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U.S. stocks capped another strong week with more records on Friday. S&P 500 rose 0.4% to set an all-time high, the fifth time it did so this week. The Dow Jones Industrial Average climbed 208 points, or 0.5%, and the Nasdaq composite added 0.2% to its own record set the day before. S&P 500 rose 25.29 points to 6,388.64. The Dow Jones Industrial Average climbed 208.01 to 44,901.92, and the Nasdaq composite added 50.36 to 21,108.32.Deckers, the company behind Ugg boots and Hoka shoes, jumped 11.3% after reporting stronger profit and revenue for the spring than analysts expected. Its growth was particularly strong outside the United States, where revenue soared nearly 50%.Edwards Lifesciences rose 5.5% after likewise topping Wall Street 's expectations for profit in the latest quarter. It said it saw strength across all its product groups, and it expects profit for the full year to come in at the high end of the forecasted range it had given earlier.They helped offset a drop of 8.5% for Intel, which fell after reporting a loss for the latest quarter, when analysts were looking for a profit. The struggling chipmaker also said it would cut thousands of jobs and eliminate other expenses as it tries to turn around its fortunes. Intel, which helped launch Silicon Valley as the U.S. technology hub, has fallen behind rivals like Nvidia and Advanced Micro Devices while demand for artificial intelligence chips soars.The pressure is on companies to deliver solid growth in profits in order to justify big gains for their stock prices, which have rallied to record after record in recent weeks. Wall Street has zoomed higher on hopes that President Donald Trump will reach trade deals with other countries that will lower his stiff proposed tariffs, along with the risk that they could cause a recession and drive up inflation. Trump has recently announced deals with Japan and the Philippines, and the next big deadline is looming on Friday, August 1.Besides potential trade talks, next week will also feature a meeting by the Federal Reserve on interest rates. Trump again on Thursday lobbied the Fed to cut rates, which he has implied could save the U.S. government money on its debt repayments.Fed Chair Jerome Powell, though, has continued to insist he wants to wait for more data about how Trump's tariffs affect the economy and inflation before the Fed makes its next move. Lower interest rates can help goose the economy, but they can also give inflation more fuel.Lower rates also may not lower the U.S. government's costs to borrow money, if the bond market feels they could send inflation higher in the future. In that case, lower short-term rates brought by the Fed could actually have the opposite effect and make it more expensive for Washington to borrow money over the long term.The widespread expectation on Wall Street is that the Fed will wait until September to resume cutting interest rates.In the bond market, Treasury yields held relatively steady following Trump's latest attempt to push Powell to cut interest rates. Trump also seemed to back off on threats to fire the Fed's chair.A1. Top three indexes of US Stock Market are S&P 500, Dow Jones, Nasdaq.A2. Chairman of Federal Reserve is Jerome Powell.
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News18
29 minutes ago
- News18
US, EU reach an across the board agreement on tariffs
Edinburgh(UK), Jul 27(AP) The United States and the European Union reached a tariff deal Sunday after a brief meeting between President Donald Trump and European Commission chief Ursula von der Leyen. A White House deadline was days away for imposing punishing import taxes on the 27-member EU, which is America's leading global trading partner. 'It was a very interesting negotiation. I think it's going to be great for both parties," Trump said. The make-or-break talks were meant to head off trade penalties — and promised retaliation from Europe — that could have sent shock waves through economies around the globe. Trump and von der Leyen held private talks at one of Trump's golf courses in Scotland, then emerged a short time later saying they had reached an 'across the board" agreement. In remarks before the session, Trump pledged to change what he characterised as 'a very one-sided transaction, very unfair to the United States." 'I think the main sticking point is fairness," he said while also noting, 'We've had a hard time with trade with Europe, a very hard time." Von der Leyen had said the US and EU combined have the world's largest trade volume, encompassing hundreds of millions of people and trillions of dollars. Trump said the stakes involved meant of making a deal, 'We should give it a shot." Von der Leyen said Trump was 'known as a tough negotiator and dealmaker" which caused the president to interject with "but fair." She said that, if they are successful, 'I think it would be the biggest deal each of us has ever struck." For months, Trump has threatened most of the world with large tariffs in hopes of shrinking major US trade deficits with many key trading partners. More recently, he had hinted that any deal with the EU would have to 'buy down" the currently scheduled tariff rate of 30 per cent. The Republican president pointed to a recent US agreement with Japan that set tariff rates for many goods at 15 per cent and suggested the EU could agree to something similar. Asked if he would be willing to accept tariff rates lower than that, Trump said 'no." As for the threat of retaliation from the Europeans, he said: 'They'll do what they have to do." Their meeting came after Trump played golfed for the second straight day at his Turnberry course, this time with a group that included sons Eric and Donald Jr The president's five-day visit to Scotland is built around golf and promoting properties bearing his name. A small group of demonstrators at the course waved American flags and raised a sign criticizing British Prime Minister Keir Starmer, who plans his own Turnberry meeting with Trump on Monday. Other voices could be heard cheering and chanting 'Trump! Trump!" as he played nearby. On Tuesday, Trump will be in Aberdeen, in northeastern Scotland, where his family has another golf course and is opening a third next month. The president and his sons plan to help cut the ribbon on the new course. Joining von der Leyen were Maros Sefcovic, the EU's chief trade negotiator; Björn Seibert, the head of von der Leyen's Cabinet; Sabine Weyand, the commission's directorate-general for trade, and Tomas Baert, head of the trade and agriculture at the EU's delegation to the US. The deadline for the Trump administration to begin imposing tariffs has shifted in recent weeks but was now firm, the administration insisted. 'No extensions, no more grace periods. August 1, the tariffs are set, they'll go into place, Customs will start collecting the money and off we go," US Commerce Secretary Howard Lutnick told 'Fox News Sunday." He added, however, that even after that 'people can still talk to President Trump. I mean, he's always willing to listen." Without an agreement, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes. If Trump eventually made good on his threat of tariffs against Europe, it could meant that everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals would be more expensive in the United States. The US and Britain, meanwhile, announced a trade framework in May and a larger agreement last month during the Group of Seven meeting in Canada. Trump says that deal is concluded and that he and Starmer will discuss other matters — though the White House has suggested it still needs some polishing. (AP) RD RD view comments First Published: July 27, 2025, 23:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
an hour ago
- Time of India
US, EU clinch trade pact ahead of August 1 deadline; Trump says 'good deal for everybody'
US President Donald Trump on Sunday announced that he had reached a long-anticipated trade agreement with European Commission President Ursula von der Leyen , after a high-stakes meeting at his Turnberry golf resort in Scotland. 'We have reached a deal. It's a good deal for everybody,' Trump told reporters, describing the outcome as a significant win for both sides. Von der Leyen echoed the sentiment, calling the agreement 'a good deal' for Europe as well. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Cybersecurity CXO Data Science Project Management Management healthcare MCA Degree PGDM Data Analytics MBA Leadership Technology Others Public Policy Design Thinking Data Science Healthcare Digital Marketing Operations Management others Artificial Intelligence Product Management Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details The breakthrough comes just days before the August 1 tariff deadline, which had loomed large over transatlantic trade as the EU and the US are each other's largest trade partners and account for 1/3 of all global trade. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 4BHK Villas with Private Garden ATS Infrastructure Ltd Learn More Undo While official details of the pact have not yet been released, EU and US officials had earlier indicated that the agreement would likely include a 15% baseline tariff on most EU goods—a compromise that falls short of Europe's initial zero-tariff ambition but steers both sides away from a damaging escalation. Talks leading up to the deal involved a flurry of last-minute diplomacy, with US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick meeting with EU Trade Commissioner Maros Sefcovic ahead of the Trump–von der Leyen summit. Live Events The EU deal marks the fifth trade agreement the Trump adminsitration has drawn up ahead of the implementatio of the so-called "reciprocal tariffs". Earlier this month, the US also inked pacts with Britain, Japan, Indonesia and Vietnam with a deal with India still hanging in the balance. In the absence of a deal, the EU had been preparing countertariffs on $109 billion worth of American goods—an economic standoff that now appears to have been averted. Whether sector-specific levies, such as the 50% duty on European steel and aluminium or pending tariffs on cars and pharmaceuticals, will be lifted or folded into the baseline 15% remains unclear.
Mint
an hour ago
- Mint
Wall Street Week Ahead: Spotlight on Fed rate decision, earnings from Microsoft, Meta Platforms, Apple, Amazon
Wall Street in the week ahead will receive plenty of economic data, Big Tech earnings, and the US Federal Reserve's fifth interest rate decision of the year. The economic calendar will see the release of data such as jobs report, second quarter GDP (Gross Domestic Product) numbers, personal income and spending data, PCE (Personal Consumption Expenditures) Index, and S&P manufacturing PMI report among others. For the Q2 earnings, investors will closely watch financial results from tech giants Microsoft, Meta Platforms, Apple, and e-commerce giant Amazon. On the monetary policy front, market participants were keenly awaiting the interest rate decision from the Federal Reserve, which is widely expected to hold it steady. Post-rate decision, Jerome Powell's press conference will be heavily scrutinized amid enormous criticism from US President Donald Trump. On Friday, Trump said that he believed that Fed Chair Jerome Powellmight be ready to lower rates. He made a rare visit to the central bank on Thursday after calling Powell a "numbskull" earlier in the week for failing to cut rates. On July 29 (Tuesday), separate reports on advanced US trade balance in goods for June, S&P Case-Shiller Home Price Index (20 cities) for May, consumer confidence for July, job openings for June will be released. On July 30 (Wednesday), separate reports on ADP employment for July, GDP Q2, pending home sales for June, FOMC interest rate decision will be declared. Fed Chair Jerome Powell's press conference is also scheduled on Wednesday. On July 31 (Thursday), separate reports on Employment Cost Index Q2, personal income and spending for June, PCE Index for June, and Chicago Business Barometer (PMI) for July will be released. On August 1 (Friday), US employment report for July, S&P final US manufacturing PMI for July, ISM manufacturing for July, construction spending for June, consumer sentiment (final) for July, and TBA Auto sales for July will be released. Following companies are due to report second quarter results in the week ahead — Waste Management, Nucor, Visa, Procter & Gamble, UnitedHealth, Boeing, PayPal, Microsoft, Meta Platforms, Qualcomm, Robinhood, eBay, Apple, Mastercard, Exxon Mobil, and Chevron. data-vars-page-type="story" data-vars-link-type="Manual">US stocks ended higher and dollar firmed on Friday ahead of a big week for market risk. The S&P 500 gained 26.73 points, or 0.42%, to end at 6,390.08 points, while the Nasdaq Composite gained 53.95 points, or 0.26%, to 21,111.90. The Dow Jones Industrial Average rose 213.74 points, or 0.48%, to 44,907.65. In the bond market, the yield on the 10-year Treasury eased to 4.38% from 4.43%. The 2-year Treasury yield held steady at 3.91%.
