China Chip Curb Revisions Could Preview More Rare Earths Trade
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Stock market today: Dow, S&P 500 stall, Nasdaq futures slip as Fed rate cut bets wane
US stock futures struggled on Wednesday as Wall Street braced for another inflation checkup after the latest consumer price reading spurred traders to pare bets on Federal Reserve interest-rate cuts. Dow Jones Industrial Average futures (YM=F) traded flat after the blue-chip index lost over 400 points in the prior session, while S&P 500 futures (ES=F) were also little changed. Those on the Nasdaq 100 (NQ=F) fell 0.3% after a tariff-fueled growth warning from chip gear maker ASML (ASML). Markets are reassessing in the wake of Tuesday's CPI report showing inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. That has led to more speculation that the Fed will stand pat on rates not just this month — an outcome that seems virtually guaranteed at this point — but also in September, even as President Trump pushes furiously for cuts. According to the CME Group, bets on a September cut are near 50-50, with bets on a hold surging over the last month. The moves weighed on Treasurys, with the 10-year yield (^TNX) rising to near 4.5% and the 30-year yield (^TYX) pushing past 5% for the first time since early June. Markets will get another inflation pulse check on Wednesday with the release of the Producer Price Index, which measures wholesale inflation before prices reach consumers. Like consumer prices, the PPI is expected to show a pickup in inflation last month. Read more: The latest on Trump's tariffs As the market attempts to digest the early effects of Trump's tariffs, he has plowed ahead with plans to impose increased duties next month on key trading partners, including the European Union, Canada, and Mexico. Trump announced Tuesday that the US had reached a deal with Indonesia as it continues talks. Read more: Full earnings coverage in our live blog Meanwhile, earnings season kicked off in earnest Tuesday with big banks reporting mixed results. Goldman Sachs (GS) and Morgan Stanley (MS) are up Wednesday, along with Johnson & Johnson (JNJ) and United Airlines (UAL). Yahoo Finance's Ben Wershkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Yahoo Finance's Ben Wershkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters 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
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TSX futures flat ahead of US inflation data
(Reuters) -Futures linked to Canada's benchmark index were flat on Wednesday as concerns about tariff-induced inflation weighed on the markets ahead of U.S. producer prices data due later in the day. Futures on the S&P/TSX index were unchanged at 1,607.9 points by 06:17 a.m. ET (1017 GMT). Trade tensions remained in focus after U.S. President Donald Trump announced a 19% tariff on Indonesian goods as part of a new deal, one of several agreements ahead of an August 1 deadline for broader tariff hikes. Investors will keep a close watch on the U.S. producer prices data due later in on Tuesday, searching for signs of rising costs at the factory gate. In the U.S., markets were cautious after Tuesday's inflation report that showed consumer prices picked up in June, likely marking the start of a long-anticipated tariff-induced increase in inflation. On Tuesday, data showed Canada's annual inflation rose to 1.9% in June from 1.7% in May. Money markets have largely priced out the chances of a rate cut at the Bank of Canada's next policy decision on July 30 in response to the inflation data as well as stronger-than-expected jobs data on Friday. [0#CADIRPR] Gold prices gained on Wednesday on a softer dollar. Oil prices, steadied. [O/R] [GOL/] In company news, Canadian gold and copper miner Aura Minerals said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. Toronto's benchmark S&P/TSX composite index pulled back on Tuesday from a record high as investors assessed U.S. bank earnings and the domestic inflation data. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report [.TO] Canadian dollar and bonds report [CAD/] [CA/] Reuters global stocks poll for Canada Canadian markets directory 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
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Nvidia's Huang says 'doing our best' to serve Chinese market
Nvidia CEO Jensen Huang said on Wednesday his firm was "doing our best" to serve China's vast market for semiconductors after it secured permission from the United States to sell chips to the world's second-largest economy. Nvidia last week became the first company to hit $4 trillion in market value -- a new milestone in Wall Street's bet that artificial intelligence will transform the global economy. The firm now has a market value greater than the GDP of France, Britain or India, a testament to investor confidence that AI will spur a new era of robotics and automation. But it has also found itself in the crosshairs of a brutal China-US battle for dominance in semiconductor production, vital to the manufacturing of smartphones, wind turbines, military equipment and other goods. In a rare concession, Nvidia said on Tuesday it will resume sales of its H20 AI chips to China after Washington pledged to remove licensing restrictions that had halted exports. Huang is in the Chinese capital this week to attend the China International Supply Chain Expo, a forum for the country to boost its image as the global defender of free trade in contrast to the tariff chaos sparked by US President Donald Trump. - China 'open and stable' - He told reporters at that expo that top officials, including Vice Premier He Lifeng, had assured him this week that China was "open and stable". They discussed "China welcoming foreign companies to invest here and build businesses here and that China is open and stable", he said. Huang also said he assured them his firm was keen to serve the massive Chinese market for microchips needed in everything from mobile phones to electric vehicles. "They want to know that Nvidia continues to invest here, that we are still doing our best to serve the market here," he said. Huang also addressed the expo's opening ceremony on Wednesday morning, when he hailed China's role in pioneering AI. "China's open-source AI is a catalyst for global progress, giving every country and industry a chance to join the AI revolution," he said in reference to Chinese AI startup DeepSeek. Huang also praised China's "super-fast" innovation, powered by its "researchers, developers and entrepreneurs". - Opening up - The California-based company produces some of the world's most advanced semiconductors but cannot ship its most cutting-edge chips to China due to concerns that Beijing could use them to enhance military capabilities. Nvidia developed the H20 -- a less powerful version of its AI processing units -- specifically for export to China. That plan stalled when the Trump administration tightened export licensing requirements in April. But Nvidia said this week Washington had told it that "licences will be granted, and Nvidia hopes to start deliveries soon". The announcement from Nvidia boosted tech firms around the world, with Wall Street's Nasdaq exchange rising to another record high. Asked on Wednesday about whether he had sought to sway Trump on export controls before heading to China, Huang said: "I don't think I changed his mind." "It's my job to inform the president about what I know very well, which is the technology industry, artificial intelligence," he told reporters. "This is a once-in-a-lifetime opportunity for America to have AI technology leadership," he said. Huang stressed that any discussion was between the Chinese and US governments and has "nothing to do with me". The tightened US export curbs come as China's economy wavers, with domestic consumers reluctant to spend and a prolonged property sector crisis weighing on growth. President Xi Jinping has called for greater self-reliance in the face of increasing external uncertainty. sam-pfc-oho/pbt/dhw 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
