Stocks to Open Flat as Trade Pact Details Awaited: Markets Wrap
Asian equity futures held to muted moves early Thursday after the S&P 500 fell 0.3% Wednesday and the Nasdaq 100 dropped 0.4% as big tech weighed on US benchmarks. The declines halted a three-day advance for US stocks, with Apple Inc. down about 2%. In late hours, Oracle Corp. surged after revenue beat estimates. Contracts for US equities were little changed in early Asian trading.
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15 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq fall as Wall Street digests earnings, Trump tariffs
US stocks retreated on Tuesday as investors digested the latest wave of corporate earnings and various tariff updates. The benchmark S&P 500 (^GSPC) slid 0.5%, while the blue-chip Dow Jones Industrial Average (^DJI) fell 0.1%. The Nasdaq Composite (^IXIC) was down nearly 0.7%. Palantir (PLTR) stock jumped roughly 7% after the company's earnings report beat expectations and revealed its revenue had topped $1 billion in a quarter for the first time. On Monday, stocks sharply rebounded after tanking on Friday in the aftermath of a number of market-shaking events, including a weak jobs report, fresh tariffs, new signs of rising prices, and President Trump's firing of the commissioner of the Bureau of Labor Statistics. Economic data released Tuesday morning showed the services sector flatlined in July. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg. Meanwhile, Trump continued to amp up pressure on trade after this week after threatening to hike tariffs on India. In an interview with CNBC on Tuesday morning, President Trump said pharmaceutical imports could see tariffs of up to 250%. He also ruled out Treasury Secretary Scott Bessent as a potential incoming Fed chair, but noted that Jerome Powell's successor could be named "soon." Read more: The latest on Trump's tariffs Wall Street is now focused on the continuation of earnings season. On Tuesday, AMD (AMD) and Rivian (RIVN) are set to report their results. McDonald's (MCD) and Disney (DIS) earnings land Wednesday. Palantir is now one of the biggest stocks in the market Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Rivian Q2 earnings preview: EV tax credit impact, R2 SUV update on the agenda Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. The Federal Reserve rate cut debate is shifting Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Monday's winners are Tuesday's losers in the market On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Palantir is now one of the biggest stocks in the market Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Palantir (PLTR) stock rose more than 7% on Tuesday after notching a billion dollars in quarterly revenue for the first time. The stock is now up more than 610% over the past year and is quickly becoming one of the largest stocks in the S&P 500 GSPC (^GSPC). Since joining the S&P 500 in September 2024, Palantir has added about $321 billion to its market cap and is now a top 25 largest holding in the S&P 500. That makes Palantir larger than the likes of Bank of America (BAC), Chevron (CVX) and Coca-Cola (KO). Rivian Q2 earnings preview: EV tax credit impact, R2 SUV update on the agenda Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. Yahoo Finance's Pras Subramanian reports: Rivian (RIVN) will report second quarter earnings after the bell on Tuesday. The pure-play EV maker is building the case toward eventual profitability while navigating the minefields of President Trump's auto sector tariffs and removal of EV tax credits. For the quarter, Rivian is expected to report revenue of $1.28 billion, per Bloomberg consensus estimates, higher than the $1.158 billion reported a year ago. The company is expected to post an adjusted EPS loss of $0.63, with an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $493 million. Last quarter, the company reported its second consecutive quarter of gross profit, hitting $206 million. Despite this, issues like trade policy and tariffs meant Rivian maintained its 2025 full-year adjusted EBITDA loss projection in a range of $1.7 billion to $1.9 billion. Tariffs on auto parts currently stand at 25%, though USMCA-compliant parts are exempt. The Federal Reserve rate cut debate is shifting Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Following Friday's weaker-than-expected July jobs report, the consensus debate surrounding Federal Reserve interest rate cuts is no longer whether the central bank will slash rates this year. Instead, it's all about how aggressive the cuts will be. "I think a 25 basis points cut is a lock," Queens' College, Cambridge president Mohamed El-Erian told Yahoo Finance. "A 50 basis point cut is a possibility, not yet a probability. It's a possibility." The economic team at Goldman Sachs agrees. In a Monday research note titled "on course for cuts," Goldman Sachs chief economist Jan Hatzius projected the Fed will proceed with three 25 basis point interest rate cuts throughout its final three meetings of 2025. But Hatzius added that should the unemployment rate move higher from 4.2% in the August jobs report, a 50 basis point interest rate cut in September is "possible." For their part, markets are split on how far the Fed will bring down interest rates this year. As of Tuesday afternoon, investors are pricing in a 46% chance the Fed cuts rates by 75 basis points in 2025 and a 43% chance rates are lowered by 50 basis points by the end of the year, per the CME FedWatch Tool. This will put upcoming monthly labor reports and weekly reports on unemployment claim filings, released on Thursdays, in particular focus for investors between now and the Sept. 17 monetary policy decision. Monday's winners are Tuesday's losers in the market On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. On a sector basis, Technology (XLK), Communication Services (XLC), and Utilities (XLU) were the clear winners during Monday's trade, each outperforming the S&P 500's 1.5% gain. On Tuesday, that action reversed. All three sectors were among the worst performers within the benchmark index. AI is the clear risk to the upside for the stock market in 2025 Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Another Wall Street strategist has boosted their year-end S&P 500 target. In a note to clients on Tuesday, HSBC head of equity strategy for the Americas Nicole Inui boosted her year-end S&P 500 target to 6,400 from 5,600. Inui also detailed a bull-case scenario in which an "AI fueled rally" brings the benchmark index to 7,000 by year-end and a bear-case scenario in which tariff impacts drag the S&P 500 down to 5,700. "We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty," Inui wrote. In other words, the risks are more heavily weighted to the bull case outcome. This reveals a key takeaway from how Wall Street is talking about the potential path higher for an S&P 500 that's already near record highs. The bull case for stocks isn't backed by a call for US economic growth to suddenly inflect higher or interest rate cuts from the Federal Reserve to suddenly spark a broad market rally. As we wrote in Tuesday's Yahoo Finance Morning Brief newsletter, the bull case in stocks is still being driven by AI investment and its ability to push corporate profits higher. "For our bull case scenario to play out, tariff costs would shift mostly to the supplier having a negligible impact on US corporate profits," Inui wrote. "At the same time, AI adoption accelerates and starts to have a real impact on profitability through efficiency gains." Countries push for last-minute deals as Thursday tariff deadline looms Yahoo Finance's Ben Wersckul reports: Read more here. Yahoo Finance's Ben Wersckul reports: Read more here. Hims & Hers stock slides 6% after second quarter revenue misses forecasts Yahoo Finance's Jake Conley reports: Read more here. Yahoo Finance's Jake Conley reports: Read more here. PMI data points to 'encouragingly robust' economic activity to start the third quarter Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Activity in the services continued to expand during the month of July, according to two data releases on Tuesday morning. The Institute for Supply Management's (ISM) services PMI registered a reading of 50.1 in July, down from June's reading of 50.8, and below the 51.5 economists surveyed by Bloomberg had expected. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years. "July's PMI level continues to reflect slow growth, and survey respondents indicated that seasonal and weather factors had negative impacts on business," Steve Miller, the chair of the Institute for Supply Management Services Business Survey committee, said in the release. "The most common topic among survey panelists remained tariff-related impacts, with a noticeable increase in commodities listed as up in price." Elsewhere on Tuesday, S&P Global's composite PMI, which combines both activity in the services and manufacturing sectors, registered a reading of 55.1 in July, up from 52.9 the month prior. S&P Global chief business economist Chris Williamson said the data signals "encouragingly robust economic growth at the start of the third quarter." Williamson added that the July PMI data points to the US economy growing at a 2.5% annualized pace in the third quarter, above the 1.25% pace seen in the first half. Trump rules out Bessent as next Fed chair, says may name Powell replacement soon Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Yahoo Finance's Jennifer Schonberger and Myles Udland report: Read more here. Trending tickers in premarket trading: Pfizer, Palantir, Caterpillar Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Companies reporting earnings topped Yahoo Finance's trending tickers list on Tuesday. Here's a look at how they're trading 30 minutes before the opening bell: Read more live coverage of corporate earnings here. Palantir stock surges on Q2 beat and raise Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Palantir (PLTR) stock climbed 7% higher in premarket trading on Tuesday following the AI software company's blowout second quarter earnings report on Monday afternoon. Palantir's revenue topped $1 billion in a quarter for the first time as the company dodged government contract spending cuts and reported beat-and-raise results. Year to date, Palantir stock is up 112%. Yahoo Finance's Jake Conley reports: Read more here. Wall Street 2025 bonuses: Winners and losers so far Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Good morning. Here's what's happening today. Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Economic data: S&P Global US Services PMI (July final) S&P Global US Composite, (July final); ISM services index (July) Earnings: AMD (AMD), BP (BP), Caterpillar (CAT), Duke Energy (DUK), Lucid Group (LCID), Opendoor (OPEN), Pfizer (PFE), Rivian (RIVN), Super Micro Computer (SMCI), Snap (SNAP), Upstart (UPST) Here are some of the biggest stories you may have missed overnight and early this morning: One key reason a slowing economy isn't shaking stock market bulls Wall Street 2025 bonuses: Winners and losers so far Big Tech is power-hungry, and America's aging grid can't keep up Pfizer beats in Q2 earnings, reaffirms 2025 outlook Trump's Fed pick could face resistance from colleagues on rates Intel struggles with key manufacturing process for next chip EU says it expects turbulence in trade relations with US Jefferies sees crowded trade in Big Tech as Fed nears rate cuts US rig decline outpaces efficiency, threatening oil output Autopilot verdict deals Tesla a 'black eye' Pfizer stock rises after beating Q2 earnings, reaffirming 2025 outlook Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. Pfizer (PFE) stock rose 2% in premarket trading Tuesday after beating quarterly estimates on the top and bottom lines. The company posted earnings per share of $0.78, versus estimates of $0.58 per share, on revenue of $14.7 billion, compared to Wall Street expectations of $13.5 billion. Yahoo Finance's Anjalee Khemlani reports: Read more here. One key reason a slowing economy isn't shaking stock market bulls Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Yahoo finance's senior reporter Josh Schafer looks at why softening economic data may not be as important for stocks as AI: Read more here. Nvidia partner Hon Hai's July sales growth weakened by tariffs Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Nvidia's (NVDA) main server assembly partner Hon Hai Precision ( saw its Taiwan stock close 2% higher on Tuesday despite reporting a sales slowdown for July. Bloomberg News reports: Read more here. Oil flattened from multi-day drop after Trump's India rebuke Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. Oil prices steadied from a three-day decline following a ramping up of threats from Trump to India over the Asian nation's continued use of Russian crude. Bloomberg reports: Read more here. 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Yahoo
15 minutes ago
- Yahoo
How major US stock indexes fared Tuesday, 8/5/2025
U.S. stock indexes slipped following the latest discouraging signal on the U.S. economy. The S&P 500 fell 0.5% Tuesday, coming off a whipsaw stretch where it followed its worst day since May with its best since May. The Dow Jones Industrial Average fell 0.1%, and the Nasdaq composite fell 0.7%. A weaker-than-expected report on activity for U.S. services businesses added to worries that President Donald Trump's tariffs may be hurting the economy. But hopes for coming cuts to interest rates by the Federal Reserve, along with a stream of stronger-than-expected profit reports from U.S. companies, helped keep the losses in check. On Tuesday: The S&P 500 fell 30.75 points, or 0.5%, to 6,299.19. The Dow Jones Industrial Average fell 61.90 points, or 0.1%, to 44,111.74. The Nasdaq composite fell 137.03 points, or 0.7%, to 20,916.55. The Russell 2000 index of smaller companies rose 13.37 points, or 0.6%, to 2,225.67. For the week: The S&P 500 is up 61.18 points, or 1%. The Dow is up 523.16 points, or 1.2%. The Nasdaq is up 266.42 points, or 1.3%. The Russell 2000 is up 58.89 points, or 2.7%. For the year: The S&P 500 is up 417.56 points, or 7.1%. The Dow is up 1,567.52 points, or 3.7%. The Nasdaq is up 1,605.76 points, or 8.3%. The Russell 2000 is down 4.49 points, or 0.2%. Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Trump's Fed chair shortlist: Why Bessent was ruled out
Yahoo Finance Senior Reporter Jennifer Schonberger joins Market Domination with Josh Lipton to give the latest updates on President Trump's shortlist for Federal Reserve chair. To watch more expert insights and analysis on the latest market action, check out more Market Domination. President Donald Trump says he is now narrow down the list of prospects for who could be the next Federal Reserve chair to four candidates. Not on that list, Treasury Secretary Scott Bessent. Trump told CNBC in an interview Tuesday morning, this morning that Bessent told him last night, he doesn't want the job for Fed chair and wants to stay where he is right now as Treasury Secretary. So who is on that short list? Well, the president said the two Kevins are doing well, implying that the former Fed governor Kevin Warsh and current director of the President's National Economic Council, Kevin Hassett are in the running. Both have advocated for lower interest rates, something the president wants. Meanwhile, Fed governor Chris Waller is also thought to be in the running. When asked about Waller, Trump didn't deny that Waller was among the four possible contenders. Waller dissented last policy meeting against holding rate steady, preferring to cut rates by 25 basis points instead. Now this news comes after Fed governor Adriana Kugler unexpectedly announced she's resigning effective this Friday, offering the president an opportunity to fill an open slot on the Federal Reserve Board of Governors when he's aggressively been pushing the central bank to lower interest rates. The president also noted he will announce a replacement for Kugler very shortly and then that person could go on to become the next Fed chair. He says he expects to make an announcement on the next Fed chair soon. Josh. And Jen, while we have you, how much would the person who fills Kugler's seat, how much would that tip the scales for a decision here? Honestly, Josh, it may not tip the scales all that much. We know that he's probably going to appoint a dove, someone who favors lower interest rates because he has been hammering the central bank for lower interest rates. But that would only give you officially three doves, right? Because we know Fed governors Waller and Bowman, both support cutting interest rates right now. Then you'd have the third person in place, but then you'd have the rest of the 19 member FOMC committee to contend with, and we know that the rest of those members remain in a wait and see mode. There are some that are more middle of the road, like San Francisco Fed president Mary Daly, who could be inclined to vote for a rate cut by September, though that remains to be seen based on the data, but it's not a slam dunk that one change in one position could alter the voting of the Federal Reserve. Related Videos Blade CEO talks Joby deal, helicopter business, eVTOL adoption How Wall Street & DC are reacting to Trump's BLS firing Trump to announce new Fed governor & BLS head this week The Fed is concerned. This economist explains exactly why. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
