Apple invests $500 million in rare earths mine operator MP Materials
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CNA
28 minutes ago
- CNA
Nasdaq posts latest record close on Nvidia's China chip cheer
NEW YORK: The Nasdaq Composite posted a fresh record close on Tuesday (Jul 15), lifted by a surge in shares of Nvidia, even as the S&P 500 and Dow Jones slipped amid lukewarm inflation data and mixed bank earnings. It was the tech-heavy index's fourth record close in five sessions, and its eighth since Jun 27. Artificial-intelligence chip leader Nvidia gained 4 per cent after it unveiled plans to resume sales of its H20 AI chips to China. The news buoyed other chipmakers, with Advanced Micro Devices and Super Micro Computer both gaining more than 6.4 per cent. The semiconductor index also advanced 1.3 per cent to its highest point in a year, while the S&P technology index climbed by the same percentage to hit a record high. "The Nvidia news meant that some investors, who had moved into other stocks due to high tech valuations, were rotating back," said Rob Swanke, senior investment research analyst at Commonwealth Financial Network. "I would probably say it's a one-day pop," he added, noting that investors would look to see the sales reflected in upcoming earnings. The Nasdaq Composite added 37.47 points or 0.18 per cent to end at 20,677.80. The Dow Jones Industrial Average dropped 436.36 points or 0.98 per cent to 44,023.29, and the S&P 500 lost 24.80 points or 0.40 per cent to 6,243.76. INFLATION PICKS UP, BUT CORE STAYS MODERATE Markets have been buoyant in recent weeks as concerns over the economic impact of President Donald Trump's trade policies eased. However, this week is seen as a key test, with second-quarter earnings and inflation data in focus. US consumer prices posted their largest gain in five months in June, suggesting tariffs may be contributing to rising costs. Still, underlying inflation remained moderate, offering investors some relief. "The picture from inflation this morning, coming in a little bit higher than expected but pretty much in line, gives you some sense that the tariffs are starting to flow through into the economy," said Commonwealth's Swanke. "We'll get more concrete news, as we go through earnings, to see how companies are delivering the impact of higher tariffs." BANK EARNINGS MIXED The second-quarter earnings season opened on a muted note. JPMorgan Chase slipped 0.7 per cent despite raising its 2025 net interest income outlook, while Wells Fargo fell 5.5 per cent even as its profit improved due to reduced loan-loss reserves. BlackRock reported a new milestone in assets under management, but its shares slid 5.9 per cent. Citigroup bucked the trend, climbing 3.7 per cent to its highest finish since the global financial crisis, after its trading division delivered a strong performance that lifted second-quarter profits. The number of shares changing hands on US exchanges on Tuesday was 16.82 billion, compared with the 17.55 billion average for the last 20 trading days.
CNA
an hour ago
- CNA
Crypto week legislation hits snag in US Congress, some stocks fall
WASHINGTON :The fate of long-awaited cryptocurrency legislation in the U.S. Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers from both parties, and shares of some companies in the sector fell. House Republicans had billed this week as "Crypto week," and were keen to advance numerous pieces of legislation aimed at providing clarity to the digital asset industry and long-sought legitimacy to the sector. But those efforts hit an early snag on Tuesday, when several conservative Republicans joined with Democrats in blocking a procedural vote to allow consideration of three crypto bills as part of a dispute over how the measures should be packaged and considered. Shortly after the vote, House Speaker Mike Johnson told reporters that he planned to continue discussing the matter with members and hoped to vote on it again shortly. Shares of crypto-related stocks including Circle Internet and Coinbase Global dropped on the news but then pared losses. Circle Internet fell over 4 per cent while Coinbase was down 1.5 per cent. The House was attempting to pass a series of crypto-related bills, most notably a bill that would establish a regulatory framework for stablecoins. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. That bill - and another the House is considering that would define when a crypto token is a commodity - would be a huge win for the crypto industry. The House also was set to consider a bill that would prohibit the U.S. from issuing a central bank digital currency. Republicans say there is a risk this could give the government too much control over Americans' personal finances.
CNA
an hour ago
- CNA
Crypto bills hit procedural snag in Congress
WASHINGTON :The fate of long-awaited cryptocurrency legislation in Congress was cast into doubt Tuesday, as a procedural vote to consider the measures was shot down by lawmakers. House Republicans had billed this week as "Crypto week," and were keen to advance numerous pieces of legislation aimed at providing clarity to the digital asset industry and long-sought legitimacy to the sector. But those efforts hit an early snag Tuesday, when several conservative Republicans joined with Democrats in blocking a procedural vote to allow consideration of three crypto bills as part of a dispute over how the measures should be packaged and considered. House Speaker Mike Johnson told reporters shortly after the vote that he planned to continue discussing the matter with members and hoped to vote on it again shortly.
