Asian shares are mostly higher, tracking US rally into record heights
U.S. futures and oil prices were lower.
Japan's Nikkei 225 fell 1.2% to 40,003.24 despite positive results of the central bank's quarterly Tankan survey of large manufacturers, which showed an better than expected improvement in business sentiment.
The Shanghai Composite index added 0.2% to 3,451.69 after China's official manufacturing purchasing managers index, or PMI, rose to a three-month high of 49.7 in June while the PMI for services and other non-manufacturing businesses also rose to a three-month high of 50.5.
Hong Kong's stock market was closed on Tuesday.
South Korea's KOSPI Composite Index surged 1.5% to 3,117.17 after the government reported that exports bounced back in June, helped by strong demand for semiconductors, ships and health products.
'Automobile and automotive parts exports also gained. Strong electric vehicle exports to the EU and solid used-car exports partially offset the decline of U.S. exports. However, we expect auto exports to remain soft due to tariffs and increased production in the U.S.,' Min Joo Kang of ING Economics said in a report.
Australia's S&P/ASX 200 edged up 0.1% to 8,550.80.
The PSEi in Manila, Philippines, rose 0.2%.
On Monday, Wall Street resumed its upward climb.
The S&P 500 rose 0.5% to 6,204.95. It has staged a stunning recovery from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6% to 44,094.77, and the Nasdaq composite gained 0.5% to 20,369.73.
Stocks got a boost after Canada said it would rescind a planned tax on U.S. technology firms and trade talks with the United States resumed. On Friday, U.S. President Donald Trump had said he was suspending those talks to retaliate for the tax, calling it 'a direct and blatant attack on our country.'
U.S. stocks have bounced back on hopes that Trump will reach deals with other countries to lower his painful high tariffs and avert trade wars that could stifle the economy and send inflation higher.
Many of Trump's announced tariffs have been postponed and are due to kick back into effect on July 9.
The U.S. stock market recovery could raise the risk Trump will resume escalating tariffs, similar to what happened in 2018-2019, according to strategists at Deutsche Bank led by Parag Thatte and Binky Chadha.
On Wall Street, Oracle's 4% rise was one of the strongest forces lifting the S&P 500. CEO Safra Catz said the tech giant 'is off to a strong start' in its fiscal year and that it signed multiple large cloud services agreements, including one that could contribute over $30 billion in annual revenue two fiscal years from now.
GMS' stock jumped 11.7% after the supplier of specialty building products said it agreed to sell itself to a Home Depot subsidiary in a deal that would pay $110.00 per share in cash. That would give it a total value of roughly $5.5 billion, including debt.
Less than two weeks ago, another company, QXO, said it was offering to buy GMS for $95.20 per share in cash. After the announcement of the Home Depot bid, QXO's stock rose 3.9%, and Home Depot's stock slipped 0.6%.
Hewlett Packard Enterprise rallied 11.1% and Juniper Networks climbed 8.4% after saying they had reached an agreement with the U.S. Department of Justice that could clear the way for their merger go through, subject to court approval. HPE is trying to buy Juniper in a $14 billion deal.
Bank stocks were also solid after the Federal Reserve said on Friday that they are financially strong enough to survive a downturn in the economy. JPMorgan Chase climbed 1%, and Citigroup gained 0.9%.
In the bond market, Treasury yields fell ahead of several major economic reports later in the week. The highlight will be Thursday's jobs report. It's often the most anticipated economic data of each month, and it will come a day earlier than usual because of Friday's Fourth of July holiday.
In other dealings early Tuesday, benchmark U.S. crude oil lost 37 cents to $64.74 per barrel, while Brent crude, the international standard, fell 35 cents per barrel to $66.39.
The U.S. dollar dipped to 143.86 Japanese yen from 144.04 yen. The euro rose to $1.1792 from $1.1789.
___
AP Business Writer Stan Choe contributed.
Teresa Cerojano, The Associated Press
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Yahoo
33 minutes ago
- Yahoo
T-Mobile Completes $2B Network Expansion in Florida, Covering Entire State with Ultra-Fast 5G Coverage
Floridians now have faster than ever speeds, enhanced connectivity and support for economic growth and innovation statewide MIAMI, July 02, 2025--(BUSINESS WIRE)--T-Mobile (NASDAQ: TMUS) today announced the completion of a $2 billion multi-year network expansion across Florida. The upgrades deliver faster 5G speeds and wider coverage, reaffirming T-Mobile's leadership in 5G innovation and its commitment to fueling economic opportunity in the Sunshine State. With this move, T-Mobile is making high-speed internet across Florida more accessible than ever before. The massive investment enhances America's Best Network even more with more capacity, coverage and better performance, benefiting residents and businesses in both rural and urban communities. The expansion provides faster than ever data speeds, improved reliability and broader coverage for 22 million Floridians, while also supporting emergency response systems and smart city initiatives. The multi-year investment expanded 5G coverage through new and upgraded existing cell sites — meaning faster internet speeds for businesses, schools, healthcare providers, first responders and all T-Mobile customers. "T-Mobile has redefined connectivity in Florida. The investment we've made is bringing real benefits to the people and businesses that call this state home, not just with the fastest speeds, but with increased resiliency and reliability in moments that matter most," said Ulf Ewaldsson, President of Technology, T-Mobile. "And we're not done yet. With the country's only 5G Advanced network and as the nation's first provider with a direct-to-cell satellite network, we're on track to deliver an even better network experience to Floridians — years before anyone else." Investment Highlights: Network Sites: 1,282 new or retained sites from the merger with Sprint. Site Upgrades: Nearly 1,350 sites upgraded across the state, boosting speed, capacity and reliability. Resilience: Hardened 1,375 sites to improve emergency response and disaster recovery for people to stay connected when it matters most. Speeds: Average statewide 5G download speeds of 266.7 MB per second, a 216% increase since 2021. Coverage: Nearly 100% of Floridians are now covered by T-Mobile's 5G network. Connectivity When and Where It Matters Most Florida's vulnerability to hurricanes and severe weather demands advanced preparation. As part of its investment, T-Mobile has hardened sites across the state over the past four years, reinforcing them to withstand high winds, floods and power disruptions. To prepare for major weather events, T-Mobile increased its heavy-duty disaster response satellite vehicles by more than 25% within the last year alone. T-Mobile's disaster readiness initiatives include: Permanent backup power (generators and batteries) at critical sites. Pre-positioned mobile response units and satellite trailers before storms. 24/7 network monitoring and rapid deployment teams. Coordination with state and local emergency management agencies to prioritize public safety communications. Going even further, T-Satellite with Starlink helps keep customers in Florida and across the country connected in places no terrestrial network can reach by using satellites in space. T-Satellite officially launches July 23, even for Verizon and AT&T customers. More on T-Satellite here. Plus, with access to the nation's latest 5G technology — 5G Standalone (SA) — public safety innovation is even more supported. 5G SA brings benefits like network slicing and increased security, and powers T-Mobile's revolutionary network solution for first responders: T-Priority, a cutting-edge 5G solution designed to transform frontline connectivity. T-Mobile was the first provider in the world to roll out a 5G SA network in 2020 and now runs the largest deployment of its kind in the U.S. "T-Mobile plays an essential role in keeping Floridians connected — not just in daily life, but when it matters most," said David Bezzant, Vice President, T-Mobile Business Group. "Through this investment, we're strengthening communications during natural disasters and closing coverage gaps in remote areas, so people can stay connected in critical moments and in places no other signal reaches." A Boon for Florida Businesses T-Mobile's investment in Florida goes way beyond the devices in people's pockets. Businesses, big and small, are also benefiting from the upgrades. Jacksonville-based Miller Electric will use a 5G private network from T-Mobile's 5G Advanced Network Solutions (ANS) to support operations of fully autonomous bus-shaped shuttles that will transport visitors along a three-mile stretch from the home of the city's professional football team, EverBank Stadium, to the new waterfront hub. When Miller Electric and T-Mobile announced the partnership late last year, Craig Bowman, Director of Technology for Miller Electric, said, "5G connectivity provides high bandwidth and low latency communication between the AVs and the control center. This turnkey solution will enable the vehicles to navigate the streets alongside other vehicle traffic and will help ensure the bandwidth we need is available to stream real-time video surveillance and two-way audio and video communications between passengers and employees." "This $2 billion investment is more than an infrastructure upgrade — it's a launchpad for innovation across Florida," said Callie Field, President, T-Mobile Business Group. "With our leading 5G network, we're enabling everything from autonomous transit to advanced technologies like T-Priority that elevate public safety in ways no other network can — all while giving Florida's businesses and communities the reliable, resilient connectivity they need to grow, adapt and lead." Local Roots, Global Reach: Connecting Florida, Puerto Rico, the Caribbean and Latin America T-Mobile's leadership extends beyond the mainland. In Puerto Rico, T-Mobile operates the fastest and most reliable 5G network, delivering critical connectivity to millions of residents and businesses. The company's ongoing investment in Puerto Rico's digital infrastructure mirrors its commitment to Florida: resilient networks, innovative technology, and strong community partnerships. In fact, Opensignal's latest Global Mobile Network Experience report, which measures the average download and upload speed experience from hundreds of operators around the world, found T-Mobile has the best 5G availability in Puerto Rico, placing the company as a global leader for download speeds in countries and territories smaller than 200,000 km2. Recognizing the strong ties between Florida, the Caribbean and Latin America, T-Mobile also offers comprehensive international calling and roaming plans that provide affordable and reliable ways to reach family, friends and business contacts throughout Latin America and the Caribbean. With T-Mobile's newest plans, families can make international calls to over 70 countries in the region, including Colombia and Cuba, for just $20 per month. Expanding Access: T-Mobile Fiber and Home Internet As Florida grows, so does its need for reliable internet. 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Retail Growth and Local Job Creation T-Mobile's investment strategy includes expanding its physical retail presence with more than 200 stores across the state to better serve Floridians and fuel workforce development: 26 new company-owned retail stores opened since 2021 across Florida. Nine of those stores opened in just the last two years. These new store openings have created approximately 220 jobs statewide over four years. This retail expansion ensures T-Mobile's services and support are accessible in urban, suburban and rural communities while reinforcing the company's commitment to enhancing the in-store experience for customers. Currently about 20% of T-Mobile mobile retail employees in the state speak Spanish, mirroring the approximately 20% of Floridians who speak the language. Supporting Florida's Communities T-Mobile's commitment to Florida goes far beyond network infrastructure and retail growth. 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State Leaders Applaud T-Mobile's Commitment Florida state officials have recognized the significance of T-Mobile's investment and the opportunity it brings for economic development: T-Mobile isn't just upgrading towers — they're building bridges in our communities with substantial investment in Florida's 5G infrastructure that greatly improves emergency response capabilities. It is a testament to our state's growing role in technological advancement and economic development. I look forward to working with T-Mobile in my new role in Congress." — U.S. Representative Jimmy Patronis (FL-01) "Expanding 5G access across Florida is crucial for our state's future. 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Ookla trademarks used under license and reprinted with permission. Home Internet & Fiber Price Guarantee: Exclusions like taxes & fees apply. Guarantees monthly price of fixed-wireless 5G internet data or fiber internet data for accounts on eligible plans. See exclusions & details at T-Satellite: Anyone with a compatible device is eligible for T-Satellite Beta trial; limited spots available. Developing technology available in most areas, most of the time; ultimately available in most outdoor areas where you can see the sky. See 5G device, coverage, & access details at About T-Mobile T-Mobile US, Inc. (NASDAQ: TMUS) is America's supercharged Un-carrier, delivering an advanced 4G LTE and transformative nationwide 5G network that will offer reliable connectivity for all. 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CNBC
35 minutes ago
- CNBC
What Wall Street has to say about the horrid June private payrolls report
ADP's latest surprise report was not on anyone's bingo card. Private payrolls fell by 33,000 in June , the company said Wednesday. Economists polled by Dow Jones expected an increase of 100,000. The report marks the first time since March 2023 that ADP reported a contraction in private payrolls. The data took the wind out of the market's sails in early morning trading. S & P 500 futures gave up their slight gains and were slightly lower following the release. Nasdaq-100 futures were also down 0.3%. To be sure, ADP's track record for predicting the U.S. government's monthly jobs report isn't great — giving investors hope that Thursday's June nonfarm numbers payrolls from the Bureau of Labor Statistics won't be as bad as ADP's figures released Wednesday. The economy is expected to have added 110,000 nonfarm payrolls, according to economists polled by Dow Jones. Here's what some Wall Street investors and strategists had to say about Wednesday's ADP figures: Ian Lyngen, head of U.S. rates at BMO: "The negative print was a clear downside surprise versus the +98k consensus. This is the first negative print since March 2023, and second negative print since the early stages of the pandemic. Overall, it was a disappointing jobs proxy that sets up tomorrow's BLS release as a major wildcard." Peter Boockvar, chief investment officer at Bleakley Financial: "I wasn't planning on writing this week but felt the need right now after seeing the ADP private sector jobs report … I'll say again, a blanket 10% tariff on all incoming imports of goods just loaded about $330b of fresh taxes on American importers (yes, some are absorbed by the exporter) which has the effective impact of raising the corporate income tax rate to 34% from 21%." Liz Ann Sonders, chief investment strategist at Charles Schwab: "Ouch: June @ADP payrolls -33k vs. +98k est. & +29k prior (rev down from +37k) … first monthly decline since March 2023 ." Peter Berezin, chief global strategist at BCA Research: "Remember: ADP is a bad predictor of nonfarm payrolls … mainly because nonfarm payrolls are a bad predictor of what is actually happening to payrolls." Guy LeBas, chief fixed income strategist at Janney: "Your monthly reminder: surprises in the ADP employment change are uncorrelated with surprises in NFPs. But this doesn't look great ." — CNBC's Alex Harring and Yun Li contributed reporting.
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