CFRA hikes outlook for S&P 500 as stock market rises to new highs
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Bloomberg
32 minutes ago
- Bloomberg
Trump to Send Tariff Letters, Threatens Up to 70% Tariffs
President Donald Trump said his administration will start sending out letters to trading partners on Friday setting unilateral tariff rates, which countries would have to begin paying on August 1. Trump stated that about 10 or 12 letters would go out on Friday, with additional letters coming over the next few days, and that countries would be fully covered by July 9. Trump said that tariffs would range in value from 60 or 70% to 10 and 20%, and that countries would "start to pay on August 1" with the money going to the United States. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Valerie Tytel. (Source: Bloomberg)
Yahoo
37 minutes ago
- Yahoo
Markets' 90-day tariff pause rollercoaster nears an uncertain end
GDANSK/LONDON (Reuters) -The deadline U.S. President Donald Trump set for major trading partners to strike deals with Washington or face hefty tariffs expires next week, bringing to a close 90 days of volatility but leaving global investors in the dark over what will happen next. Trump's propensity to issue a threat, or impose a new tariff, only to reverse course shortly afterwards has led to turmoil over the past three months. Investors, however, have now become somewhat inured to this sort of policymaking on the fly. And, as a result, there is little evidence at this point that many are preparing for fireworks on July 9. Instead, most expect some kind of delay, pause or compromise. What that will look like, however, is anyone's guess. Here is a snapshot of where major markets are now, relative to where they were when Trump dropped his initial tariffs bombshell on April 2: TAKING STOCK OF STOCKS Global stock markets have staged a strong recovery following the intense volatility triggered by Trump's tariff announcement. The MSCI World index, which fell 10% between April 2 and April 9, the day Trump paused the tariffs, has hit successive record highs and gained over 11% since the original "Liberation Day" announcement. Global equities got another boost in May, when the U.S. and China reached a temporary truce, pausing many tariffs for another 90 days. Geopolitical tensions, including Israel's recent strikes on Iran and Washington's subsequent bombing of Iranian nuclear sites, briefly reined in sentiment but have not derailed the broader rally. The S&P 500, which had lagged other major equity markets earlier in the year, has closed those gaps, gaining over 10% since April 2, and is neck and neck with the MSCI all-country index, which excludes the United States. There's an important caveat, however. The S&P has only hit record highs in dollar terms. The weakness in the U.S. currency has eroded the returns for overseas investors. In euro or Swiss franc terms, for example, the index is still about 10% below February's record high, while in pounds, it's 7% below the sterling-denominated peak. DOLLAR DECLINE The U.S. dollar, widely regarded as the world's most powerful and stable currency, has suffered a knock to its reputation from Trump's tariffs and the subsequent 90-day pause. The dollar index, which reflects the U.S. currency's performance against a basket of six others including the euro and the Japanese yen, suffered its worst first half of the year since 1973, declining by approximately 11%. It has fallen by 6.6% since April 2 alone. Against the currencies of some of the United States' biggest trading partners, the decline has been even more marked. It has lost some 8% against the euro and the Mexican peso since then and 5% against the Canadian dollar. Vincent Mortier, the CIO of Europe's largest asset manager Amundi, said the euro has plenty more room to run, especially as U.S. debt worries are also driving the dollar down. "I won't be surprised if by the end of next year we start to revisit the $1.30 level," he said, highlighting that at its 2008 peak, the euro got as high as $1.60. FOR EXPORTERS, CERTAINTY IS THE PRIZE European shares have more than recovered losses suffered since Trump's "Liberation Day". But strength in the euro and anxiety over tariffs have kept them below March's record highs. Large exporting sectors such as pharma and autos, which make up around one-third of EU exports to the United States, have rebounded too, but have been more volatile. Brussels is reportedly open to a U.S. deal that would apply a universal 10% tariff on many of its exports, something several investors would view favourably should it be confirmed. Citi said markets risk being caught offside if tariffs are reimposed at 20% or reach 50%. "Trump is truly unpredictable, but if it's really around 10%, I think the markets will react very well," said Carlo Franchini, head of institutional clients at Banca Ifigest. The impact of the trade talks extends beyond Europe, however, with automakers in Japan also being watched. Citi's base case is for a sustained 25% tariff, while a surprise cut to 10% could unlock a 50% upside for Japanese auto stocks. ALL THAT GLITTERS Gold has featured as the hedge of choice against an array of risks, from tariff-induced inflation, to geopolitical risk and a shift away from the U.S. dollar. The price has hit record after record, rising 26% so far this year to around $3,330 an ounce. Gold has eclipsed bitcoin, which has gained about 14% year to date, and even Nvidia, the maker of chips that power AI capabilities, whose shares went parabolic last year and have risen about 18% this year. Since April 2, gold's ascent has gathered pace, fuelled by purchases from central banks, fund managers and even individuals. A survey by UBS Asset Management this week showed 39% of respondents said they planned to increase their gold holdings, compared with 15% last year. The independence of the Federal Reserve - whose chair, Jerome Powell, Trump has berated repeatedly for not cutting interest rates fast enough - is one of the key concerns cited in the survey.
Miami Herald
39 minutes ago
- Miami Herald
Is Publix open on the 4th of July?
The 4th of July is known for BBQs, picnic food, and fireworks. As a bonus, the holiday falls on a Friday this year, providing a perfect opportunity for long celebrations and late nights with family and friends, or even the chance to travel since you have a three-day weekend if your employer gives you the 4th of July off. Don't miss the move: Subscribe to TheStreet's free daily newsletter But what if you forget your picnic staples and don't have the potato salad you were assigned to bring, the rolls for the hot dogs, or ketchup? You'll need to find a store to stock up on the things you're missing. If you live in the Southeast, Publix may be your store of choice. The beloved supermarket has locations in Alabama, Florida, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, and Virginia. The big question is, will Publix be open on the 4th of July if you discover yourself in need of some additional items to make your day as festive and as fun as possible? Here's what you need to know about the Independence Day story hours at Publix stores. Image source: Uzcategui/Bloomberg via Getty Images The good news for Publix fans is that the store is not going to let you down on Independence Day. Publix is absolutely going to be open for the 4th of July. Related: TSA issues travel alert for 4th of July weekend In fact, Publix should be open for its normal hours, which vary by store but which are usually 7 a.m. to either 9 p.m. or (more commonly) 10 p.m. There are typically no adjustments to this normal schedule on the 4th of July. More Retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers Publix liquor stores will also be open for the holiday, although Publix pharmacies will be closed, so be sure that you aren't counting on picking up your prescriptions on the holiday. Although Publix does not close for the 4th of July, there are a few holidays on which the store does shut down. In fact, there are three: ThanksgivingChristmasEaster Since the first of those days will not take place until November, you don't have to worry about your Publix being closed for a while. If you need something on the 4th of July, feel free to head over to your local store during normal business hours. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
