US stocks today: S&P 500 recovers half of Friday's loss as Wayfair jumps 12%, Tyson gains 3.8%
The S&P 500 climbed 0.8% in early trading, clawing back nearly half of Friday's steep drop. The Dow Jones Industrial Average rose by 310 points, or 0.7%, while the tech-heavy Nasdaq composite led the gains with a 1.2% increase.
Leading the charge was Wayfair, which surged 12.3% after reporting stronger-than-expected profit and revenue for the spring quarter, driven by accelerating growth. Tyson Foods also impressed investors with quarterly results that beat analysts' forecasts, lifting its stock by 3.8%.
The company owns popular food brands such as Jimmy Dean and Hillshire Farms.
Offsetting some of the gains, On Semiconductor fell 7.1% after merely matching analysts' profit expectations. The company, which supplies the auto and industrial sectors, said it is beginning to see 'signs of stabilization' among its customer base.
With stock prices reaching record highs in recent months, investors are demanding strong earnings to justify elevated valuations.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Your Finger Shape Says a Lot About Your Personality, Read Now
Tips and Tricks
Undo
Some market watchers have warned that prices may have run too far ahead of economic fundamentals.
Last week saw the worst performance for US markets since April. The slide was driven less by valuation concerns and more by fears that Trump's tariffs are starting to hit economic activity. A weaker-than-expected jobs report added to those worries, showing that job growth had slowed sharply and the unemployment rate had ticked up to 4.2%.
Trump reacted by firing the official in charge of compiling the jobs data and renewed criticism of the Federal Reserve. While some economists say the Fed should cut rates to support the economy, the central bank has so far opted to keep rates steady this year, in part due to inflation risks—some of which may be worsened by tariffs.
The dismal jobs data, however, did increase market expectations of a rate cut at the Fed's September meeting.
Treasury yields reflected this shift in sentiment, with the 10-year yield slipping to 4.21% from 4.23% on Friday. The two-year yield, which tends to follow rate expectations more closely, inched up to 3.70% from 3.69%.
This week is expected to be relatively quieter in terms of market-moving events, following the deluge of economic data and earnings last week. Key earnings reports are due from The Walt Disney Co., McDonald's, and Caterpillar, alongside new readings on US business activity.
Among individual stocks, Boeing dipped 0.8% after around 3,200 workers at its Midwest fighter jet manufacturing facilities went on strike. The strike followed the rejection of a revised four-year labor agreement that had proposed a 20% wage increase.
Berkshire Hathaway shares fell 3.2% after Warren Buffett's conglomerate reported second-quarter profits that were less than half of what it earned a year earlier, largely due to a write-down on its investment in Kraft Heinz.
Tesla rose 2.5% after awarding CEO Elon Musk 96 million restricted stock units valued at about $29 billion. The move comes just six months after a court voided Musk's earlier pay package and could allay concerns about his future at the company.
Global markets were largely positive. France's CAC 40 rose 1%, South Korea's Kospi added 0.9%, and most Asian and European indexes followed suit. Japan's Nikkei 225, however, slipped 1.2%, bucking the broader trend.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
23 minutes ago
- India.com
'Targeting us over Russian oil purchase is...': India responds after US President Trump threatens to substantially raise tariff
india us relations New Delhi: The Indian government on Monday said that the targeting of the country by the US over Russian oil purchase is unjustified and unreasonable, after American President Donald Trump threatened to impose hefty tariffs on New Delhi. An official statement said that like any major economy, 'India will take all necessary measures to safeguard its national interests and economic security'. According to the government, India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. 'In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability,' the Centre emphasised. 'India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation. However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion,' the government highlighted. New Delhi reacted after Trump threatened to substantially raise tariffs on India for purchasing oil from Russia. 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine,' Trump wrote in his social media post. 'Because of this, I will be substantially raising the Tariff paid by India to the USA,' he added. According to the Indian government, the European Union in 2024 had a bilateral trade of Euro 67.5 billion in goods with Russia. In addition, it had trade in services estimated at Euro 17.2 billion in 2023. 'This is significantly more than India's total trade with Russia that year or subsequently. European imports of LNG in 2024, in fact, reached a record 16.5 million tonnes, surpassing the last record of 15.21 million tonnes in 2022. Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel and machinery and transport equipment,' said the official statement. The government further stated that where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals. 'In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' the government stressed.
The Print
23 minutes ago
- The Print
India rejects criticism over its procurement of Russian crude oil; calls out US, EU
The Ministry of External Affairs (MEA) issued a rare statement rebutting the criticism against New Delhi's energy ties with Moscow, hours after US President Donald Trump threatened more tariffs on India. Firmly rejecting the criticism, India pointed out the continuing trade relations the US and the European Union have with Russia. New Delhi, Aug 4 (PTI) India on Monday mounted a sharp counterattack on the US and the European Union for their 'unjustified and unreasonable' targeting of New Delhi for its procurement of Russian crude oil. India has been targeted by the United States and the EU for importing oil from Russia after the commencement of the Ukraine conflict, the MEA said. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict, it said. 'The US at that time actively encouraged such imports by India for strengthening global energy markets stability,' it added. The MEA said India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. 'They are a necessity compelled by global market situation. However, it is revealing that the very nations criticizing India are themselves indulging in trade with Russia,' it said. 'Unlike our case, such trade is not even a vital national compulsion,' it added. The MEA said the Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel and machinery and transport equipment. 'Where the US is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals,' it said. 'In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' the MEA said. PTI MPB KVK KVK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
&w=3840&q=100)
First Post
23 minutes ago
- First Post
'Unjustified, unreasonable': India slams Trump's fresh tariff threat, says US 'actively encouraged' import of Russian oil
India strongly defended its Russian oil imports after Donald Trump threatened new tariffs, calling the criticism 'unjustified and unreasonable.' The MEA cited Western nations' continued trade with Russia and stressed India's right to safeguard its energy security. read more India became a major buyer of Russian oil, providing a much-needed export market for Moscow after it was cut off from traditional buyers in Europe because of the Ukraine war. Reuters The Ministry of External Affairs (MEA) defended the India's choice to buy oil from Russia on Monday, amid criticism from the US and the European Union. According to the MEA, India's imports from Russia are driven by need and are intended to keep energy costs predictable and affordable for Indian customers. The MEA branded criticism of India's trade policies as 'unjustified and unreasonable,' and stated that India will take all necessary steps to protect its national interests and economic security. STORY CONTINUES BELOW THIS AD In a statement, the Ministry of External Affairs (MEA) explained that India's crude imports from Russia were caused by interruptions in regular supply lines following the outbreak of the crisis in Ukraine. The MEA emphasised that New Delhi's energy imports are a sovereign decision driven by national interest and market realities. According to the MEA statement, 'The targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' 'India has been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict. In fact, India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy market stability,' it added. India became a major buyer of Russian oil, providing a much-needed export market for Moscow after it was cut off from traditional buyers in Europe because of the Ukraine war. New Delhi saved itself billions of dollars while bolstering Moscow's coffers. The MEA further noted that the European Union had a bilateral trade of EUR67.5 billion in goods and EUR17.2 billion in services with Russia in 2023, significantly more than India's total trade with Russia. The EU's LNG imports from Russia reached a record 16.5 million tonnes in 2024. STORY CONTINUES BELOW THIS AD Moreover, the US continues to import uranium hexafluoride for its nuclear industry, palladium for its electric vehicle industry, fertilisers, and chemicals from Russia, read MEA release. India's energy import strategy prioritises energy security and affordability. The country has diversified its energy imports, increasing reliance on countries like Russia to meet its growing energy demands. The MEA's response came after President Trump, in a post on Truth Social, accused India of buying 'massive amounts' of Russian oil and reselling it for profit, claiming this undermined efforts to end the Ukraine conflict and, as a result, he would 'substantially raise the tariff paid by India to the USA'. The MEA, in the statement, stressed that these imports are guided by the need to ensure predictable and affordable energy prices for its citizens, while noting that Western nations criticising India are themselves engaged in far larger trade with Russia, despite no such compelling energy insecurity. 'India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by the global market situation. However, it is revealing that the very nations criticising India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion,' the statement read. STORY CONTINUES BELOW THIS AD For now, an existing 10 percent US tariff on Indian products is expected to rise to 25 percent come Thursday. Last month, the EU and Britain sought to ramp up economic pressure on Russia to halt the war in Ukraine by slashing a price cap meant to choke off revenues from key oil exports.
