S&P 500, Nasdaq open higher; Dow falls as UnitedHealth, IBM, Honeywell weigh
Honeywell
and UnitedHealth weighed on the
Dow
.
The Dow Jones Industrial Average fell 233.9 points, or 0.52%, at the open to 44776.41. The S&P 500 rose 9.7 points, or 0.15%, to 6368.6, while the Nasdaq Composite rose 63.8 points, or 0.30%, to 21083.818.
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Economic Times
36 minutes ago
- Economic Times
Stocks cheer the art of Trump's trade deals after EU agreement
Global stocks rose and the euro firmed on Monday after a trade agreement between the United States and the EU lifted sentiment and provided clarity in a pivotal week headlined by the Federal Reserve and the Bank of Japan policy meetings. ADVERTISEMENT The U.S. struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods - half the threatened rate, a week after agreeing to a trade deal with Japan that lowered tariffs on auto imports. Countries are scrambling to finalise trade deals ahead of the August 1 deadline, with talks between the U.S. and China set for Monday in Stockholm amid expectation of another 90-day extension to the truce between the top two economies. "A 15% tariff on European goods, forced purchases of U.S. energy and military equipment and zero tariff retaliation by Europe, that's not negotiation, that's the art of the deal," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. "A big win for the U.S." S&P 500 futures rose 0.4% and the Nasdaq futures gained 0.5% while the euro firmed across the board, rising against the dollar, sterling and yen. European futures surged nearly 1%. In Asia, Japan's Nikkei slipped after touching a one-year high last week while MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27%, just shy of the almost four-year high it touched last week. ADVERTISEMENT While the baseline 15% tariff will still be seen by many in Europe as too high, compared with Europe's initial hopes to secure a zero-for-zero tariff deal, it is better than the threatened 30% rate. The deal with the EU provides clarity to companies and averts a bigger trade war between the two allies that account for almost a third of global trade. ADVERTISEMENT "Putting it all together, what we've seen with Japan, with the EU, with the talks which are due to be held in Stockholm between the U.S. and China, it really does negate the risk of a prolonged trade war," said Tony Sycamore, market analyst at IG. "The importance of the August tariff deadline has significantly been diffused." ADVERTISEMENT The Australian dollar, often seen as a proxy for risk sentiment, was 0.12% higher at $0.65725 in early trading, hovering around the near eight-month peak scaled last week. In an action-packed week, investors will watch out for the monetary policy meetings from the Fed and the BOJ as well as the monthly U.S. employment report and earnings reports from megacap companies Apple, Microsoft and Amazon. ADVERTISEMENT While the Fed and the BOJ are expected to stand pat on rates, comments from the officials will be crucial for investors to gauge the interest rate path. The trade deal with Japan has opened the door for the BOJ to raise rates again this year. Meanwhile, the Fed is likely to be cautious on any rate cuts as officials seek more data to determine if tariffs are worsening inflation before they ease rates further. But tensions between the White House and the central bank over monetary policy have heightened, with Trump repeatedly denouncing Fed Chair Jerome Powell for not cutting rates. Two of the Fed Board's Trump appointees have articulated reasons for supporting a rate cut this month. ING economists expect December to be the likely starting point for rate cuts, but it "may be a 50 basis point cut, if the evidence on weaker jobs and GDP growth becomes more apparent as we anticipate." "This would be a similar playbook to the Federal Reserve's actions in 2024, where it waited until it was completely comfortable to commit to a lower interest rate environment," they said in a note. (You can now subscribe to our ETMarkets WhatsApp channel)
Mint
an hour ago
- Mint
Indian stock market: 7 key things that changed over weekend - Gift Nifty, US-European Union trade deal to gold prices
Indian stock market: The domestic equity market benchmark indices, Sensex and Nifty 50, are expected to open on muted note on Monday, following mixed cues from global markets. Asian markets traded mixed, while the US stock market ended higher last week, with the US stock futures rising after President Donald Trump signed a framework trade agreement with the European Union. This week, investors will focus on key stock market triggers, including on developments in the US-India trade deal, US Federal Reserve meeting, auto sales data, IPO activity, Q1 results, trends in crude oil prices and other key domestic and global economic data. On Friday, the Indian stock market ended sharply lower, extending losses for the second consecutive session. The Sensex crashed 721.08 points, or 0.88%, to close at 81,463.09, while the Nifty 50 settled 225.10 points, or 0.90%, lower at 24,837.00. 'We expect the market to remain in consolidation mode amid continued uncertainty around India-US trade deal, a mixed Q1FY26 earnings season so far and intensifying FII outflows,' said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd. Here are key global market cues for Sensex today: Asian markets traded mixed on Monday as investors await more details of the US-China trade talks. Japan's Nikkei 225 fell 0.52% while the Topix index declined 0.44%. South Korea's Kospi index dropped 0.11% while the Kosdaq was flat. Hong Kong's Hang Seng Index futures indicated a stronger opening. Gift Nifty was trading around 24,86 level, a discount of nearly 14 points from the Nifty futures' previous close, indicating a muted start for the Indian stock market indices. US stock market ended higher on Friday amid optimism over the US-European Union trade deal, with the S&P 500 and Nasdaq notching record high closes. The Dow Jones Industrial Average gained 0.47% to 44,901.92, while the S&P 500 rose 0.40% to end at 6,388.64. The Nasdaq closed 0.24% higher at 21,108.32. For the week, the S&P 500 rallied 1.5%, the Nasdaq gained 1% and the Dow surged 1.3%. Tesla share price rallied 3.52%, Deckers Outdoor shares jumped 11%, while Intel stock price tanked 8.5%. Charter Communications shares slumped 18% and Paramount Global stock dropped 1.6%. Centene shares rose 6.1%. The US struck a framework trade agreement with the European Union, imposing a 15% import tariff on most EU goods. US President Donald Trump and European Commission President Ursula von der Leyen announced the deal, which will be effective from August 1. The US dollar eased, while the euro gained following the US-European Union trade deal. The dollar index, which tracks the greenback against major peers, fell 0.1% to 97.534. The dollar was little changed at 147.68 yen. The euro stood at $1.1763, up 0.2%, while Sterling traded at $1.34385, down almost 0.1%. Gold prices fell to their lowest in nearly two weeks, as a framework trade agreement between the United States and European Union reduced appetite for safe-haven assets, Reuters reported. Spot gold price fell 0.1% to $3,332.39 per ounce, after touching its lowest level since July 17, while US gold futures eased 0.1% to $3,332.50. Crude oil prices rose after the US reached a trade deal with the European Union and may extend a tariff pause with China. Brent crude futures gained 0.34% to $68.67 a barrel, while US West Texas Intermediate crude was at $65.37 a barrel, up 0.32%. (With inputs from Reuters) Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
an hour ago
- Mint
Banks boost Aussie shares higher; investors brace for corporate earnings
July 28 (Reuters) - Australian shares rose on Monday, led by gains in financial stocks, while investors braced for the start of the local corporate earnings season this week. The S&P/ASX 200 index rose 0.4% to 8,703.7 points by 0049 GMT, putting it less than 100 points below the lifetime high of 8,776.4 hit in mid June. The benchmark had dipped 0.5% on Friday. The earnings season begins this week, with mining major Rio Tinto set to lead the way when it reports its half-year results on July 30. Meanwhile, investors are awaiting the local inflation print, also due on Wednesday, for clues on the Reserve Bank of Australia's (RBA) path for interest rate cuts. On the local bourse, financials rose 0.5%, with the country's "Big Four" banks gaining between 0.2% and 0.7%. Technology stocks added 0.8%, tracking advances in Wall Street futures after the United States struck a trade deal with the European Union. Gold stocks climbed 1.2%, supported by a 4.7% rise in Bellevue Gold after its strong quarterly production update. Healthcare stocks grew 1.3%, while real estate stocks rose 0.8%, broadly in line with the benchmark. Miners lost 0.4% as iron ore prices fell. Energy stocks shed 0.5%, dragged down by uranium miner Boss Energy, which plummeted as much as 40.3% after warning of higher costs for its Honeymoon project in FY26 due to a decline in average tenor. Among individual stocks, logistics software maker WiseTech Global rose as much as 0.6% after naming chief of staff Zubin Appoo as its permanent chief executive, succeeding billionaire co-founder Richard White. New Zealand's benchmark S&P/NZX 50 index added 0.6% to 12,928.96 points. (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Sumana Nandy)
