Australia unexpectedly holds policy rate as it awaits more inflation data
Economists polled by Reuters had been expecting a cut of 25 basis points to 3.6%.
In its statement Tuesday, the Reserve Bank of Australia said it was waiting for "a little more information to confirm that inflation remains on track to reach 2.5 per cent on a sustainable basis."
"While recent monthly CPI Indicator data suggest that June quarter inflation is likely to be broadly in line with the forecast, they were, at the margin, slightly stronger than expected," the central bank added.
Australia's inflation came in below expectations at 2.1% in May, the lowest since October 2024. In the first quarter, inflation was at 2.4%, staying at a four-year low.
Just after the data release, the S&P/ASX 200 index fell 0.24%, while the Australian dollar strengthened 0.79%.
Australia is currently struggling with a growth slowdown as public spending shrinks and as consumer demand and exports weaken.
The country recorded a 1.3% expansion in the first quarter of the year, missing Reuters poll expectations of 1.5%.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq steady as Trump says he won't extend August 1 tariff deadline
US stocks were little changed on Tuesday as Wall Street weighed President Trump's threat of stiff tariffs on key trading partners against his three-week reprieve on the return of sweeping "Liberation Day" duties. The S&P 500 (^GSPC) hovered near the flatlne, while the Dow Jones Industrial Average (^DJI) was down 0.1% at last check. The tech-heavy Nasdaq Composite (^IXIC) rose slightly, on the heels of a losing start to the week for the major gauges. Stocks are treading water as markets search for the positive in Trump's latest trade policy shifts. He has moved his July 9 deadline for the resumption of "reciprocal" tariff rates to Aug. 1, giving countries three extra weeks to negotiate trade deals with the US. On Tuesday morning, Trump said there would be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs, as his administration continues sending letters to foreign officials notifying them of the rates on imported goods. His comments come amid investor speculation that Trump might once again delay the timeline in what has been dubbed the "TACO" trade — the idea that "Trump always chickens out," or that he will eventually dial back on his trade threats. Read more: The latest on Trump's tariffs Stock benchmarks in Japan and South Korea closed higher on Tuesday, despite Trump's threat to start imposing 25% duties on imports from those countries in August. Another 12 US trading partners received letters laying out tariffs of up to 40% on Monday, with Malaysia, South Africa, and Indonesia among them. In corporate news, Amazon (AMZN) shares slid around 2% as its Prime Day deals kicked off. The e-commerce giant has extended the event to four days this year, with investors on watch for signs that tariff costs are pushing up price tags. Elsewhere, Wall Street expects a quiet week in terms of economic releases and earnings. Minutes from the Federal Reserve's June meeting are due on Wednesday, while Delta's (DAL) results on Thursday signal the return of earnings season. Uber (UBER) shares briefly touched another intraday record on Tuesday before retreating. The stock was down more than 1% by mid-session on Tuesday. Shares of the ride-hailing company have been on a tear this year, gaining more than 60% and closing at an all-time high on Monday. Tesla's (TSLA) muted response to its robotaxis event in Texas two weeks ago could be helping the stock. Uber and Alphabet's (GOOG, GOOGL) Waymo have expanded their partnership to offer autonomous ride hailing services in Atlanta and Austin. President Trump said there will be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs, as his administration continues sending letters to foreign officials notifying them of the new import duties. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change," wrote Trump on social media. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted," he added. His comments come amid investor speculation that Trump might once again delay the timeline, following a previous pause days after April's Liberation Day, when he announced a broad reciprocal tariff plan targeting US trading partners. Circle (CRCL) shares dipped as much as 4% before paring losses on Tuesday after a Wall Street analyst flagged growing risks from rising competition and looming interest-rate cuts that could take a bite out of the stablecoin issuer's revenue. The stock has surged more than 500% since Circle's public debut last month at $31 per share, buoyed by optimism around the broader adoption of asset-backed digital tokens. But Mizuho analysts pushed back on the bullish outlook, initiating coverage with an Underperform rating and a $85 price target, compared with its recent levels above $200 a share. Circle makes much of its money from interest income — specifically from the short-term treasury bills that underpin its stablecoin, USDC. "We believe consensus does not fully account for looming interest rate cuts, and also overstates USDC's medium-term growth potential," wrote Mizuho managing director Dan Dolev and his team. Dolev also pointed to rising distribution costs as Circle shares a portion of its reserve income partners like Coinbase (COIN). The analysts also pointed out last months' passage of the GENIUS Act, legislation aimed at creating regulatory guardrails for the industry, could be the catalyst that brings competing stablecoins to the market. Stocks were little changed Tuesday as investors awaited further trade developments after President Trump sent tariff letters to 14 countries and extended his deadline for "reciprocal" tariff rates from July 9 to August 1, giving trading partners three more weeks to negotiate. The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) edged up 0.3%, on the heels of a losing start to the week for the major gauges. Tesla stock (TSLA) rose 1% after sinking more than 6% in the prior session as CEO Elon Musk announced his intention to start a new third political party in the US. Tesla stock (TSLA) rose 1% in premarket trading on Tuesday. However, it remains below the key 50-day, 100-day, and 200-day moving averages, according to Yahoo Finance analysis. Yahoo Finance's Brian Sozzi writes: Read more here. Reuters reports: Read more here. Solar stocks fell in premarket trading on Tuesday after President Trump issued an executive order directing federal agencies to strictly enforce provisions in the "big, beautiful bill" that would end clean energy subsidies. Under the law and Trump's executive order, only projects that have "a substantial portion of a subject facility" built in the next 12 months can claim tax credits, and the projects must be in service by 2027. Trump also directed the heads of Treasury and Interior to write new guidance in the next 45 days. Sunrun (RUN) fell 7.2%, Enphase (ENPH) dropped 3.4%, and First Solar (FSLR) was down 2.7%. NextEra Energy (NEE) and AES (AES) slid 2.3%. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Meta (META) has hired Ruoming Pang, the head of Apple's (AAPL) artificial intelligence models team, in another setback for the iPhone maker's AI push. Pang is the latest big hire in Meta CEO Mark Zuckerberg's fierce AI headhunting spree, and he was offered a package worth tens of millions of dollars to lure him away from Apple, sources told Bloomberg. Bloomberg reports: Read more here. Earnings: No notable earnings releases. Economic data: NFIB small business optimism (June); NY Fed 1-year inflation expectations (June) Here are some of the biggest stories you may have missed overnight and early this morning: Trump's new tariffs are nearly identical to 'Liberation Day' rates Here's who will benefit most from the Trump tax bill's new SALT cap China warns Trump on tariffs, threatens supply chain payback Apple loses top AI models exec to Meta Japan, South Korea stocks gain as Trump extends tariff deadline Chipmakers may face serious disruption in copper supply: PwC EU rushes to conclude framework trade deal with US Goldman lifts S&P 500 forecasts, sees 6,600 by year's end Here are some top stocks trending on Yahoo Finance in premarket trading: First Solar (FSLR) shares fell 2% on Tuesday before the bell following the announcement on Monday that President Trump's "big, beautiful bill" will end clean energy subsidies for companies like First Solar. Battery provider, SolarEdge Technologies (SEDG), fell 4% and Enphase Energy (ENPH) also dropped 4%. Tesla (TSLA) stock rebounded on Tuesday and was up 1% in premarket trading after closing 6% down on Monday. CEO Elon Musk announced he plans to continue in politics by making the "America Party," despite calls from investors to refocus on running his company. Alaska Airlines (AAL) stock rose 3% after the airline received a positive earnings preview. UBS Securities said in an earnings preview Monday that it expects Alaska Airlines' second quarter earnings per share to be in line with company guidance due to demand stabilizing. Japan and South Korea's stock benchmarks edged higher on Tuesday, despite President Trump's threat of 25% tariff rates in letters sent to the top US trading partners. Analysts suggest markets are cautiously hopeful that the countries can hammer out a trade deal with the US, as Trump has given more breathing space by pushing back the start of tariffs to Aug. 1. Reuters reports: Read more here. Oil dipped early Tuesday morning as investors eyed the impacts of Trump's fast-approaching tariffs, despite the deadline for implementation being pushed until August. In combination with tariff speculation, OPEC+ announced a decision to increase supply in August, further lowering the price of the commodity. Bloomberg reports: Read more here. Uber (UBER) shares briefly touched another intraday record on Tuesday before retreating. The stock was down more than 1% by mid-session on Tuesday. Shares of the ride-hailing company have been on a tear this year, gaining more than 60% and closing at an all-time high on Monday. Tesla's (TSLA) muted response to its robotaxis event in Texas two weeks ago could be helping the stock. Uber and Alphabet's (GOOG, GOOGL) Waymo have expanded their partnership to offer autonomous ride hailing services in Atlanta and Austin. President Trump said there will be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs, as his administration continues sending letters to foreign officials notifying them of the new import duties. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change," wrote Trump on social media. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted," he added. His comments come amid investor speculation that Trump might once again delay the timeline, following a previous pause days after April's Liberation Day, when he announced a broad reciprocal tariff plan targeting US trading partners. Circle (CRCL) shares dipped as much as 4% before paring losses on Tuesday after a Wall Street analyst flagged growing risks from rising competition and looming interest-rate cuts that could take a bite out of the stablecoin issuer's revenue. The stock has surged more than 500% since Circle's public debut last month at $31 per share, buoyed by optimism around the broader adoption of asset-backed digital tokens. But Mizuho analysts pushed back on the bullish outlook, initiating coverage with an Underperform rating and a $85 price target, compared with its recent levels above $200 a share. Circle makes much of its money from interest income — specifically from the short-term treasury bills that underpin its stablecoin, USDC. "We believe consensus does not fully account for looming interest rate cuts, and also overstates USDC's medium-term growth potential," wrote Mizuho managing director Dan Dolev and his team. Dolev also pointed to rising distribution costs as Circle shares a portion of its reserve income partners like Coinbase (COIN). The analysts also pointed out last months' passage of the GENIUS Act, legislation aimed at creating regulatory guardrails for the industry, could be the catalyst that brings competing stablecoins to the market. Stocks were little changed Tuesday as investors awaited further trade developments after President Trump sent tariff letters to 14 countries and extended his deadline for "reciprocal" tariff rates from July 9 to August 1, giving trading partners three more weeks to negotiate. The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) edged up 0.3%, on the heels of a losing start to the week for the major gauges. Tesla stock (TSLA) rose 1% after sinking more than 6% in the prior session as CEO Elon Musk announced his intention to start a new third political party in the US. Tesla stock (TSLA) rose 1% in premarket trading on Tuesday. However, it remains below the key 50-day, 100-day, and 200-day moving averages, according to Yahoo Finance analysis. Yahoo Finance's Brian Sozzi writes: Read more here. Reuters reports: Read more here. Solar stocks fell in premarket trading on Tuesday after President Trump issued an executive order directing federal agencies to strictly enforce provisions in the "big, beautiful bill" that would end clean energy subsidies. Under the law and Trump's executive order, only projects that have "a substantial portion of a subject facility" built in the next 12 months can claim tax credits, and the projects must be in service by 2027. Trump also directed the heads of Treasury and Interior to write new guidance in the next 45 days. Sunrun (RUN) fell 7.2%, Enphase (ENPH) dropped 3.4%, and First Solar (FSLR) was down 2.7%. NextEra Energy (NEE) and AES (AES) slid 2.3%. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Meta (META) has hired Ruoming Pang, the head of Apple's (AAPL) artificial intelligence models team, in another setback for the iPhone maker's AI push. Pang is the latest big hire in Meta CEO Mark Zuckerberg's fierce AI headhunting spree, and he was offered a package worth tens of millions of dollars to lure him away from Apple, sources told Bloomberg. Bloomberg reports: Read more here. Earnings: No notable earnings releases. Economic data: NFIB small business optimism (June); NY Fed 1-year inflation expectations (June) Here are some of the biggest stories you may have missed overnight and early this morning: Trump's new tariffs are nearly identical to 'Liberation Day' rates Here's who will benefit most from the Trump tax bill's new SALT cap China warns Trump on tariffs, threatens supply chain payback Apple loses top AI models exec to Meta Japan, South Korea stocks gain as Trump extends tariff deadline Chipmakers may face serious disruption in copper supply: PwC EU rushes to conclude framework trade deal with US Goldman lifts S&P 500 forecasts, sees 6,600 by year's end Here are some top stocks trending on Yahoo Finance in premarket trading: First Solar (FSLR) shares fell 2% on Tuesday before the bell following the announcement on Monday that President Trump's "big, beautiful bill" will end clean energy subsidies for companies like First Solar. Battery provider, SolarEdge Technologies (SEDG), fell 4% and Enphase Energy (ENPH) also dropped 4%. Tesla (TSLA) stock rebounded on Tuesday and was up 1% in premarket trading after closing 6% down on Monday. CEO Elon Musk announced he plans to continue in politics by making the "America Party," despite calls from investors to refocus on running his company. Alaska Airlines (AAL) stock rose 3% after the airline received a positive earnings preview. UBS Securities said in an earnings preview Monday that it expects Alaska Airlines' second quarter earnings per share to be in line with company guidance due to demand stabilizing. Japan and South Korea's stock benchmarks edged higher on Tuesday, despite President Trump's threat of 25% tariff rates in letters sent to the top US trading partners. Analysts suggest markets are cautiously hopeful that the countries can hammer out a trade deal with the US, as Trump has given more breathing space by pushing back the start of tariffs to Aug. 1. Reuters reports: Read more here. Oil dipped early Tuesday morning as investors eyed the impacts of Trump's fast-approaching tariffs, despite the deadline for implementation being pushed until August. In combination with tariff speculation, OPEC+ announced a decision to increase supply in August, further lowering the price of the commodity. Bloomberg reports: Read more here. 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
Yahoo
13 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq little changed as Trump's deadline delay gives hope of trade deals
US stocks were little changed on Tuesday as Wall Street weighed President Trump's threat of stiff tariffs on key trading partners against his reprieve on the return of sweeping "Liberation Day" duties. The S&P 500 (^GSPC) hovered near the flatlne, while the Dow Jones Industrial Average (^DJI) was down 0.1% at last check. The tech-heavy Nasdaq Composite (^IXIC) rose slightly, on the heels of a losing start to the week for the major gauges. Stocks are treading water as markets search for the positive in Trump's latest trade policy shifts. He has moved his July 9 deadline for the resumption of "reciprocal" tariff rates to Aug. 1, giving countries three extra weeks to negotiate trade deals with the US. The president said late Monday that the Aug. 1 deadline was "firm, but not 100% firm" and that he's open to extensions if countries make proposals. That provided fuel for the "TACO" trade — the idea that "Trump always chickens out," or that he will eventually dial back on his trade threats. Read more: The latest on Trump's tariffs Stock benchmarks in Japan and South Korea closed higher on Tuesday, despite Trump's threat to start imposing 25% duties on imports from those countries in August. Another 12 US trading partners received letters laying out tariffs of up to 40% on Monday, with Malaysia, South Africa, and Indonesia among them. The letters said the rates could be adjusted if countries tailor their trade policies as the US wants. In response, South Korea said it would kick trade negotiations with the US into high gear, adding that it considered the new date an extension of a grace period. "The president may send more letters in the coming days and weeks," the White House said in a statement. Meanwhile, Amazon (AMZN) shares slid around 2% as its Prime Day deals kicked off. The e-commerce giant has extended the event to four days this year, with investors on watch for signs that tariff costs are pushing up price tags. Elsewhere, Wall Street expects a quiet week in terms of economic releases and earnings. Minutes from the Federal Reserve's June meeting are due on Wednesday, while Delta's (DAL) results on Thursday signal the return of earnings season. Uber (UBER) shares briefly touched another intraday record on Tuesday before retreating. The stock was down more than 1% by mid-session on Tuesday. Shares of the ride-hailing company have been on a tear this year, gaining more than 60% and closing at an all-time high on Monday. Tesla's (TSLA) muted response to its robotaxis event in Texas two weeks ago could be helping the stock. Uber and Alphabet's (GOOG, GOOGL) Waymo have expanded their partnership to offer autonomous ride hailing services in Atlanta and Austin. President Trump said there will be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs, as his administration continues sending letters to foreign officials notifying them of the new import duties. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change," wrote Trump on social media. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted," he added. His comments come amid investor speculation that Trump might once again delay the timeline, following a previous pause days after April's Liberation Day, when he announced a broad reciprocal tariff plan targeting US trading partners. Circle (CRCL) shares dipped as much as 4% before paring losses on Tuesday after a Wall Street analyst flagged growing risks from rising competition and looming interest-rate cuts that could take a bite out of the stablecoin issuer's revenue. The stock has surged more than 500% since Circle's public debut last month at $31 per share, buoyed by optimism around the broader adoption of asset-backed digital tokens. But Mizuho analysts pushed back on the bullish outlook, initiating coverage with an Underperform rating and a $85 price target, compared with its recent levels above $200 a share. Circle makes much of its money from interest income — specifically from the short-term treasury bills that underpin its stablecoin, USDC. "We believe consensus does not fully account for looming interest rate cuts, and also overstates USDC's medium-term growth potential," wrote Mizuho managing director Dan Dolev and his team. Dolev also pointed to rising distribution costs as Circle shares a portion of its reserve income partners like Coinbase (COIN). The analysts also pointed out last months' passage of the GENIUS Act, legislation aimed at creating regulatory guardrails for the industry, could be the catalyst that brings competing stablecoins to the market. Stocks were little changed Tuesday as investors awaited further trade developments after President Trump sent tariff letters to 14 countries and extended his deadline for "reciprocal" tariff rates from July 9 to August 1, giving trading partners three more weeks to negotiate. The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) edged up 0.3%, on the heels of a losing start to the week for the major gauges. Tesla stock (TSLA) rose 1% after sinking more than 6% in the prior session as CEO Elon Musk announced his intention to start a new third political party in the US. Tesla stock (TSLA) rose 1% in premarket trading on Tuesday. However, it remains below the key 50-day, 100-day, and 200-day moving averages, according to Yahoo Finance analysis. Yahoo Finance's Brian Sozzi writes: Read more here. Reuters reports: Read more here. Solar stocks fell in premarket trading on Tuesday after President Trump issued an executive order directing federal agencies to strictly enforce provisions in the "big, beautiful bill" that would end clean energy subsidies. Under the law and Trump's executive order, only projects that have "a substantial portion of a subject facility" built in the next 12 months can claim tax credits, and the projects must be in service by 2027. Trump also directed the heads of Treasury and Interior to write new guidance in the next 45 days. Sunrun (RUN) fell 7.2%, Enphase (ENPH) dropped 3.4%, and First Solar (FSLR) was down 2.7%. NextEra Energy (NEE) and AES (AES) slid 2.3%. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Meta (META) has hired Ruoming Pang, the head of Apple's (AAPL) artificial intelligence models team, in another setback for the iPhone maker's AI push. Pang is the latest big hire in Meta CEO Mark Zuckerberg's fierce AI headhunting spree, and he was offered a package worth tens of millions of dollars to lure him away from Apple, sources told Bloomberg. Bloomberg reports: Read more here. Earnings: No notable earnings releases. Economic data: NFIB small business optimism (June); NY Fed 1-year inflation expectations (June) Here are some of the biggest stories you may have missed overnight and early this morning: Trump's new tariffs are nearly identical to 'Liberation Day' rates Here's who will benefit most from the Trump tax bill's new SALT cap China warns Trump on tariffs, threatens supply chain payback Apple loses top AI models exec to Meta Japan, South Korea stocks gain as Trump extends tariff deadline Chipmakers may face serious disruption in copper supply: PwC EU rushes to conclude framework trade deal with US Goldman lifts S&P 500 forecasts, sees 6,600 by year's end Here are some top stocks trending on Yahoo Finance in premarket trading: First Solar (FSLR) shares fell 2% on Tuesday before the bell following the announcement on Monday that President Trump's "big, beautiful bill" will end clean energy subsidies for companies like First Solar. Battery provider, SolarEdge Technologies (SEDG), fell 4% and Enphase Energy (ENPH) also dropped 4%. Tesla (TSLA) stock rebounded on Tuesday and was up 1% in premarket trading after closing 6% down on Monday. CEO Elon Musk announced he plans to continue in politics by making the "America Party," despite calls from investors to refocus on running his company. Alaska Airlines (AAL) stock rose 3% after the airline received a positive earnings preview. UBS Securities said in an earnings preview Monday that it expects Alaska Airlines' second quarter earnings per share to be in line with company guidance due to demand stabilizing. Japan and South Korea's stock benchmarks edged higher on Tuesday, despite President Trump's threat of 25% tariff rates in letters sent to the top US trading partners. Analysts suggest markets are cautiously hopeful that the countries can hammer out a trade deal with the US, as Trump has given more breathing space by pushing back the start of tariffs to Aug. 1. Reuters reports: Read more here. Oil dipped early Tuesday morning as investors eyed the impacts of Trump's fast-approaching tariffs, despite the deadline for implementation being pushed until August. In combination with tariff speculation, OPEC+ announced a decision to increase supply in August, further lowering the price of the commodity. Bloomberg reports: Read more here. Uber (UBER) shares briefly touched another intraday record on Tuesday before retreating. The stock was down more than 1% by mid-session on Tuesday. Shares of the ride-hailing company have been on a tear this year, gaining more than 60% and closing at an all-time high on Monday. Tesla's (TSLA) muted response to its robotaxis event in Texas two weeks ago could be helping the stock. Uber and Alphabet's (GOOG, GOOGL) Waymo have expanded their partnership to offer autonomous ride hailing services in Atlanta and Austin. President Trump said there will be no extension beyond the Aug. 1 deadline, when countries are expected to begin paying tariffs, as his administration continues sending letters to foreign officials notifying them of the new import duties. "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change," wrote Trump on social media. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted," he added. His comments come amid investor speculation that Trump might once again delay the timeline, following a previous pause days after April's Liberation Day, when he announced a broad reciprocal tariff plan targeting US trading partners. Circle (CRCL) shares dipped as much as 4% before paring losses on Tuesday after a Wall Street analyst flagged growing risks from rising competition and looming interest-rate cuts that could take a bite out of the stablecoin issuer's revenue. The stock has surged more than 500% since Circle's public debut last month at $31 per share, buoyed by optimism around the broader adoption of asset-backed digital tokens. But Mizuho analysts pushed back on the bullish outlook, initiating coverage with an Underperform rating and a $85 price target, compared with its recent levels above $200 a share. Circle makes much of its money from interest income — specifically from the short-term treasury bills that underpin its stablecoin, USDC. "We believe consensus does not fully account for looming interest rate cuts, and also overstates USDC's medium-term growth potential," wrote Mizuho managing director Dan Dolev and his team. Dolev also pointed to rising distribution costs as Circle shares a portion of its reserve income partners like Coinbase (COIN). The analysts also pointed out last months' passage of the GENIUS Act, legislation aimed at creating regulatory guardrails for the industry, could be the catalyst that brings competing stablecoins to the market. Stocks were little changed Tuesday as investors awaited further trade developments after President Trump sent tariff letters to 14 countries and extended his deadline for "reciprocal" tariff rates from July 9 to August 1, giving trading partners three more weeks to negotiate. The S&P 500 (^GSPC) rose 0.1%. The Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) edged up 0.3%, on the heels of a losing start to the week for the major gauges. Tesla stock (TSLA) rose 1% after sinking more than 6% in the prior session as CEO Elon Musk announced his intention to start a new third political party in the US. Tesla stock (TSLA) rose 1% in premarket trading on Tuesday. However, it remains below the key 50-day, 100-day, and 200-day moving averages, according to Yahoo Finance analysis. Yahoo Finance's Brian Sozzi writes: Read more here. Reuters reports: Read more here. Solar stocks fell in premarket trading on Tuesday after President Trump issued an executive order directing federal agencies to strictly enforce provisions in the "big, beautiful bill" that would end clean energy subsidies. Under the law and Trump's executive order, only projects that have "a substantial portion of a subject facility" built in the next 12 months can claim tax credits, and the projects must be in service by 2027. Trump also directed the heads of Treasury and Interior to write new guidance in the next 45 days. Sunrun (RUN) fell 7.2%, Enphase (ENPH) dropped 3.4%, and First Solar (FSLR) was down 2.7%. NextEra Energy (NEE) and AES (AES) slid 2.3%. Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Meta (META) has hired Ruoming Pang, the head of Apple's (AAPL) artificial intelligence models team, in another setback for the iPhone maker's AI push. Pang is the latest big hire in Meta CEO Mark Zuckerberg's fierce AI headhunting spree, and he was offered a package worth tens of millions of dollars to lure him away from Apple, sources told Bloomberg. Bloomberg reports: Read more here. Earnings: No notable earnings releases. Economic data: NFIB small business optimism (June); NY Fed 1-year inflation expectations (June) Here are some of the biggest stories you may have missed overnight and early this morning: Trump's new tariffs are nearly identical to 'Liberation Day' rates Here's who will benefit most from the Trump tax bill's new SALT cap China warns Trump on tariffs, threatens supply chain payback Apple loses top AI models exec to Meta Japan, South Korea stocks gain as Trump extends tariff deadline Chipmakers may face serious disruption in copper supply: PwC EU rushes to conclude framework trade deal with US Goldman lifts S&P 500 forecasts, sees 6,600 by year's end Here are some top stocks trending on Yahoo Finance in premarket trading: First Solar (FSLR) shares fell 2% on Tuesday before the bell following the announcement on Monday that President Trump's "big, beautiful bill" will end clean energy subsidies for companies like First Solar. Battery provider, SolarEdge Technologies (SEDG), fell 4% and Enphase Energy (ENPH) also dropped 4%. Tesla (TSLA) stock rebounded on Tuesday and was up 1% in premarket trading after closing 6% down on Monday. CEO Elon Musk announced he plans to continue in politics by making the "America Party," despite calls from investors to refocus on running his company. Alaska Airlines (AAL) stock rose 3% after the airline received a positive earnings preview. UBS Securities said in an earnings preview Monday that it expects Alaska Airlines' second quarter earnings per share to be in line with company guidance due to demand stabilizing. Japan and South Korea's stock benchmarks edged higher on Tuesday, despite President Trump's threat of 25% tariff rates in letters sent to the top US trading partners. Analysts suggest markets are cautiously hopeful that the countries can hammer out a trade deal with the US, as Trump has given more breathing space by pushing back the start of tariffs to Aug. 1. Reuters reports: Read more here. Oil dipped early Tuesday morning as investors eyed the impacts of Trump's fast-approaching tariffs, despite the deadline for implementation being pushed until August. In combination with tariff speculation, OPEC+ announced a decision to increase supply in August, further lowering the price of the commodity. Bloomberg reports: Read more here.
Yahoo
21 minutes ago
- Yahoo
S&P/TSX composite down more than 100 points, U.S. stock markets also head lower
TORONTO — Canada's main stock index fell more than 100 points, weighed down by losses in the technology sector, while U.S. stock markets also fell. The S&P/TSX composite index was down 129.73 points at 26,890.55. In New York, the Dow Jones industrial average was down 147.92 points at 44,258.44. The S&P 500 index was down 7.61 points at 6,222.37, while the Nasdaq composite was down 7.41 points at 20,405.11. The Canadian dollar traded for 73.10 cents US compared with 73.23 cents US on Monday. The August crude oil contract was up 15 cents US at US$68.08 per barrel. The August gold contract was down US$39.70 at US$3,303.10 an ounce. This report by The Canadian Press was first published July 8, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press Sign in to access your portfolio
