Stocks 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.

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.