Nvidia at new record as US stocks end mixed
Nvidia at new record as US stocks end mixed
NEW YORK - Wall Street stocks finished mixed on June 25 as markets weighed lingering worries over Iran, while Nvidia surged to a fresh record amid continued artificial intelligence bullishness.
President Donald Trump boasted that US strikes had destroyed Iran's nuclear programme, although leaked US intelligence said the strikes had set back Tehran's nuclear programme by just a few months.
'Maybe the US bombardment didn't destroy the Iran nuclear programme,' said Mr Jack Ablin, of Cresset Capital Management.
The Dow Jones Industrial Average finished down 0.3 per cent at 42,982.43.
The broad-based S&P 500 was flat at 6,092.16, while the tech-rich Nasdaq Composite Index gained 0.3 per cent to 19,973.55.
The mixed session followed two strong days for equities after conditions in the Middle East stabilised on June 23 and 24, with Iran and Israel agreeing to a ceasefire.
'Investors are sort of catching their breath, since we had a very strong move on Monday and Tuesday,' said Mr Sam Stovall, chief investment officer at CFRA Research.
'I think that investors are reevaluating the US intelligence report that maybe the strike on Iran was not as successful as earlier indicated.'
Mr Stovall also noted that markets are approaching new all-time highs and 'usually it takes a couple of attempts' before breaking through.
But a bright spot was Nvidia, which shot up 4.3 per cent to US$154.31, giving it a market valuation of around US$3.76 trillion – more valuable than Microsoft, Apple and other tech giants.
The rise came as chief executive officer Jensen Huang presented the company's latest technologies at Nvidia's annual meeting.
Among other companies, FedEx fell 3.3 per cent after the shipping company did not provide a full-year forecast, citing uncertainty about the global trade outlook and tariffs.
Tesla dropped 3.8 per cent after the company's car sales sank again in Europe in May, the latest poor result from Mr Elon Musk's company in the region.
General Mills dropped 5.1 per cent on disappointment over the company's forecast. The food giant expects a drop of 10 to 15 per cent in operating profit.
But large banks had a good day with JPMorgan Chase and Citigroup winning 1 per cent or more as the Federal Reserve proposed easing capital rule requirements. AFP
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
International Business Times
an hour ago
- International Business Times
Wall Street Falls Sharply After Donald Trump's New Tariff Announcement and Weak Job Data
U.S. stock markets plummeted sharply on Friday following President Donald Trump's new tariffs on imports from Canada, India, Brazil, and Taiwan. The Dow Jones fell 542 points (1.2%) and closed at 43,588.58. The S&P 500 dropped by 1.6% to 6,238.01, marking its worst performance since May. The Nasdaq also performed poorly, dropping 2.2% to 20,650.13, its largest decline since April. Freepik Over the week, the S&P 500 dropped 2.36%, while the Nasdaq and Dow declined 2.17% and nearly 3%, respectively. Other market-centric fears also surged, evidenced by the volatility index (VIX) increasing to 20.38, its peak over the last month. Amazon Sinks, Apple Warns of Tariff Cost: The sharp fall of Amazon's shares by 8.3% brought all of the major indexes down alongside it. Amazon's quarterly cloud computing revenue results negatively impacted the consumer discretionary sector, which fell by almost 3.6%. Apple shares also fell by 2.5% despite the strong revenue forecast. Tim Cook, the CEO, stated that tariffs from the US would add $1.1 billion in costs this quarter. Meanwhile, trading volume rose, with 19.51 billion shares changing hands. On the NYSE, the number of declining stocks was greater than the number of gaining stocks by more than two to one. The number of new lows on the NASDAQ outpaced new highs, sitting at 202 new lows compared to 29 new highs. Weak Job Data Puts Pressure on Feds for Rate Cuts The weaker July job data reveals that the US economy added fewer jobs than expected, leading to anxieties regarding the nonfarm payroll market. Nonfarm payroll data now seems to predict a positive shift toward a Federal Reserve rate cut in September. FedWatch now shows an 86.5% chance of a 25-basis-point cut, up from 37.7% the day before. Analysts believe the Federal Reserve may have waited too long—just like last year—before cutting rates, and might now be forced to act quickly Trump Gets Opportunity to Replace One Fed Official as the Pressure Mounts Fed official Adriana Kugler has also announced her resignation. She will vacate her position on August 8, which means President Trump has the opportunity to select someone for the position. Trump has been urging the Fed, and in particular its chief, Jerome Powell, to lower the interest rates. Now all eyes are on how this change will impact the Fed's decisions in the face of political and economic strain. Kugler's resignation as Fed Change Grows Fed official Adriana Kugler will leave her job on August 8, which means President Trump has the opportunity to select someone for the position. Trump has been urging the Fed, and in particular it's chief Jerome Powell, to lower the interest rates. Now all eyes are on how this change will impact the Fed's decisions in the face of political and economic strain.
CNA
3 hours ago
- CNA
India will continue to buy Russian oil, government sources say
NEW DELHI: India will continue to purchase oil from Russia, despite US President Donald Trump's threats of penalties, two Indian government sources said, speaking on condition of anonymity due to the sensitivity of the matter. "These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight." Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday (Aug 1), Trump told reporters that he had heard that India would no longer be buying oil from Russia. The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia. Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July. "TIME-TESTED PARTNERSHIP" WITH RUSSIA "On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday. Jaiswal added that India has a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country. The White House in Washington did not immediately respond to requests for comment. Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week. The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters. 100% TARIFF THREAT On July 14, Trump threatened 100 per cent tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35 per cent of India's overall supplies. Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35 per cent of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates. India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1 per cent from a year ago, according to data provided to Reuters by sources. Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft. Last month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions, and company veteran Sergey Denisov had been appointed as CEO.
Straits Times
4 hours ago
- Straits Times
India to maintain Russian oil imports despite Trump threats, government sources say
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump has threatened 100 per cent tariffs on US imports from countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine. NEW DELHI - India will keep purchasing oil from Russia despite US President Donald Trump's threats of penalties, two Indian government sources told Reuters on Aug 2, not wishing to be identified due to the sensitivity of the matter. On top of a new 25 per cent tariff on India's exports to the US, Mr Trump indicated in a Truth Social post in July that India would face additional penalties for purchases of Russian arms and oil. On Aug 1, Mr Trump told reporters he had heard that India would no longer be buying oil from Russia. But the sources said there would be no immediate changes. 'These are long-term oil contracts,' one of the sources said. 'It is not so simple to just stop buying overnight.' Justifying India's oil purchases from Russia, a second source said India's imports of Russian grades had helped avoid a global surge in oil prices, which have remained subdued despite Western curbs on the Russian oil sector. Unlike Iranian and Venezuelan oil, Russian crude is not subject to direct sanctions, and India is buying it below the current price cap fixed by the European Union, the source said. Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: MinLaw names 6 law firms taken to task over involvement in property deals Singapore Police reopen access to all areas in Marina Bay after crowd congestion eases at NDP Preview area Singapore Opening of Woodlands Health has eased load on KTPH, sets standard for future hospitals: Ong Ye Kung Asia KTM plans new passenger rail service in Johor Bahru to manage higher footfall expected from RTS Singapore HSA investigating teen allegedly vaping on MRT train Asia 4 workers dead after falling into manhole in Japan Singapore New vehicular bridge connecting Punggol Central and Seletar Link to open on Aug 3 Singapore New S'pore jobs portal launched for North West District residents looking for work near home The New York Times also quoted two unnamed senior Indian officials on Aug 2 as saying there had been no change in Indian government policy. Indian government authorities did not respond to Reuters' request for official comment on its oil purchasing intentions. However, during a regular press briefing on Aug 1, foreign ministry spokesperson Randhir Jaiswal said India has a 'steady and time-tested partnership' with Russia. 'On our energy sourcing requirements... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances,' he said. The White House did not immediately respond to requests for comment. India's top supplier Mr Trump, who has made ending Russia's war in Ukraine a priority of his administration since returning to office this year, has expressed growing impatience with Russian President Vladimir Putin in recent weeks. He has threatened 100 per cent tariffs on US imports from countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine. Russia is the leading supplier to India, the world's third-largest oil importer and consumer, accounting for about 35 per cent of its overall supplies. India imported about 1.75 million barrels per day of Russian oil from January to June this year, up 1 per cent from a year ago, according to data provided to Reuters by sources. But while the Indian government may not be deterred by Mr Trump's threats, sources told Reuters this week that Indian state refiners stopped buying Russian oil after July discounts narrowed to their lowest since 2022 - when sanctions were first imposed on Moscow - due to lower Russian exports and steady demand. Indian Oil, Hindustan Petroleum, Bharat Petroleum and Mangalore Refinery Petrochemical have not sought Russian crude in the past week or so, four sources told Reuters. Nayara Energy - a refinery majority-owned by Russian entities, including oil major Rosneft, and major buyer of Russian oil - was recently sanctioned by the EU. Nayara's chief executive resigned following the sanctions, and three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions, Reuters reported last week. REUTERS
