S&P 500, Nasdaq strong; Deckers soars on UGG demand
European Commission President Ursula von der Leyen will meet US President Donald Trump on Sunday in Scotland after EU officials and diplomats said they expected to reach a framework trade deal this weekend.
Trump said earlier that the odds of a US-EU trade deal were "50-50".
Deckers Outdoor soared 11 per cent after results beat quarterly estimates, with strong demand in international markets.
Intel tumbled 8.5 per cent after the chipmaker forecast steeper quarterly losses than expected and announced plans to slash jobs.
Wall Street has surged to record highs in recent weeks, thanks to upbeat quarterly earnings, trade deals with Japan and the Philippines, and expectations that the White House will cement more agreements to avoid elevated tariffs threatened by Trump.
"The market has been anticipating that the deals are going to get done," said Thomas Martin, Senior Portfolio Manager at GLOBALT in Atlanta.
"Personally, I have a bit more scepticism. You've got to be careful, because if they don't get done, there is more room for disappointment than there is upside."
The S&P 500 climbed 0.40 per cent to end the session at 6,388.64 points.
The Nasdaq gained 0.24 per cent to 21,108.32 points, while the Dow Jones Industrial Average rose 0.47 per cent to 44,901.92 points.
Nine of the 11 S&P 500 sector indexes rose, led by materials, up 1.17 per cent, followed by a 0.98 per cent gain in industrials.
For the week, the S&P 500 climbed 1.5 per cent, the Nasdaq added 1.0 per cent and the Dow rose 1.3 per cent.
The S&P 500 set a closing record every day this week. The last time the index had a "perfect week" of closing highs, Monday through Friday, was in November 2021, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
Investors next week will focus on the US Federal Reserve, with policymakers on Thursday expected to hold interest rates steady as the central bank weighs the impact of tariffs on inflation.
Traders see about a 60 per cent chance of a rate cut in September, according to CME's FedWatch tool.
Trump said on Friday he believed that Fed Chair Jerome Powell might be ready to lower rates.
Trump made a rare visit to the Fed on Thursday after calling Powell a "numbskull" earlier in the week for failing to slash rates.
Charter Communications slumped 18 per cent after the cable giant reported a deeper-than-expected broadband subscriber loss, hurt by competition from wireless carriers bundling high-speed internet services with 5G mobile plans.
Paramount Global dipped 1.6 per cent after US regulators approved its $US8.4-billion ($A12.8 billion) merger with Skydance Media.
Health insurer Centene rose 6.1 per cent after it said it expects to deliver improved profitability in its three government-backed healthcare insurance businesses in 2026.
S&P 500 companies are expected on average to increase their second-quarter earnings by 7.7 per cent year over year, according to LSEG I/B/E/S, with most of those gains coming from heavyweight tech-related companies.
Companies reporting next week include Microsoft , Apple, Amazon and Meta Platforms .
Advancing issues outnumbered falling ones within the S&P 500 by a two-to-one ratio.
The S&P 500 posted 45 new highs and 6 new lows; the Nasdaq recorded 68 new highs and 54 new lows.
Volume on US exchanges was relatively light, with 17.7 billion shares traded, compared to an average of 18.1 billion shares over the previous 20 sessions.
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The Australian
2 hours ago
- The Australian
Trump says US to impose 15% tariff on South Korean goods
President Donald Trump said Wednesday the United States will impose a 15 percent tariff on imports from South Korea, as he touted a "full and complete trade deal" between the two countries. "South Korea will give to the United States $350 Billion Dollars for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy products. The 15 percent rate is below a 25 percent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the European Union. Trump added that an additional unspecified "large sum of money" will be invested by Seoul. "This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting," Trump said, offering congratulations to his South Korean counterpart for his "electoral success." South Korea's Finance Minister Koo Yun-cheol said Seoul's commitment to help the United States revive its shipbuilding industry was instrumental in reaching the deal. "I believe MASGA made the greatest contribution to reaching today's agreement," Koo said at a news conference in Washington, referring to the "Make American Shipbuilding Great Again" proposal. "Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry," he said. Shares in South Korean shipbuilder Hanwha Ocean, which owns a shipyard in Philadelphia, soared more than 15 percent Thursday. The leaders' White House meeting will be their first since Lee assumed the presidency in June. In a statement on Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle." "Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors." - Mixed reaction - Lee was elected in a snap vote last month following the impeachment of predecessor Yoon Suk Yeol over his disastrous martial law declaration in December. The deal marks an early victory for Lee's tenure as head of the export-reliant economy, Asia's fourth biggest. "This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market," Lee's statement continued. But there were mixed reactions in South Korea. Its six major business associations, including the Korea Chamber of Commerce, said in a joint statement: "We view this agreement as a critical milestone that will not only ease trade-related uncertainties but also pave the way for a significant strengthening of economic cooperation between the two countries. "With much of the external uncertainty now resolved, the Korean business community will redouble efforts to boost domestic investment and job creation." But a handful of civic groups, including farmers and labour organisations, protested at the US Embassy in central Seoul, opposing "Trump's madman strategy." Demonstrators held signs reading "No Trump! No King!" and pointed out that there may be additional negotiations when Lee meets Trump. "Trump's actions amount to excessive interference in our domestic affairs," said Park Sung-hoon, head of the Korean Apple Growers Association. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on trading partners -- with extra rates for dozens of economies set for August 1 -- alongside steeper tolls on steel, aluminium and autos. News of the deal with South Korea came as Trump on Wednesday imposed 25 percent tariffs on Indian goods and 50 percent on those from Brazil. bur-kjk-hs/dan
The Advertiser
2 hours ago
- The Advertiser
Wall St jumps on Microsoft's blockbuster earnings
The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence. Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Nvidia gained more than one per cent. The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively. In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76. A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. "Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth. "Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting." Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable. Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners. Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains. The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024. On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged. Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool. Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter. The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end. Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent. Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq. The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence. Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Nvidia gained more than one per cent. The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively. In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76. A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. "Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth. "Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting." Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable. Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners. Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains. The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024. On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged. Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool. Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter. The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end. Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent. Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq. The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence. Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Nvidia gained more than one per cent. The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively. In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76. A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. "Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth. "Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting." Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable. Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners. Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains. The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024. On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged. Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool. Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter. The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end. Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent. Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq. The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence. Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Nvidia gained more than one per cent. The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively. In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76. A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. "Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth. "Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting." Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable. Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners. Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains. The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024. On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged. Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool. Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter. The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end. Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent. Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
Perth Now
2 hours ago
- Perth Now
Wall St jumps on Microsoft's blockbuster earnings
The S&P 500 and Nasdaq have climbed to new record highs as Microsoft's blockbuster earnings propelled the tech giant and fueled investor confidence in Big Tech's hefty investments in artificial intelligence. Microsoft became the second publicly-traded company after Nvidia to surpass $US4 trillion ($A6.2 trillion) in market valuation, following a blockbuster earnings report. Meta Platforms also climbed 12.1 per cent to an all-time high in early trading, after the social media giant forecast third-quarter revenue well above estimates, thanks to AI boosting its core advertising business. Nvidia gained more than one per cent. The S&P technology index and the communication services index both hit record highs, up 1.2 per cent and over three per cent, respectively. In early trading on Thursday, the Dow Jones Industrial Average rose 88.73 points, or 0.20 per cent, to 44,550.01, the S&P 500 gained 45.18 points, or 0.71 per cent, to 6,408.08 and the Nasdaq Composite gained 245.09 points, or 1.16 per cent, to 21,374.76. A Commerce Department report showed US inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. "Thursday's PCE was stronger than expected and throws cold water on the idea of (an autumn) rate-cut, as it's clear that lower interest rates are not justified at this time," said Clark Bellin, president and chief investment officer, Bellwether Wealth. "Inflation remains sticky and justifies the Fed's decision to keep interest rates unchanged at Wednesday's meeting." Separately, weekly jobless claims increased marginally last week, suggesting the labour market remained stable. Attention now turns to Friday's non-farm payrolls report and a looming tariff deadline, with President Donald Trump refusing to extend trade talks for lagging partners. Easing global trade war fears, signs of US economic resilience, and renewed AI optimism have set Wall Street on course for monthly gains. The S&P 500 and blue-chip Dow are set for a third straight monthly gain - their longest winning streak in nearly a year - while the Nasdaq was on track for its best monthly run since March 2024. On Wednesday, Federal Reserve Chair Jerome Powell diluted investor expectations for an interest rate cut in September after the central bank kept rates unchanged. Traders now see a 58.8 per cent chance the Fed will stay pat in September as well, according to CME's FedWatch tool. Powell said it was too early to predict a September rate cut, and that current policy was not restricting the economy. The statement came after stronger-than-expected GDP data for the second quarter. The "hold" verdict prompted another jibe on Powell by Trump, while Treasury Secretary Scott Bessent said he expected an announcement on Powell's successor by year-end. EU officials said European liquor could face 15 per cent tariffs from August 1 until a different agreement is reached, with talks set to continue in the autumn. Trump's deal with South Korea on Wednesday cut the country's import tariff to 15 per cent from the previously threatened 25 per cent. Among other stocks, Applied Digital soared 32.7 per cent after the data centre operator surpassed estimates for quarterly revenue. Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE, and by a 1.16-to-1 ratio on the Nasdaq.
