Manic Monday Looks Like the End of the Beginning
Call it Manic Monday. The US stock market started with another vertiginous crash, with the Nasdaq 100 dropping 4.5% at the open. Then it surged 9.4% on a story the White House swiftly denied that the administration was seriously considering a delay to tariffs to allow for negotiations. Then it fell 6.2%. That was all in the first hour of trading. The index ended the day up a mere 0.2%:
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Wall Street extends records, labor market shows resilience in June: This week in markets
Wall Street powered through the shortened holiday week, with both the S&P 500 and the Nasdaq 100 climbing to fresh record highs, as upbeat economic data and major policy shifts helped fuel investor confidence. Optimism got an extra boost after President Donald Trump announced a surprise trade deal with Vietnam. Under the agreement, Vietnam will impose a 20% tariff on all its exports to the U.S. and a 40% tariff on transshipped goods, while granting full access to American firms seeking entry into the Vietnamese market. In Washington, the Senate narrowly passed the 'One Big Beautiful Bill Act' on July 1 in a 51–50 vote, with Vice President JD Vance breaking the tie. The House passed the bill on July 3 in a 218-214 vote. Labor market data surpassed expectations: Nonfarm payrolls rose by 147,000 in June, exceeding the projection of 110,000 and marking the strongest month of 2025. The unemployment rate dropped to 4.1%, defying forecasts for a rise to 4.3% and hitting its lowest level since January. A big surprise came from government hiring, which added 73,000 jobs — the largest jump since March 2023. On the industrial side, new orders for U.S. manufactured goods jumped 8.2% in May to $642 billion. This was the largest monthly surge since 2014 and the third-largest on record, as firms moved quickly to capitalize on the temporary suspension of 'Liberation Day' tariffs. More: Are the stock markets closed on the Fourth of July? When trading is halted More: Rocket completes purchase of real estate site Redfin This economic resilience complicates the Federal Reserve's outlook for near-term rate cuts. Chair Jerome Powell said the door remains open for a potential rate cut at the July 30 meeting, though he emphasized the importance of incoming data. Yet, after the robust jobs report, market-based odds for a cut fell sharply to just 7%. In tech news, Microsoft Corp. announced a new round of layoffs affecting 9,000 employees — about 4% of its global workforce. Michigan-based automakers were among the week's top gainers. Ford Motor Co. jumped 10% this past week after reporting a 14% year-over-year increase in second-quarter U.S. vehicle sales, reaching 612,095 units. The surge was led by strong demand for its Maverick and F-Series pickup trucks. General Motors Corp. also impressed investors, posting a 7% rise in quarterly sales to 746,588 vehicles. Gains were led by Chevrolet, GMC, Cadillac and Buick brands. Benzinga is a financial news and data company headquartered in Detroit. This article originally appeared on Detroit Free Press: Wall Street extends records, labor market shows resilience in June Sign in to access your portfolio
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a day ago
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Stock Market News Review: SPY, QQQ Drop on Renewed Tariff Fears; Powell Resignation Rumors
Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) closed the Friday trading session in the red as tariff fears returned to the market. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. President Trump has slapped Canada with a 35% tariff, effective August 1. The steep rate is a step above Canada's reciprocal tariff of 26% announced on April 2. 'If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter,' said Trump. In an X post, Canadian Prime Minister Mark Carney said that Canada would continue its efforts to stop the spread of the deadly drug. Additionally, Trump is considering imposing a blanket tariff of 15% or 20%, up from 10%. He reiterated his belief that the tariffs won't increase inflation and cited all-time highs in the stock market. U.S. yearly tariff revenue has surpassed $100 billion for the first time, with three months still remaining in fiscal year 2025. Tariff revenue was $27.2 billion in June, bringing the yearly total to $113 billion. The monthly average tariff revenue in 2024 was $7.2 billion. On top of that, the U.S. recorded a $27 billion surplus in June compared to $71 billion deficit a year ago. Meanwhile, U.S. Secretary of State Marco Rubio met with Chinese Minister of Foreign Affairs Wang Yi on Friday at the 58th ASEAN Foreign Ministers' Meeting in Kuala Lumpur. Both parties concluded that the meeting was 'positive, pragmatic, and constructive.' They also agreed that a meeting between Trump and Chinese President Xi Jinping would be beneficial for both countries. The U.S. and India are also making trade progress with the U.S. considering a less than 20% baseline tariff on imported Indian goods, according to Bloomberg. India doesn't expect to receive a tariff notification letter and believes that the U.S. will announce the deal, said people close to the situation. The timing of the announcement remains unclear. Finally, Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an eye-catching statement near the market close. 'I'm encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom,' said Pulte. However, there are no confirmed reports that Powell intends to resign.
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Stocks See Support from Airline Stocks but Trade Uncertainty Persists
The S&P 500 Index ($SPX) (SPY) today is up +0.10%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.41%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.34%. September E-mini S&P futures (ESU25) are up +0.13%, and September E-mini Nasdaq futures (NQU25) are down -0.33%. Stocks today are mixed. Strength in airline stocks is positive for the broader market, with Delta Air Lines jumping more than +12% after restoring its full-year guidance. Stocks also found support after today's US weekly initial unemployment report showed jobless claims unexpectedly fell to an 8-week low, a sign that the US labor market remains strong. This Underdog AI Stock Just Got a New Street-High Price Target Texas Just Passed Quantum Computing Legislation. How Should You Play IONQ Stock Here? 'The Most Patriotic Thing You Can Do Is Not Pay the IRS' Says Grant Cardone as OBBBA Signed into Law — Here's How Much You'll Save Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. Stocks continue to see downward pressure due to uncertainty about President Trump's trade policies. On Wednesday, President Trump issued a new set of tariff demands on several countries, including a 50% tariff rate on Brazil. Mr. Trump also confirmed that the US will begin levying a 50% tariff on copper imports, effective August 1. Higher T-note yields are also weighing on stocks today, with the 10-year T-note yield up +3 bp to 4.36%. President Trump has vowed to push forward with his aggressive tariff regime, stressing he would not offer additional extensions on country-specific tariffs set to take effect on August 1. Mr. Trump also stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year. In addition, despite stating that the US was close to a trade deal with India, Mr. Trump said he would still impose a 10% tariff on India's goods for their participation in BRICS, a group of developing nations he claimed were 'set up to hurt' the US. US weekly initial unemployment claims unexpectedly fell -5,000 to an 8-week low of 227,000, showing a stronger labor market than expectations of an increase to 235,000. However, weekly continuing claims rose +10,000 to a 3.5-year high of 1.965 million, right on expectations and a sign that out-of-work Americans are finding it difficult to secure a new job. Comments today from St. Louis Fed President Musalem were slightly hawkish, as he noted that he sees upside risks to inflation, but it is too early to determine whether tariffs will have a persistent impact on prices. Another hurdle for stocks is the upcoming earnings season, which begins this week. Bloomberg Intelligence data show that the consensus for Q2 earnings of S&P 500 companies is for a rise of +2.8% year-over-year, the smallest increase in two years. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research. Federal funds futures prices are discounting the chances at 7% for a -25 bp rate cut at the July 29-30 FOMC meeting. Overseas stock markets today are mixed. The Euro Stoxx 50 fell from a 3.5-month high and is down -0.11%. China's Shanghai Composite rallied to a 9-month high and closed up +0.48%. Japan's Nikkei Stock 225 closed down -0.44%. Interest Rates September 10-year T-notes (ZNU25) today are down -7 ticks. The 10-year T-note yield is up +3.4 bp to 4.367%. T-notes are under pressure today after US weekly jobless claims unexpectedly fell to an 8-week low, a sign of labor market strength that is hawkish for Fed policy. 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US Stock Movers Airline stocks are climbing today, led by a +12% jump in Delta Air Lines (DAL) after the company restored its full-year guidance and projects full-year adjusted EPS of $5.25-$6.25, the midpoint well above the consensus of $5.35. American Airlines Group (AAL) and United Airlines Holdings (UAL) are up more than +11%, Alaska Air Group (ALK) is up more than +8%, and Southwest Airlines (LUV) is up more than +5%. MP Materials (MP) is up more than +52% after the company struck a multi-billion-dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities. WK Kellogg (KLG) is up more than +30% after Ferrero International SA acquired the company for about $3.1 billion or $23 per share. Advance Micro Devices (AMD) is up more than +4% to lead gainers in the Nasdaq 100 after HSBC upgraded the stock to buy from hold with a price target of $200. Tesla (TSLA) is up more than +3% after CEO Musk said the company will launch deployment of its driverless taxis in the San Francisco Bay area 'in a month or two,' pending regulatory approvals. Trex Co (TREX) is up more than +5% after Baird upgraded the stock to outperform from neutral with a price target of $75. McDonald's (MCD) is up more than +2% to lead gainers in the Dow Jones Industrials after Goldman Sachs upgraded the stock to buy from neutral with a price target of $345. Huntington Ingalls Industries (HII) is up more than +1% after TD Cowen upgraded the stock to buy from hold with a price target of $300. Helen of Troy (HELE) is down more than -24% after reporting Q1 net sales of $371.7 million, weaker than the consensus of $396.5 million. Methode Electronics (MEI) is down more than -21% after reporting a Q4 loss per share of -77 cents versus a loss of -23 cents y/y. Autodesk (ADSK) is down more than -7% to lead losers in the Nasdaq 100 on reports that the company is weighing the acquisition of PTC Inc. Conagra Brands (CAG) is down more than -3% to lead packaged food makers lower after reporting Q4 net sales of $2.78 billion, below the consensus of $2.84 billion. Also, the Campbell's Company (CPB) is down more than -1% and J M Smucker (SJM) is down -0.81%. Workday (WDAY) is down more than -4% after Piper Sandler downgraded the stock to underweight from neutral with a price target of $235. Crowdstrike Holdings (CRWD) is down more than -3% after CFRA downgraded the stock to hold from buy. Earnings Reports (7/10/2025) Byrna Technologies Inc (BYRN), Conagra Brands Inc (CAG), Delta Air Lines Inc (DAL), E2open Parent Holdings Inc (ETWO), Frequency Electronics Inc (FEIM), Helen of Troy Ltd (HELE), PriceSmart Inc (PSMT), Simply Good Foods Co/The (SMPL), WD-40 Co (WDFC). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Melden Sie sich an, um Ihr Portfolio aufzurufen.
