Stock futures were little changed Thursday as traders continued to try to shake off the tariff tumult a day after Nvidia led the Nasdaq Composite to a fresh record. S&P 500 futures traded less than 0.1% lower, while Nasdaq-100 futures were around flat. Futures tied to the Dow Jones Industrial Average were down 40 points, or 0.1%. The moves came after Wall Street saw gains during Wednesday’s session. The S&P 500 and Dow Jones Industrial Average posted their first positive sessions in three with a rise of 0.6% and 0.5%, respectively, while the Nasdaq Composite jumped 0.9% and closed at a record. Those gains were spurred by optimism around the artificial intelligence trade, which sent Nvidia shares nearly 2% higher to briefly become the first public company to be valued at $4 trillion. The bullish AI sentiment helped lift stocks as investors moved past the latest developments surrounding Trump’s tariffs. President Donald Trump said late Wednesday that a 50% U.S. tariff on imported copper will take effect Aug. 1. Trump also announced a 50% tariff on Brazil partly in retaliation for the current trial against former Brazilian President Jair Bolsonaro for his role in an alleged attempt to overturn the country’s 2022 election results. The move was also due to the “very unfair trade relationship” with Brazil, Trump added, saying it has been “far from Reciprocal.” Brazilian President Luiz Inacio Lula da Silva later said that the country would respond to the 50% levy in accordance with its economic reciprocity law. The iShares MSCI Brazil ETF (EWZ) shed 2% in the premarket. Prior to the president’s announcement of levies on Brazil, he sent letters that dictated new U.S. rates on the imports of at least seven additional countries. He had also sent letters laying out new rates earlier this week to the leaders of 14 other countries, such as Japan and South Korea. The duties are set to take effect Aug. 1. “AI might be exactly what is needed to counteract any price increases from the tariffs,” said Jeremy Siegel, Wharton School professor of finance and Wisdom Tree chief economist, on CNBC’s “Closing Bell” Wednesday. “If we don’t hear much bad effects, boy, this bull market certainly, I think, has further to run,” Siegel added. “If we begin to hear … there’s some hurdles that are harder to overcome, then we’re going to see choppiness, I think, this quarter.” Concerns over the impact of tariffs, specifically as it relates to inflation and the labor market, also came up in the minutes from the Federal Reserve’s June meeting unveiled Wednesday. However, the minutes showed that policymakers were split on how many interest rate cuts the central bank should make over the coming months. Investors will now turn their attention to the second-quarter earnings season, which ramps up next week. Shares of Delta Air Lines jumped 11% in Thursday’s premarket trading session after the carrier posted a second-quarter earnings beat and reinstated its 2025 profit outlook. U.S. Treasury yields held steady on Thursday as President Donald Trump’s trade war intensified, with Brazil being hit with fresh levies and new tariffs on copper imports being announced. The 10-year Treasury yield was unchanged at 4.342%, and the 30-year yield was also unchanged at at 4.878%. The 2-year yield was down less than 1 basis point at 3.855%. Asia markets closed mostly mixed on Thursday. Japan’s benchmark Nikkei 225 slipped 0.44% to close at 39,646.36, while the Topix declined 0.56% to end the trading day at 2,812.34. South Korea’s Kospi added 1.58% to 3,183.23 and the small-cap Kosdaq closed 0.93% higher at 797.7. Australia’s S&P/ASX 200 slid 0.59% to end the day at 8,589.2. Mainland China’s CSI 300 rose 0.47% to 4,010.02. Oil prices declined moderately on Thursday as investors weighed the potential impact of U.S. President Donald Trump’s tariffs on global economic growth. Brent crude futures were down 23 cents, or 0.3%, at $69.96 a barrel by 0904 GMT. U.S. West Texas Intermediate crude fell 32 cents, or 0.5%, to $68.06 a barrel. Gold prices rose on Thursday, supported by a pullback in the dollar and the prospect of U.S. interest rate cuts later in the year, while investors awaited more details on U.S. President Donald Trump’s trade policy. Spot gold was up 0.5% to $3,328.23 per ounce. U.S. gold futures gained 0.5% to $3,336.90. “The passing of the One Big Beautiful Bill, unsettling trade (policies) and rate-cut expectations should be ‘dollar negative’ kind of events… gold should be favoured in that environment,” said WisdomTree commodities strategist Nitesh Shah. The U.S. dollar index eased 0.2% against its rivals, making gold less expensive for other currency holders.