Rising LME stocks, mixed China data keep copper steady
The price of benchmark copper on the LME fell 0.1% to $9,613 a metric ton by 0945 GMT. On the technical front, the contract is sandwiched between its 50-day and 100-day moving averages at $9,659 and $9,567, respectively.
Copper, used in power and construction, is down 2.6% so far in July as exports to the United States became less appealing after Washington said last week it planned to impose a 50% import tariff on copper from August 1.
"LME copper should fall modestly as the 'extra' U.S. front loading demand eases, allowing inventories to replenish, but downside appears limited," Morgan Stanley said in a note.
As Washington's announcement left three weeks until the tariff deadline, the amount of the metal marked as being prepared for delivery out from the LME warehouses fell to only 11% of the total stocks. At 12,625 tons the so-called cancelled stocks are at the five-month low compared with 56,325 tons a month ago.
Meanwhile, data in China showed that the economy slowed less than expected in the second quarter in a show of resilience in the face of U.S. tariffs, with June industrial output rising 6.8% year-on-year, ahead of expectations.
However, with new home prices falling at the fastest monthly pace in eight months, China promised to build liveable, sustainable and resilient cities in the next phase of its urban development, abandoning breakneck urban growth that once super-charged its economy.
The dollar hovered just below a three-week high on Tuesday, ahead of the release of U.S. inflation data that could give traders a steer on the near-term outlook for interest rates.
LME aluminium rose 0.2% to $2,597 a ton, zinc lost 1.0% to $2,702.50, lead eased 0.5% to $1,992, while tin and nickel fell 0.4% to $33,355 and $14,995, respectively.
This article was generated from an automated news agency feed without modifications to text.
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Economic Times
3 hours ago
- Economic Times
US stock market today: Dow surges 742 points, S&P 500 and Nasdaq Slip; Nvidia, Goldman Sachs, J&J power Wall Street rally
Dow Jones gains after strong bank earnings and soft June inflation report; Trump's new tariffs stir global market concern as investors eye potential Fed rate cuts. Find out how Wall Street is reacting to inflation data, earnings, and trade moves now. US stock market rises as Dow rises slightly after strong bank earnings and steady inflation data spark market optimism- The Dow Jones Industrial Average edged higher on Wednesday, rising 88 points or 0.3%, as investors digested a fresh batch of big bank earnings and a surprisingly soft June inflation report. The S&P 500 added 0.1%, while the tech-heavy Nasdaq Composite slipped by 0.1%, reflecting mixed reactions across sectors. Market watchers had their eyes on results from major U.S. banks, which reported better-than-expected earnings, while new data on wholesale prices helped calm inflation worries. The report showed no monthly increase in the Producer Price Index (PPI), defying expectations for a 0.2% rise, according to economists polled by Dow Jones. The Dow Jones Industrial Average (DJIA) rose about 0.1% , after opening higher. This follows Tuesday's 400+ point loss. rose about , after opening higher. This follows Tuesday's 400+ point loss. The S&P 500 (GSPC) briefly moved into negative territory and hovered around the flatline. briefly moved into negative territory and hovered around the flatline. The Nasdaq Composite (IXIC) slipped more than 0.1% , giving up early gains. slipped more than , giving up early gains. Markets were mixed as investors reacted to: A surprise inflation report (CPI & PPI) Fresh corporate earnings data Lingering tariff concerns from President Trump's trade policies Wednesday's modest uptick in the Dow Jones Industrial Average was largely driven by a second round of upbeat bank earnings. Financial giants Goldman Sachs, Bank of America, and Morgan Stanley all posted results that exceeded Wall Street expectations, offering reassurance about the health of the financial sector. Goldman Sachs shares moved slightly higher after it topped earnings forecasts. Morgan Stanley reported strong results too, but its stock dropped by 2%, a sign investors may have expected more. Bank of America slipped modestly as its net interest income—a key driver of bank profitability—fell short of projections. This followed Tuesday's strong numbers from JPMorgan Chase, Wells Fargo, and Citigroup, all of which also beat analyst estimates for both earnings and revenue. Johnson & Johnson (JNJ) Jumped 4%–5.7% after smashing Q2 earnings expectations. The company raised its full-year outlook and lowered tariff cost estimates from $400M to $200M . Circle Internet Group (CRCL) Rose nearly 4% as it rebounded from previous session losses. Gained investor confidence in tech growth. 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PNC Financial (PNC) Climbed 1.5% after posting solid Q2 results. Brighthouse Financial (BHF) Soared 11% after reports of a potential acquisition by Aquarian Holdings. Global Payments (GPN) Gained 3.6% on news that Elliott Management has taken a stake. Ford (F) Fell 2.3% after the company disclosed a $570M recall-related charge. Markets got an early boost from the June PPI data, which showed that wholesale prices were flat for the month, easing fears of runaway inflation. This matters because PPI often signals upcoming inflation pressures at the consumer level. The data was better than expected and came just a day after consumer price index (CPI) figures showed a modest month-over-month rise. While concerns linger about rising costs, especially with recent tariffs imposed by President Donald Trump, this data helped soothe short-term inflation anxiety. The Producer Price Index (PPI) came in flat in June (0.0% monthly change). Year-over-year, PPI rose 2.3%, below the 2.5% expected by economists. Core PPI (excluding food and energy): Up 2.6% YoY (vs. 3.2% in May) (vs. 3.2% in May) Monthly change: 0.0%, again below expectations This follows Tuesday's CPI report, which showed a hotter-than-expected 2.9% YoY rise in core inflation, hinting at early signs of tariff-driven price increases. S&P 500 (SPY) is trading around $622.48 , up slightly, reflecting cautious investor optimism following stable inflation data. is trading around , up slightly, reflecting cautious investor optimism following stable inflation data. Invesco QQQ (QQQ) is at $554.90, showing a small dip in tech compared to broader markets. President Donald Trump's trade policies have re-entered the spotlight. Over the weekend, Trump announced 30% tariffs on imports from Mexico and the European Union, set to begin on August 1. On Tuesday, he revealed a new trade deal with Jakarta, which includes a 19% tariff on goods exported from the Asian nation to the U.S. These moves have raised fresh concerns about their potential to raise prices and disrupt global supply chains. Still, investors seem hopeful that these geopolitical risks will be balanced by a more dovish stance from the Federal Reserve later this year. Traders are becoming less certain about Federal Reserve rate cuts : Only 56% now expect a cut in September , down from 66% last week (CME Group data) A rate hold at the upcoming Fed meeting is almost guaranteed : President Trump continues to pressure the Fed to cut rates, even as inflation creeps higher Dow Jones Industrial Average : Up by 88 points (+0.3%) : Up by (+0.3%) S&P 500 (SPY) : Trading around $622.48 , showing a slight uptick : Trading around , showing a slight uptick Nasdaq Composite (QQQ) : Currently at $554.90 , down by 0.3% : Currently at , down by 0.3% Russell 2000: Marginally higher, reflecting resilience in small-cap stocks Some investors believe the Federal Reserve may be gearing up to ease its monetary policy later this year. Despite the latest inflation figures showing stability, market players are still pricing in possible rate cuts, especially if global economic pressures persist. 'Markets are looking through all of the tariff noise and seeing lower rates on the other side,' said Jamie Cox, managing partner at Harris Financial Group. Others, however, urge caution. Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report, noted, 'We continue to believe that the Fed is going to be patient with any potential rate cuts, as inflation is still above forecast and the labor market remains strong.' But he warned that 'any potential breakout in inflation is a near-term risk to equity markets.' 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Index Level Change % Change Dow Jones Industrial Avg 38,876.23 ▲ +88.00 +0.3% S&P 500 5,635.33 ▲ +6.10 +0.1% Nasdaq Composite 18,402.56 ▼ -20.30 -0.1% Russell 2000 2,140.76 ▲ +5.80 +0.3% Dow rose 88 points (+0.3%), S&P 500 up 0.1%, Nasdaq down 0.1% Bank of America, Goldman Sachs, Morgan Stanley posted strong Q2 earnings PPI unchanged in June, easing inflation fears Trump announces new tariffs on EU, Mexico, and Jakarta Fed may hold off on rate cuts despite market expectations This developing story underscores the balance markets are striking between solid earnings and rising global risks. Q1. What boosted the Dow Jones after recent bank earnings and inflation data? Better bank earnings and flat wholesale inflation lifted the Dow slightly. Q2. How are Trump's new tariffs affecting the stock market outlook? Trump's tariffs raised concerns, but rate cut hopes are balancing the risks.
Time of India
3 hours ago
- Time of India
US stock market today: Dow surges 742 points, S&P 500 and Nasdaq Slip; Nvidia, Goldman Sachs, J&J power Wall Street rally
US stock market rises as Dow rises slightly after strong bank earnings and steady inflation data spark market optimism- The Dow Jones Industrial Average edged higher on Wednesday, rising 88 points or 0.3%, as investors digested a fresh batch of big bank earnings and a surprisingly soft June inflation report. The S&P 500 added 0.1%, while the tech-heavy Nasdaq Composite slipped by 0.1%, reflecting mixed reactions across sectors. Market watchers had their eyes on results from major U.S. banks, which reported better-than-expected earnings, while new data on wholesale prices helped calm inflation worries. The report showed no monthly increase in the Producer Price Index (PPI), defying expectations for a 0.2% rise, according to economists polled by Dow Jones. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence Data Science Public Policy Cybersecurity healthcare Digital Marketing Management Leadership MBA CXO Project Management Finance Others Design Thinking Technology Product Management others Operations Management Data Analytics MCA Degree PGDM Healthcare Data Science Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details How did the US stock market perform today? The Dow Jones Industrial Average (DJIA) rose about 0.1% , after opening higher. This follows Tuesday's 400+ point loss. The S&P 500 (GSPC) briefly moved into negative territory and hovered around the flatline. The Nasdaq Composite (IXIC) slipped more than 0.1% , giving up early gains. Markets were mixed as investors reacted to: A surprise inflation report (CPI & PPI) Fresh corporate earnings data Lingering tariff concerns from President Trump's trade policies What's driving the Dow's gain this week? Wednesday's modest uptick in the Dow Jones Industrial Average was largely driven by a second round of upbeat bank earnings. Financial giants Goldman Sachs, Bank of America, and Morgan Stanley all posted results that exceeded Wall Street expectations, offering reassurance about the health of the financial sector. Goldman Sachs shares moved slightly higher after it topped earnings forecasts. Morgan Stanley reported strong results too, but its stock dropped by 2%, a sign investors may have expected more. Bank of America slipped modestly as its net interest income—a key driver of bank profitability—fell short of projections. This followed Tuesday's strong numbers from JPMorgan Chase, Wells Fargo, and Citigroup, all of which also beat analyst estimates for both earnings and revenue. Which stocks gained the most today? Johnson & Johnson (JNJ) Jumped 4%–5.7% after smashing Q2 earnings expectations. The company raised its full-year outlook and lowered tariff cost estimates from $400M to $200M . Circle Internet Group (CRCL) Rose nearly 4% as it rebounded from previous session losses. Gained investor confidence in tech growth. Nvidia (NVDA) Gained modestly by 0.2%–0.4% . Continued strength on record highs and renewed AI chip export hopes to China. Palantir Technologies (PLTR) Added around 0.5%–0.7% , extending its recent upward momentum. Demand for AI and data analytics remains high. Tesla (TSLA) Climbed 0.6%–2.8% as the stock bounced off technical support levels. Investors showed renewed buying interest. Which stocks were the biggest losers? ASML (ASML) Dropped sharply by 10%–11% despite strong Q2 profits (up 62%). Sentiment hit by cautious 2026 growth guidance. KLA Corp (KLAC) & Applied Materials (AMAT) Fell around 3%–4% each in reaction to ASML's forecast. Chip equipment sector faces near-term uncertainty. How did financial stocks perform today? Bank of America (BAC) Rose 1%–2% on strong trading and earnings performance. Goldman Sachs (GS) Gained 1.5% as Q2 profit surged 22% . Notably, equity trading revenue jumped 36% , marking a record high. Morgan Stanley (MS) Slightly down by 0.7%–1.7% . Earnings beat expectations but investment banking remained weak. PNC Financial (PNC) Climbed 1.5% after posting solid Q2 results. Which other stocks made notable moves? Brighthouse Financial (BHF) Soared 11% after reports of a potential acquisition by Aquarian Holdings. Global Payments (GPN) Gained 3.6% on news that Elliott Management has taken a stake. Ford (F) Fell 2.3% after the company disclosed a $570M recall-related charge. Live Events How did inflation data affect market sentiment? Markets got an early boost from the June PPI data, which showed that wholesale prices were flat for the month, easing fears of runaway inflation. This matters because PPI often signals upcoming inflation pressures at the consumer level. The data was better than expected and came just a day after consumer price index (CPI) figures showed a modest month-over-month rise. While concerns linger about rising costs, especially with recent tariffs imposed by President Donald Trump, this data helped soothe short-term inflation anxiety. The Producer Price Index (PPI) came in flat in June (0.0% monthly change). Year-over-year , PPI rose 2.3% , below the 2.5% expected by economists. Core PPI (excluding food and energy): Up 2.6% YoY (vs. 3.2% in May) Monthly change: 0.0% , again below expectations This follows Tuesday's CPI report , which showed a hotter-than-expected 2.9% YoY rise in core inflation, hinting at early signs of tariff-driven price increases . Major Index Performance S&P 500 (SPY) is trading around $622.48 , up slightly, reflecting cautious investor optimism following stable inflation data. Invesco QQQ (QQQ) is at $554.90 , showing a small dip in tech compared to broader markets. Are Trump's new tariffs impacting investor confidence? President Donald Trump's trade policies have re-entered the spotlight. Over the weekend, Trump announced 30% tariffs on imports from Mexico and the European Union, set to begin on August 1. On Tuesday, he revealed a new trade deal with Jakarta, which includes a 19% tariff on goods exported from the Asian nation to the U.S. These moves have raised fresh concerns about their potential to raise prices and disrupt global supply chains. Still, investors seem hopeful that these geopolitical risks will be balanced by a more dovish stance from the Federal Reserve later this year. How are interest rate expectations shifting? Traders are becoming less certain about Federal Reserve rate cuts : Only 56% now expect a cut in September , down from 66% last week (CME Group data) A rate hold at the upcoming Fed meeting is almost guaranteed President Trump continues to pressure the Fed to cut rates, even as inflation creeps higher Major US Stock Indices Performance Dow Jones Industrial Average : Up by 88 points (+0.3%) S&P 500 (SPY) : Trading around $622.48 , showing a slight uptick Nasdaq Composite (QQQ) : Currently at $554.90 , down by 0.3% Russell 2000 : Marginally higher, reflecting resilience in small-cap stocks Will the Federal Reserve cut interest rates soon? Some investors believe the Federal Reserve may be gearing up to ease its monetary policy later this year. Despite the latest inflation figures showing stability, market players are still pricing in possible rate cuts, especially if global economic pressures persist. 'Markets are looking through all of the tariff noise and seeing lower rates on the other side,' said Jamie Cox, managing partner at Harris Financial Group. Others, however, urge caution. Larry Tentarelli, chief technical strategist at Blue Chip Daily Trend Report, noted, 'We continue to believe that the Fed is going to be patient with any potential rate cuts, as inflation is still above forecast and the labor market remains strong.' But he warned that 'any potential breakout in inflation is a near-term risk to equity markets.' Top Bank Stocks and Their Performance JPMorgan Chase (JPM) : $287.21 (+0.23%) – Continued strength following strong Q2 earnings Goldman Sachs (GS) : $702.00 (-0.07%) – Slight dip after posting strong trading and investment banking gains Bank of America (BAC) : $45.98 (-0.37%) – Pulled back slightly as net interest income came in below estimates Morgan Stanley (MS) : $138.29 (-2.33%) – Dropped despite beating earnings expectations, likely due to investor profit-taking Wells Fargo (WFC) : $79.62 (+0.96%) – Rose steadily after a solid earnings report Citigroup (C) : $90.32 (-0.44%) – Slight decline despite strong top-line numbers What's next for the U.S. stock market? With earnings season underway and more inflation data on the horizon, investors will likely remain cautious but hopeful. The recent combination of strong corporate results, steady price growth, and manageable geopolitical risk has helped stabilize markets—at least for now. As always, the focus will remain on upcoming reports, including more corporate earnings, ongoing developments in Trump's trade policies, and the Fed's next move. For now, Wednesday's market performance suggests investors are walking a fine line between optimism and vigilance. US Stock Market Indices – July 16 Index Level Change % Change Dow Jones Industrial Avg 38,876.23 ▲ +88.00 +0.3% S&P 500 5,635.33 ▲ +6.10 +0.1% Nasdaq Composite 18,402.56 ▼ -20.30 -0.1% Russell 2000 2,140.76 ▲ +5.80 +0.3% Dow rose 88 points (+0.3%), S&P 500 up 0.1%, Nasdaq down 0.1% Bank of America, Goldman Sachs, Morgan Stanley posted strong Q2 earnings PPI unchanged in June, easing inflation fears Trump announces new tariffs on EU, Mexico, and Jakarta Fed may hold off on rate cuts despite market expectations This developing story underscores the balance markets are striking between solid earnings and rising global risks. FAQs: Q1. What boosted the Dow Jones after recent bank earnings and inflation data? Better bank earnings and flat wholesale inflation lifted the Dow slightly. Q2. How are Trump's new tariffs affecting the stock market outlook? Trump's tariffs raised concerns, but rate cut hopes are balancing the risks.
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Business Standard
6 hours ago
- Business Standard
Morgan Stanley profit rises as trading gains from market volatility
Morgan Stanley's profit climbed as market volatility buoyed its trading desk, echoing second-quarter results among its Wall Street rivals. Equity markets swung sharply during the quarter after US President Donald Trump announced sweeping tariffs against major economies. The turbulence spurred trading as investors repositioned their portfolios and hedged risks, driving gains in Morgan Stanley's trading business. In trading, equities revenue surged 23 per cent, while jumped 9 per cent in fixed income, Morgan Stanley said on Wednesday. Institutional Securities, which houses the bank's Wall Street operations, posted revenue of $7.6 billion in the second quarter, compared with $7 billion, a year ago. "Institutional Securities saw strength and balance across businesses and geographies. Wealth continues to deliver," said CEO Ted Pick said in a statement. The investment bank posted net income of $3.5 billion, or $2.13 per share, for the three months ended June 30. That compares with $3.1 billion, or $1.82 per share, a year earlier. Rival Goldman Sachs' profit jumped in the second quarter, as turbulent markets lifted equities trading revenue. JPMorgan Chase also beat Wall Street estimates for second-quarter profit on strong investment banking results a day earlier. Citigroup also reported a windfall from trading and investment banking. DEALS REBOUND Dealmaking rebounded at the end of the quarter as some companies looked past tariff uncertainty and gained confidence to carry out IPOs, mergers and acquisitions. Industry executives held up that optimism this week, anticipating that deals and stock market listings will pick up in the second half of the year. Investment banking revenue declined 5 per cent in the quarter. Advisory revenue slid to $508 million, compared with $592 million, a year ago. Morgan Stanley CEO Ted Pick has maintained a positive view for the year, telling investors in June that deal discussions were persistent and ramping up. It earned the fourth-highest investment banking fees among global banks in the first half of the year, according to Dealogic data. Among prominent deals in the quarter, Morgan Stanley advised Elon Musk's xAI on a $5 billion debt raise and a separate $5 billion strategic equity investment. It also advised TJC on the $5 billion sale of Silvus Technologies to Motorola. The concern about US tariff policies has also abated since Trump's initial "Liberation Day" announcement on April 2 spurred market volatility. Morgan Stanley's equity underwriting surged 42 per cent to $500 million, while fixed-income underwriting decreased 21 per cent to $532 million. It was the lead underwriter of fintech giant Chime's $864 million June IPO. The bank also led IPOs for Hinge Health, raising $437.3 million, and marketing tech firm MNTN, which raised $187.2 million, in May. Shares of the bank were last flat following the results.
