Stock market after hours: Why S&P, Dow and Nasdaq futures are up today?
Stock market futures rose Wednesday night after AI giant Nvidia posted a strong earnings report. S&P futures rose at least 0.8%, while Nasdaq 100 futures were up 1.2%. Dow Jones Industrial Average futures gained 206 points, or 0.5%. This also comes after a federal trade court blocked President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law.
The ruling follows several lawsuits arguing that the president exceeded his authority and left the country's trade police dependent on his whims and unleashed economic chaos.
In after-hours on Wednesday, Nvidia shares gained more than 4%. James Demmert, chief investment officer of Main Street Research, told CNBC that the earnings report is 'pivotal not just for Nvidia but for the entire stock market, as it can rejuvenate investor optimism across the board and help investors to focus on the power of AI and less on headlines out of Washington on tariffs and taxes'.
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Time of India
42 minutes ago
- Time of India
Israel intensifies Gaza strikes before US ceasefire talks
CAIRO/JERUSALEM: Palestinians in northern Gaza reported one of the worst nights of Israeli bombardment in weeks after the military issued mass evacuation orders on Monday, while Israeli officials were due in Washington for a new ceasefire push by the Trump administration. A day after US President Donald Trump urged an end to the 20-month-old war, a confidant of PM Benjamin Netanyahu was expected at the White House for talks on a Gaza ceasefire, Iran, and possible wider regional diplomatic deals. But on the ground in the Palestinian enclave there was no sign of fighting letting up. "Explosions never stopped; they bombed schools and homes. It felt like earthquakes," said Salah, 60, a father of five children, from Gaza City. "In the news we hear a ceasefire is near, on the ground we see death and we hear explosions." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Israeli tanks pushed into the eastern areas of Zeitoun suburb in Gaza City and shelled several areas in the north, while aircraft bombed at least four schools after ordering hundreds of families sheltering inside to leave, residents said. At least 38 people were killed in Israeli strikes on Monday, health authorities said, including 10 people killed in Zeitoun and at least 13 killed southwest of Gaza City. Medics said most of the 13 were hit by gunfire, but residents also reported an airstrike. Live Events The Israeli military said it struck militant targets in northern Gaza, including command and control centers, after taking steps to mitigate the risk of harming civilians.
Economic Times
43 minutes ago
- Economic Times
India must ensure the relationship with institutional America keeps ticking
What's gone wrong with the India-US relationship? This needs a deeper look than quick takes responding to Donald Trump's swinging interests of the day. In an emerging tale of two Americas, Trump's articulations are at odds with his own administration's actions. ADVERTISEMENT Facts first. Post-Pahalgam, it was the US that brought The Resistance Front (TRF) in the original draft of the UNSC statement. Pakistan, now a non-permanent UNSC member, supported by China, blocked it. The process was stuck while the US, along with France, continued to press for TRF's inclusion in the draft. By then, India had firmed up its plans to carry out military strikes on terror bases in Bahawalpur, Muridke and Muzaffarabad. From that perspective, it became equally vital to slip in a line in the statement that could later help justify Indian action. So, even though the final statement omitted TRF's mention, it stated UNSC members 'underlined the need to hold perpetrators, organisers, financiers and sponsors of this reprehensible act of terrorism accountable and bring them to justice'. The last phrase, 'bring them to justice', became India's diplomatic cornerstone in explaining why Operation Sindoor, which targeted terrorist infrastructure, was in sync with global sentiment. The US was instrumental in helping India see this through. In fact, Washington's political line on the 'right to self defence' added heft to India's efforts. New Delhi is also parallelly working with Washington to get TRF proscribed in US terror designation lists. Just before this, the Trump administration had rammed past last-minute hurdles to effect Tahawwur Rana's extradition. Not just that, FBI, under Kash Patel, has turned the corner on Khalistani groups active in the US and Canada, an issue that the Biden administration had sought to use as a pressure point on the Modi government. While India was prepared for the Trump-tariff shock, moving early to put in place an India-US trade deal conversation, it was surprised by sudden shifts shaped by two personal quests - a Nobel Peace Prize and TrumpCoin anchored in the crypto business. Pakistan latched on to both. It eagerly endorsed Trump's claims on stopping a war between two nuclear weapon states, and put its entire weight behind the Trump family's business endeavours, particularly in cryptocurrency. This may have triggered a tilt in the Trump camp. But it's incongruent with the institutional approach as reflected in the first four months of Trump 2.0. ADVERTISEMENT Further, this needs to be understood in a larger context - and beyond the India-Pakistan frame - especially at a time when S Jaishankar is in the US for the Quad foreign ministers' meet. Trump has been toughest on America's allies - two of them are in the received a rude shock last week when Trump put the AUKUS trilateral submarine pact, involving transfer of sensitive nuclear technology between US, Britain and Australia, under review. This has raised concerns over Washington's outlook on the Indo-Pacific, which is at the heart of the Quad. Australian PM Anthony Albanese, who pulled out last minute from the Hague Nato Summit after it became clear that Trump won't be meeting him one-on-one, is under considerable political stress over increasing strains in Australia-US relationship. ADVERTISEMENT Japan, a key US ally, is also going through a difficult time over 25% US tariffs imposed on Japanese automakers, exacerbated by Trump's statements questioning the rationale behind America's long-standing security arrangement with Japan. Strains reached such a point that Japanese PM Shigeru Ishiba also pulled out from going to the Nato Summit for the same reasons as approach with allies like Japan and Australia is a major corrective to those advocating a similar India-US relationship. If anything, Trump is providing India, a strategic partner, not ally, with more space to manoeuvre with other powers. ADVERTISEMENT That said, India must ensure that the relationship with institutional America stays the course. For most parts, over the past two decades, India has counted on the White House to drive the India relationship through the American system. Going by Trump's vacillations, it may have to be the other way round - the system and Congress will be needed to both temper and mediation line is not new. In 2019, just months after the Balakot strikes, he offered to mediate between India and Pakistan. His remarks caused an uproar in Parliament, requiring a clarification from GoI. Soon, India abrogated Article 370, thus resetting the Kashmir equation with Pakistan. ADVERTISEMENT In fact, India has had to battle the Pakistan tilt, or 'hyphenation', with almost every American administration in the recent past. In George W Bush's first stint, it was his secretary of state Colin Powell who saw to it that Pakistan was designated a major non-Nato ally. Later, Powell's successor Condoleezza Rice interceded on behalf of Pakistani president Pervez Musharraf, seeking concessions on Kashmir from India. But mostly, the push to build leverage on India would come from within the system. During the Biden administration too, other arms of US government built on the Khalistan issue, and differences over Bangladesh, to create pressure. White House was the steadying hand, except in 2016 when Barack Obama wanted to sell F-16s to Pakistan. Then, India worked on US Congress, which helped block the decision. Unlike India, the administration is not a continuum in the US. The Trump frame is still being filled up. As that happens, India will have to bet on not necessarily giant leaps but baby steps, to strengthen, or reknit, the system-to-system weave, where both instincts and purposes appear better aligned. As opposed to the Trumpverse.
Time of India
an hour ago
- Time of India
Indian phonemakers dial up fight for volume control
New Delhi: Contract manufacturers in India are competing vigorously in the high-volume smartphone assembly segment, hoping to capture more orders from Chinese brands looking to expand their manufacturing footprint in the country amid geopolitical shifts. As Chinese brands grow volumes in India, some even starting exports from the country, they are diversifying their supply chains to stay cost competitive instead of relying on a sole Indian supplier as the production-linked incentive (PLI) scheme for smartphones nears completion. Lenovo-owned Motorola, which was solely sourcing smartphones from Dixon Technologies , has started routing some volumes to Dixon's rival Karbonn, which is also eligible to receive PLI benefits. Motorola is also Dixon's largest customer, accounting for 12 million units in FY25. Dixon has been the sole Indian company to claim benefits for the first few years of the PLI scheme as others failed to get clients. The scenario, however, changed in the last few years with companies like Karbonn, Micromax, and Lava, also becoming beneficiaries of the PLI scheme. These companies may also claim government benefits along with Dixon if they achieve the required targets. Dixon's second-largest customer, Chinese ODM (Original Design Manufacturer) Longcheer, contributing 7 million of Dixon's production volume in FY25, has also started routing around 2% volume to Karbonn from Dixon in line with its expansion in India from May. In a June 24 report, PhillipCapital said Karbonn handled about 5% of Motorola's total production volume in January and February, surging to 25% in April and May. Motorola's supply chain diversification tracks a sharp growth in sales and exports from India to the US after the Donald Trump administration levied steep tariffs on China. "Motorola's monthly run rate has increased from '2,400 crore (which was previously fully handled by Dixon) to '3,000 crore. The entire increment of '600 crore has been allocated to Karbonn," an industry analyst told ET. Longcheer too is expanding its presence in India to hedge from future action against Chinese exports. Longcheer's volumes could quickly increase in the coming months, reaching at least 15% of its total volume in India, as the ODM did not have an exclusive agreement with Dixon, said the analyst cite above. Dixon's volumes are also being poached by Bhagwati Products (Micromax) which has a JV with Huaqin, another Chinese ODM, among the world's largest. The JV also restricts Dixon's potential earnings from its strategic ownership of Vivo's manufacturing unit in India, PhillipCapital said. "(Dixon's) Management expects the JV to handle two-thirds of Vivo India's mobile phone volumes. Assuming a proportional volume-to-value ratio conversion, the JV would generate a top line of '160 billion at optimal utilisation, of which Dixon's share would be '80 billion," the report said. Industry executives said the Bhagwati-Huaqin JV has ramped up volumes to 1.6 million smartphones per month, starting afresh from the second half of 2024. "Bhagwati is one of the fastest-growing EMS players in India. They are projected to close June at 1.6 million units per month, and are aiming for more market share. This rapid ramp-up has occurred within a year, primarily from Oppo and Vivo under the partnership with Huaqin," said an industry executive. Dixon, Karbonn, Longcheer, Motorola, and Bhagwati did not respond to email queries. Both Longcheer and Huaqin manufacture entry-level smartphones for major Chinese brands. Longcheer currently manufactures phones for Vivo and Realme through Dixon, and Vivo and Oppo from Karbonn, while Huaqin relies on Bhagwati for Vivo and Oppo models, and DBG for Xiaomi's volumes, the analyst said. However, with the Indian smartphone market stagnant at 150-160 million units annually, escalating competition is expected to limit growth of local firms, with Dixon facing the highest risk of losing volumes to rivals, market trackers said. Excluding Apple and Samsung, which have their own supply chains in India, the addressable market for contract manufacturers is 80-90 million units per year, which is expected to be split between three-four major manufacturers eventually. "I foresee the market having space for at least 3-4 players in the coming years, instead of just one. The volumes will be commanded by players which can offer the desired quality of service. Cost comes secondary," one of the executives said.
