Wall Street Mixed Amid Trade Hopes, Earnings Watch, and Sector Swings
The Nasdaq rose 78.52 points (0.4%) to 20,974.17 and the S&P 500 inched up 8.81 points (0.1%) to 6,305.60, although the narrower Dow edged down 19.12 points or less than a tenth of a percent to 44,323.07.
Wall Street rose on trade deal hopes as Lutnick expressed confidence in a US - EU agreement. He set August 1st as the tariff deadline. Gains faded later as traders awaited earnings from Alphabet, Tesla and Intel.
Conference Board released a report showed its reading on leading U.S. economic indicators fell by slightly more than expected in the month of June. Its leading economic index declined by 0.3% in June following a revised unchanged reading in May.
Despite the pullback by the broad markets, gold stocks substantially moved to the upside , resulting in a 3.8% spike by the NYSE Arca Gold Bugs Index. The rally by gold stocks comes amid a sharp increase by the price of the precious metal. Steel stocks were significantly strong s, as reflected by the 2.5% surge by the NYSE Arca Steel Index. Telecom and retail stocks too saw some strength while natural gas and biotechnology stocks notably moved downside.
Asia-Pacific stocks turned in a mixed performance, with Japanese markets closed for a holiday. China's Shanghai Composite Index climbed by 0.7%, while Australia's S&P/ASX 200 Index slumped by 1%. The major European markets also ended the day mixed while the French CAC 40 Index fell by 0.3%, the German DAX Index inched up by 0.1% and the U.K.'s FTSE 100 Index rose by 0.2%.
In the bond market, treasuries moved notably higher early in the session and remained firmly positive throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 6.0 basis points to 4.37%.
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First Post
14 minutes ago
- First Post
US export license backlog hits record levels amid internal commerce department turmoil
Thousands of US export license applications, including high-value tech shipments to China, are stuck in limbo due to bureaucratic dysfunction within the Commerce Department's Bureau of Industry and Security. read more An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US. File image/ Reuters Thousands of license applications by US companies to export goods and technology around the globe, including to China, are in limbo because turmoil at the agency in charge of approving them has left it nearly paralyzed, two sources said. While US Commerce Secretary Howard Lutnick has become a familiar face touting President Donald Trump's tariff and trade deals, sources said the export bureau under Lutnick's command has failed to issue expected new rules, stifled communications with industry representatives, pushed out experts, and lost staff through buyouts and resignations. STORY CONTINUES BELOW THIS AD Shipments of artificial intelligence chips from Nvidia to China are the most high-profile example of licenses not being swiftly approved. The company said July 14 the government assured it licenses would be granted for its H20 chip, and it hoped to start deliveries soon. Lutnick and other officials confirmed sales would be allowed. But sources said this week no licenses have yet been issued, and billions of dollars of AI chip orders are at stake. One US official said the backlog of license applications is the lengthiest in more than three decades. A spokesperson for Nvidia declined to comment. The Department of Commerce did not respond to a request for comment. The turmoil and resulting inaction at an agency tasked with promoting overseas trade and safeguarding American technology are alarming both those seeking tougher restrictions on exports to China and companies trying to sell their wares abroad. 'Licensing is how the US does business and competes globally,' said Meghan Harris, who served on the National Security Council in the first Trump administration and has worked at Commerce. 'Delays and unpredictability put us at an unnecessary disadvantage.' The Commerce Department's Bureau of Industry and Security averaged 38 days per export license application in fiscal year 2023, the most recent data available, denying 2% of 37,943 applications. STORY CONTINUES BELOW THIS AD The license process enforces US export restrictions in an effort to make sure sensitive goods and technology do not reach countries or entities whose use of the items could harm US national security. Some staff have criticized Jeffrey Kessler, who became BIS undersecretary in March, saying he has micromanaged the bureau and failed to communicate adequately. Kessler did not respond to a request for comment. At a staff meeting soon after he took office, Kessler urged BIS staff to limit communications with company representatives and industry officials, according to two additional sources, who said he later asked for all meetings to be entered on a spreadsheet. Getting approval from Kessler's office to attend meetings with other government agencies has also been tricky, those sources said. Sources spoke anonymously because they were not authorized to speak publicly. Frustration among exporters Frustration is growing within US industry. 'We're seeing whole sectors where there is no movement or indication if or when licenses will be issued," including license applications for semiconductor manufacturing equipment worth billions of dollars, said Sean Stein, president of the US-China Business Council. STORY CONTINUES BELOW THIS AD While the clock is ticking on license applications, 'Chinese companies are exploring and doing deals with suppliers in China and other countries,' he said. 'The longer we have the delay, the more market share we're going to lose." Jim Anzalone, president of Compliance Assurance, a Florida-based trade consultancy, said he has seen delays in license approvals for sensors, radars, and sonar to Latin America and other parts of the world. 'There's nothing official about what the policy is and when the backlog would be cleared,' he said. He has received denials sporadically after submitting some two dozen applications months ago to export semiconductor manufacturing equipment to China, including four denials on Wednesday, he added. Sources stressed that some licenses are getting approved, especially exports to allied countries, and they noted that some communication with companies continues, especially around license applications. Commerce is also delaying regulatory changes. The agency said in May it would rescind and replace a Biden administration rule before it went into effect that month restricting where AI chips can be exported, but the agency has not done so yet. STORY CONTINUES BELOW THIS AD Other rules, which sources said have been drafted for months, have not been published, including one to expand export restrictions to subsidiaries of companies already banned from receiving controlled US exports. Meanwhile, important staff vacancies such as China-based export control officers have not been filled, and high-level career employees have resigned. A retirement party was held this week for Dan Clutch, acting director of the BIS Office of Export Enforcement, the latest experienced staff member to leave.
Economic Times
18 minutes ago
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Trump-Modi talks key to trade deal: Former Asst USTR
Synopsis A reset in India-US trade talks may be needed, potentially through a conversation between President Trump and Prime Minister Modi, according to Mark Linscott. Despite new tariffs and criticisms from Trump, Linscott sees the situation as a "hiccup," emphasizing the US desire for a short-term agreement followed by a longer-term bilateral trade deal. New Delhi: India-US talks on forging a bilateral trade deal may require a reset through a conversation at the highest level, said Mark Linscott, senior advisor, US-India Strategic Partnership Forum and a former Assistant US Trade said there is a strong desire on the US side to make progress and conclude a short-term agreement, followed by a longer-term bilateral trade deal."At this point, I think a conversation between the President (Donald Trump) and Prime Minister (Narendra Modi) can clear the air and possibly even set the terms for a deal," Linscott, who led trade negotiations under the previous Trump regime, told however, said this may require a cooling-off period once new tariffs are in place, followed by a phone call between President Trump and Prime Minister Modi."I'm a strong believer in never saying never, particularly when it involves the United States and India. We've seen over and over again how Trump can reverse course on a dime," he pointed out. "However, the next few days and weeks will be key in moving on, and I don't even rule out a trade deal along the lines of those with Japan, the EU and Korea during this period," he had on Thursday said India's tariffs are among the highest in the world and slammed its ties with Russia calling both their economies dead, hours after announcing a 25% tariff on imports from New Delhi plus a penalty for trade with Moscow. A US trade team is scheduled to visit New Delhi on August 25 to continue talks on the proposed trade deal. The two sides are engaged in talks for a bilateral trade agreement (BTA), the first tranche of which is to be concluded by October with the aim to more than double the bilateral trade in goods and services to $500 billion by 2030 from the current $191 termed the latest development only a "hiccup" in US-India trade negotiations."...it requires a steady hand on the Indian side to signal that it is committed to continuing negotiations," he said. "But Trump remains a deal maker, and I believe there is a strong desire on the US side to make progress and conclude a short-term agreement and a longer-term bilateral trade agreement, " he added.
NDTV
30 minutes ago
- NDTV
What Is Germany's Freelance Visa And Why It Matters To Indian Travellers
For many Indian travellers, the idea of living in Europe has always felt like a distant, if beautiful, hypothesis. A place for brief holidays, Schengen stamps, and postcard winters-never a space to pause, work, and actually live. But in recent years, Germany has been quietly opening a different kind of door: a visa that does not ask for an office desk or a corporate job offer. Instead, it asks what you do, how well you do it, and whether you are ready to build a life on your own terms. It is not instant, and it is not for everyone. But if you have the paperwork and the patience, it could mean something much more lasting than a two-week Euro trip. What Is Germany's Freelance Visa? Germany's Freelance Visa is a residence permit that allows non-EU citizens to work independently in certain professional categories while living legally in the country. Unlike a tourist visa, which restricts work, or a work visa that depends on a full-time employer, this option gives qualified individuals the freedom to run their own professional practice. It is structured around liberal professions-meaning it is ideal for creatives, educators, scientists, and consultants whose work is not bound to a traditional office. The visa is typically granted for one year, with the possibility of extension. If you meet the conditions-ongoing freelance work, proof of income, tax registration-it can be extended for up to three years. After five years of continued stay and fulfilment of requirements, applicants may become eligible for permanent residency. Why It Matters To Indian Travellers For Indian citizens, navigating European visas often comes with a long list of constraints-employer sponsorship, tight visa durations, and little flexibility. Germany's freelance visa breaks that mould. It allows Indian travellers to: Base themselves in Europe for at least one year Work independently, legally invoicing clients in Germany and other EU countries Travel within the Schengen area (up to 90 days in any 180-day period) Renew the visa or eventually apply for permanent residency This visa is not meant for backpackers or short-term tourists-it is for those looking to spend an intentional year or more abroad, combining career with travel, language learning, and cultural immersion. Who Is Eligible? Eligibility is based on whether your profession falls under what Germany defines as a "liberal profession." These are jobs that require expertise, creativity or intellectual work, but not a business license. Some of the eligible professions include: Journalists and photojournalists Writers, editors, interpreters, and translators Architects, engineers, and surveyors Visual artists, musicians, and designers Teachers, educators, and researchers Lawyers, patent agents, tax consultants, and accountants Medical and therapeutic professionals like physiotherapists, dentists, and veterinarians Pilots and aviation specialists If you are in IT or business services, you may need to apply for a different visa, such as the self-employment visa (Gewerbetreibende). What Documents Do You Need? Be prepared-Germany is detail-oriented. The documentation required for the freelance visa application is extensive, and applicants need to show that they are financially self-sufficient and professionally qualified. Here is a checklist of the key documents required: A valid passport (issued within the past 10 years and with at least two empty pages) Proof of income: approximately 1,280 euros per month (Rs 1.27 lakh) as a minimum Proof of professional qualification (such as a university degree) Proof of freelance work or client contracts-letters of intent or ongoing projects Detailed freelance business plan or project outline A comprehensive CV Health insurance valid in Germany Proof of address/accommodation in Germany Two passport-size photographs (taken within the last six months) Pension plan documentation for applicants over 45 Visa fee payment receipt (75 euros or about Rs 7,500) Tip: Double-check which documents need to be submitted in German or translated versions. Many consulates require official translations. How To Apply From India Applying for this visa involves a combination of paperwork in India and follow-ups in Germany. Here is a step-by-step guide tailored for Indian travellers: Fill out the National D visa application form and print a copy for submission. Book an appointment with the German Embassy or Consulate in India. Prepare your documents, including income proof, business plan, and health insurance. Attend the in-person appointment, where your biometric data will be collected. Wait for the visa to be processed-this can take between 6 and 10 weeks. Once in Germany, register your address (Anmeldung) within two weeks. Visit the local Auslanderbehorde (Foreigners' Office) to apply for your freelance residence permit. Remember, the National D Visa is your entry pass. The residence permit is what allows you to live and work long-term. Can You Afford To Live In Germany On A Freelance Visa? While the visa fee itself is nominal, living costs are not. Germany is not the cheapest destination in Europe, but it offers value in terms of quality of life, infrastructure, and access. Here is a monthly estimate to help plan your finances: Shared housing (WG or flatshare): 300 to 600 euros Groceries: 150 to 200 euros Transport pass: 49 to 90 euros Internet/phone/utilities: 100 euros Miscellaneous personal expenses: 100 to 200 euros Total estimated monthly budget: 800 to 1,200 euros In addition to this, you must show proof of funds for one year-around 11,208 euros, which is close to Rs 10 lakh. What Life In Germany Could Look Like For A Year This visa is not just about work. It opens up a different kind of European life-one that involves living like a local. No two months will feel the same: Winter: Christmas markets, hot chocolate, snow-covered old towns Spring: Bike rides through parks, blooming cherry trees, weekend trips to neighbouring cities Summer: Beer gardens, lakeside picnics, outdoor cinema screenings Autumn: Foliage trails, wine festivals, and local Oktoberfest celebrations You could also take up: Volunteering at local cafes or co-working spaces Enrolling in a neighbourhood language school Shopping at weekly farmers' markets Living without a car-most cities are built for walking and cycling Adjusting to Sunday quiet-most shops are shut, so it is your day to slow down What Happens After One Year? If you have maintained your freelance work and financial self-sufficiency, your visa can be extended. Some freelancers also use the opportunity to: However, if your income is not consistent or the freelance work dries up, you may need to return to your home country.
