Indus Towers stock falls over 4% as BNP calls cash conservation move 'perplexing'
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Economic Times
14 minutes ago
- Economic Times
US stocks slump on latest tariffs, soft jobs data
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel U.S. stocks slumped on Friday, and the S&P suffered its biggest daily percentage decline in more than two months as new U.S. tariffs on dozens of trading partners and a surprisingly weak jobs report spurred selling weighing on equities was an 8.3% tumble in shares after the company posted quarterly results but failed to meet lofty expectations for its Amazon Web Services cloud computing hours before the tariff deadline on Friday, President Donald Trump signed an executive order imposing duties on U.S. imports from countries, including Canada, Brazil, India and Taiwan, in his latest round of levies as countries attempted to seek ways to reach better denting confidence in the economic picture, data showed U.S. job growth slowed more than expected in July while the prior month's report was revised sharply lower, indicating the labor market may be starting to report significantly pushed up expectations the Federal Reserve will cut interest rates at its September meeting."There's no way to pretty-up this report. Previous months were revised significantly lower where the labor market has been on stall-speed," said Brian Jacobsen, Chief Economist at Annex Wealth Management in Menomonee Falls, Wisconsin."Last year the Fed messed up by not cutting in July so they did a catch-up cut at their next meeting. They'll likely have to do the same thing this year." Market expectations the Fed will cut rates by at least 25 basis points at its September meeting stood at 86.5%, according to CME's FedWatch Tool, up from 37.7% in the prior Dow Jones Industrial Average fell 542.40 points, or 1.23%, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60%, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24%, to 20, S&P 500 recorded its biggest single-day percentage decline since May 21 while the Nasdaq suffered its biggest daily percentage drop since April the week, the S&P 500 fell 2.36%, the Nasdaq declined 2.17%, and the Dow fell 2.92%.The CBOE Volatility Index, also known as Wall Street's fear gauge, closed up 3.66 points at 20.38, its highest close since June was the biggest drag on the Dow, S&P 500 and Nasdaq and pushed the consumer discretionary index, down nearly 3.6% as the worst performing of the 11 major S&P 500 reporting earnings was Apple , which lost 2.5% after it posted a current-quarter revenue forecast well above Wall Street estimates, but CEO Tim Cook warned U.S. tariffs would add $1.1 billion in costs over the briefly extended declines after Trump said he ordered the commissioner of the U.S. Bureau of Labor Statistics, Erika L. McEntarfer, to be fired in the wake of the jobs data."(Trump) didn't seem to be disappointed with the last five jobs reports," said Art Hogan, Chief Market Strategist, B. Riley Wealth, Boston, saying that the firing stood out as irregular."I think this is clearly something that happens in dictatorships, not in democracies."The Federal Reserve said Governor Adriana Kugler is resigning early from her term and will exit the central bank on Aug. 8, enabling President Donald Trump to select a new governor as he has ramped up pressure against Chair Jerome Powell recently to cut interest issues outnumbered advancers by a 2.17-to-1 ratio on the NYSE, and by a 2.69-to-1 ratio on the S&P 500 posted eight new 52-week highs and 29 new lows, while the Nasdaq Composite recorded 29 new highs and 202 new on U.S. exchanges was 19.51 billion shares, compared with the 18.44 billion average for the full session over the last 20 trading days.
Economic Times
14 minutes ago
- Economic Times
Gold breaks past inflation-adjusted 1980 high in 2024; silver lags below 2011 peak: DSP Mutual Fund
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Hans India
44 minutes ago
- Hans India
Indian markets dip marginally this week amid tariff concerns
Mumbai: The Indian benchmark index Sensex plunged over 600 points this week, while the Nifty fell to a two-month low, closing below the 24,600 mark amid widespread selling across sectors. Market sentiment was weighed down by concerns over the newly imposed 25 per cent US tariff on Indian exports, persistent FII selling, and weakness in global markets, analysts said on Saturday. "The market oscillated between cautious optimism and defensive positioning, ultimately ending lower due to a persistent FII outflow. With global headwinds, investors showed a preference for domestically driven stories with non-discretionary appeal, as broader sentiment turned selective. FMCG stocks stood out, benefiting from attractive valuations and insulation from external shocks," said Vinod Nair, Head of Research, Geojit Investments Limited. FMCG stocks rallied sharply after companies like HUL, Dabur India, and Emami reported strong Q1 results, pushing the Nifty FMCG Index up nearly 1 per cent. Key sectors such as auto, metal, IT, and pharma declined 2–3 per cent amid concerns over the U.S. trade action. Analysts said that the US tariffs will not have a direct bearing on Indian markets, given that major exports are of traditional items such as gems & jewellery, leather and textiles that do not have large representation in the listed space. They feel the bulk of the tariff concerns may already be priced in, and a steep fall is highly unlikely. The Nifty index formed a bearish candle on the daily and weekly timeframes and has been making lower lows for the past four weeks. If it remains below 24600 zones, weakness could be seen towards 24,442 and 24,250 zones, with hurdles shifting lower to 24800 and 24950 zones, according to analysts at Motilal Oswal. During the week shares of tech major Tata Consultancy Services (TCS) slipped 5 per cent, following the company's announcement to lay off around 12,200 employees in FY26. Asian, European, and US index futures dropped around 1 per cent after President Trump signed an executive order introducing 'reciprocal' tariffs on multiple countries, with rates ranging from 10 per cent to 41 per cent, set to take effect in seven days. The move has sparked fears of rising inflation and slowing global growth. Amid such widespread concerns of global slowdown, the International Monetary Fund's July update to its World Economic Outlook raised the global growth forecast for 2025 to 3 percent, which is a 0.2 percentage point increase from its April projection.
