations, with its shares jumping 3.6%. By contrast, Wells Fargo issued a disappointing forecast for net interest income, leading to a 5.3% drop in its stock price.

MP Materials soared by 20% after announcing a long-term $500 million deal to supply rare earth magnets to Apple. The news came shortly after it was revealed that the Pentagon had acquired a stake in the company. |BGNES