US stocks tick higher with tech earnings, trade updates in focus
ADVERTISEMENT At 09:44 a.m., the S&P 500 gained 18.34 points, or 0.29%, to 6,315.13 and the Nasdaq Composite gained 110.40 points, or 0.53%, to 21,006.05.
The Dow Jones Industrial Average rose 38.06 points, or 0.09%, to 44,380.25, just 1.57% shy of its all-time high.
Investors were hoping for some progress in trade talks after U.S. Commerce Secretary Howard Lutnick on Sunday, who expressed confidence over striking a trade deal with the European Union.However, EU diplomats said the 27-member bloc is exploring a broader set of possible counter-measures against the United States, as hopes for a breakthrough deal with Washington dwindled.Trump has threatened to slap 30% tariffs on imports from Mexico and the EU, keeping markets on edge.
ADVERTISEMENT The president has also sent letters to other trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.Despite Trump's persistent attacks and the August 1 tariff deadline, the S&P 500 and the Nasdaq reached new heights recently as investors believed that the economic fallout from tariffs might not be as dire as once feared.
ADVERTISEMENT All eyes are on marquee names such as Alphabet and Tesla, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street.Shares of Tesla and Alphabet were up 1.7% and 0.5%, respectively.
ADVERTISEMENT "There's still a ton of trade uncertainty, and so I think the focus on earnings has given investors some things to be excited about," said Ross Mayfield, investment strategy analyst at Baird."There's a lot of optimism around those big tech earnings and AI demand that should continue to help indexes."
ADVERTISEMENT On Monday, Verizon gained 2.2% after boosting its annual profit forecast. The stock also drove the communications sector, which emerged as the top gainer among other sectors.Meanwhile, shares of Domino's Pizza rose 2% after the world's largest pizza chain surpassed analysts' expectations for second-quarter U.S. same-store sales.The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report expected on Thursday.Investors will closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals.Traders have largely ruled out a July rate cut, and are now pegging the odds at about 60% for a September reduction, according to CME Group's FedWatch tool.
Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and by a 2.33-to-1 ratio on the Nasdaq.
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Hindustan Times
9 minutes ago
- Hindustan Times
Top Trump adviser to visit India for IMEC meeting
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Hindustan Times
9 minutes ago
- Hindustan Times
Will defend national interest, says Centre after tariff shock
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We will take all necessary steps to secure and advance our national interest,' Goyal told both houses of Parliament. People close to the development said the Trump administration is yet to send any formal communication over the tariffs or the quantum of the penalty. 'Situation will be clear in the next two days, which will help to assess the impact for considered action,' one of them said. 'The government is in touch with stakeholders and the industry is willing to cooperate with the government,' a second person said. Both people requested anonymity. They said negotiations for the proposed first tranche of the India-US bilateral trade agreement (BTA) are continuing, and so far, the New Delhi visit of the American negotiating team is unchanged on August 24 for the sixth round of talks. 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According to the people mentioned above, since Trump's message came informally through a social media handle, the minister ostensibly chose not to mention specific details of the President's Wednesday post in Parliament. Instead, he recounted the last official position of the White House in the executive order. While acknowledging Trump's Wednesday post as reason for making a suo moto statement in Parliament, Goyal on Thursday reiterated the Trump administration's April 2 executive order. 'I would like to apprise the House about the statement by the President of the United States of America (US) on 30th July 2025 regarding the applicable tariff on bilateral trade from 1st August 2025. On 2nd April 2025, the US President had issued an executive order on reciprocal tariffs imposing additional duties ranging from 10% to 50% on imports from its trading partners. A baseline duty of 10% has been effective from 5th April 2025,' he said. 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In addition, there have been many virtual meetings between the two sides,' he added. On Wednesday, Trump indicated that the two countries were still negotiating. US secretary of state Marco Rubio on Thursday offered a more nuanced view of the relationship in a Fox News podcast, describing India as a strategic partner while acknowledging the energy purchases as a 'point of irritation.' 'Like anything in foreign policy, you're not going to align a hundred percent of the time on everything,' Rubio said. 'India has huge energy needs and that includes the ability to buy oil and coal and gas that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap.' However, Rubio emphasised the administration's frustration with the arrangement. 'Unfortunately that is helping to sustain the Russian war effort. So it is most certainly a point of irritation in our relationship with India—not the only point of irritation. We also have many other points of cooperation with them.' 'What you're seeing the President express is the very clear frustration that with so many other oil vendors available, India continues to buy so much from Russia, which in essence is helping to fund the war effort and allowing this war to continue in Ukraine,' he added.
The Hindu
9 minutes ago
- The Hindu
India's purchases of Russian oil 'point of irritation' in bilateral ties with US: Rubio
India's purchases of Russian oil are helping to sustain Moscow's war efforts in Ukraine and it is "most certainly a point of irritation" in New Delhi's relationship with Washington, US Secretary of State Marco Rubio said on Thursday (July 31, 2025). "Look, global trade – India is an ally. It's a strategic partner. Like anything in foreign policy, you're not going to align 100 per cent of the time on everything,' Rubio said in an interview with Fox Radio. Mr. Rubio was responding to a question on President Donald Trump's announcement of the 25% tariff on India and an additional penalty for buying Russian military equipment and energy, and how disappointed Washington is with Delhi because of this. Mr. Rubio acknowledged India has 'huge energy needs and that includes the ability to buy oil and coal and gas and things that it needs to power its economy like every country does, and it buys it from Russia, because Russian oil is sanctioned and cheap and – meaning they have to – in many cases, they're selling it under the global price because of the sanctions.' He added that "unfortunately, that is helping to sustain the Russian war effort. So it is most certainly a point of irritation in our relationship with India – not the only point of irritation. We also have many other points of cooperation with them. "But I think what you're seeing the President express is the very clear frustration that with so many other oil vendors available, India continues to buy so much from Russia, which in essence is helping to fund the war effort' and allowing this war to continue in Ukraine. His comments came a day after Mr. Trump announced the imposition of a 25% tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment. Mr. Trump's surprise announcement on Wednesday is being seen as a pressure tactic to get New Delhi to agree to demands made by the U.S., which has, in recent days, got favourable trade deals with major partners like Japan, the U.K. and the European Union. India has said it will take all necessary steps to safeguard and promote national interest and that the implications of the tariffs are being examined.
