Iran responds to Trump's demands: 'The Iranian nation will not surrender'
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Business Insider
4 hours ago
- Business Insider
Trump is going after Jerome Powell again, calling on the Fed chair to resign
President Donald Trump's long-standing feud with Fed Chair Jerome Powell burns on, this time with him calling on Powell to resign immediately. In a Wednesday night Truth Social post, the president said, "'Too Late' should resign immediately!!!" "Too Late" is his nickname for the top banker, a criticism of Powell's refusal to lower interest rates. In his post, Trump included a headline from a Wednesday Bloomberg article about Bill Pulte, the head of the Federal Housing Finance Agency, calling on Congress to investigate Powell. In a Wednesday post on X, Pulte said Congress should investigate Powell over the central bank's headquarters renovation plans. "I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed 'for cause,'" Pulte wrote in his statement on X. Trump's animosity with Powell stretches back to his first term in office — he accused the Fed in 2019 of holding the stock market back. Later that year, he said in an interview on the Fox Business Network that Powell was not doing a good job. In 2020, Trump said he had the right to remove Powell as Fed chair, to "put him in a regular position and put somebody else in charge." This April, Trump kicked off his criticism of Powell again, saying on Truth Social that Powell's " termination cannot come fast enough." Trump has reportedly been weighing replacements for Powell, whose term ends in May 2026. The Wall Street Journal reported last week that Trump plans to float a replacement as soon as September or October.
CNBC
4 hours ago
- CNBC
Dollar drifts as traders hunker down for U.S. payrolls
The dollar wobbled on Thursday after a trade agreement between the United States and Vietnam fueled optimism over potential future deals ahead of a July 9 tariff deadline, while investors looked to payrolls to assess the Federal Reserve's next steps. Sterling firmed slightly after a sharp drop the previous session as British Prime Minister Keir Starmer's office rushed to give Finance Minister Rachel Reeves his full backing, hoping to allay investor worries about Britain's finances. The pound dropped nearly 1% and British government bonds tumbled on Wednesday, as a tearful appearance by Reeves in parliament a day after the government backed down on its welfare reforms reignited concern over Britain's finances. The pound last fetched $1.3647, slightly higher in Asian hours, while the euro was steady at $1.1806, hovering close to the September 2021 top it touched earlier this week. The yen firmed a bit to 143.56 per dollar. The dollar, which measures the U.S. currency against six other units, was at 96.701, still near the 3-1/2-year lows it has been rooted to this week. The index is on course for a 0.5% drop in the week. Investor attention will be on the U.S. Labor Department's comprehensive employment report for June, due to be released on Thursday ahead of the July 4 holiday after data showed private payrolls fell for the first time in more than two years in June. The ADP report released on Wednesday pushed traders to shift expectations of when the Fed will cut interest rates. Traders are pricing in 25% chance of the Fed moving in July versus 20% a day earlier, CME FedWatch tool showed. "The ADP print has certainly raised the stakes for nonfarm payrolls today," said Charu Chanana, chief investment strategist at Saxo in Singapore. "What could earlier have been interpreted as 'bad news is good news' (softer data pushing the Fed to cut) may now simply be seen as bad news, especially if recession concerns take hold." Ahead of the July 9 tariff deadline, President Donald Trump announced Vietnam had struck a trade deal with the U.S. and could push other countries to reach similar agreements on duties. Although details were scant, Trump said Vietnamese goods would face a 20% tariff and trans-shipments from third countries through Vietnam will face a 40% levy. "What's important to watch now is how China responds, given that the move directly targets trans-shipped goods at a higher 40% tariff rate," said Saxo's Chanana. "It's a clear signal that global supply chains are being reshaped, and more disruption may be ahead." Meanwhile, Republicans in the House of Representatives struggled to pass Trump's massive tax-cut and spending bill as a handful of hardliners withheld their support over concerns about its cost. The bill is expected to add $3.3 trillion to the already swelling national debt, stoking fiscal worries. Bond investors around the world are growing increasingly nervous about government deficits from Japan to the United States. Eddy Loh, chief investment officer at Maybank Wealth Management, said the U.S. government may be "somewhat constrained about how much fiscal support they can do to boost the economy without creating too many deficit concerns."
Miami Herald
7 hours ago
- Miami Herald
Veteran analyst sets eye-popping S&P 500 target
Stocks have rallied sharply since April 9, when President Donald Trump announced he would pause implementing most of the widespread tariffs previously announced on April 2, so-called "Liberation Day." The pause was more than welcome given his Liberation Day announcement had caused a massive risk-off move, sending the S&P 500 tumbling nearly into a bear market. The move up has been akin to a lock-out rally driven predominantly by retail investors who stepped in to "buy the dip." Down days have been scarce, and met quickly with buying from those left on the sidelines suffering from FOMO. Don't miss the move: Subscribe to TheStreet's free daily newsletter The S&P 500 has surged over 20% and the tech-heavy Nasdaq has done even better, rallying more than 30%-- massive moves considering, historically, the S&P 500's annual gain since 1957 is about 10%. The impressive surge likely has many scratching their heads, wondering if markets can continue higher in the face of sticky inflation, job losses, and sagging consumer confidence. As a result, many on Wall Street are updating their outlook, including long-time veteran analyst Dan Ives. Ives, whose career spans over twenty years, is one of the most-watched analysts. His current role as Wedbush Securities' managing director and global head of technology research gives him a unique perspective, given how technology has had an outsize impact on the stock market over the past couple years. In an exclusive interview with TheStreet, he recently offered up his latest thoughts on the S&P 500, and his target may turn heads. Michael M. Santiago/Getty Images The S&P 500 delivered back-to-back 20% plus returns over the past two years, including an impressive 24% return in 2024. Many expected the stock market to continue its winning streak in 2025, however, stocks derailed by unexpectedly high tariffs that forced a friendly Fed away from cutting rates to the sidelines worried over import taxes impact on inflation. Related: Veteran analyst sends blunt message on what's next for stocks The market also staggered earlier this year from growing concern that the launch of DeepSeek, an AI chatbot reportedly developed by China for only $6 million using prior generation semiconductors, would lead AI spending by businesses to retreat. Those concerns remain, but they've become less of a headwind over the past couple of months. While the Fed remains on pause, Fed Chairman Jerome Powell has left the door open to interest rate cuts. The Fed's dot-plot forecast shows Fed officials currently think we'll get two reductions this year, with most targeting the first cut coming in September. Similarly, AI spending growth is less of a worry. While 2026 remains a wild card, hyperscalers like Meta, Google, and Amazon have left their 2025 capital expenditure plans largely intact. In fact, Meta Platforms announced in __ that it will spend more this year, not less, because of AI. With friendlier Fed monetary policy looming and AI spending continuing to chug along, technology stocks have been among the stock market's best performers since the early April lows. Among the biggest winners: Nvidia and Palantir. Nvidia is firmly established as the biggest beneficiary of the AI spending boom. Its GPUs are far better suited to training and operating AI chatbots and Agentic AI apps, making it a premier picks-and-shovels style supplier to enterprise and cloud networks. Last year, Nvidia's sales surged 114% to $131 billion. And since OpenAI's ChatGPT stunned the world by becoming the fastest app to 1 million users when launched in 2022, Nvidia's revenue has skyrocketed a whopping 387%. Related: Rare event could derail S&P 500 record-setting rally Meanwhile, Palantir is carving out an important niche in AI development. The software company's deep expertise in data security and management, with deep roots to the Defense Department, has made it's Artificial Intelligence Platform (AIP) a hit with governments and large enterprises looking to build their own AI solutions. As a result, Palantir's revenue soared 29% to $2.87 billion in 2024, and it's momentum has continued this year. In the first quarter, revenue of $884 million grew 39%. CEO Alex Karp expects sales this year will grow 36%. Technology's contribution to stock market returns over the past couple of years puts Dan Ives in a perfect position to gauge what could happen to the market next. The information technology sector is the largest basket within the S&P 500, accounting for 33%. And the top five holdings in the S&P 500 are all technology players with ties to AI: Microsoft, Nvidia, Apple, Amazon, and Meta Platforms. In fact, those five companies account for over one quarter of the index. So, in short, as goes technology stocks, so goes the index. Fortunately, Ives thinks that technology's run isn't yet over. More Experts: Legendary fund manager sends blunt 9-word message on stock market tumbleMajor analyst unveils surprising gold price forecast for 2026Jim Cramer sends strong message on Nvidia stock at all-time highs "The AI revolution is just hitting its next stage of growth from software to consumer to really the rest of the supply chain," said Ives in an interview with TheStreet. "I just believe Street's underestimating numbers potentially for second half of the year." Ives thinks that spending on AI will continue as more companies look to harness its power to shave costs out of their system, using AI agents to increase efficiency and reduce labor costs. "I think numbers go a lot higher because of the spending, and because we're going to see 2 trillion of incremental spend next three years," said Ives. "And that's bullish for NVIDIA. Bullish for Microsoft. Bullish for Palantir." If Ives is correct that spending will remain a big tailwind for companies, including the companies most influential on the S&P 500, then the index will likely enjoy further gains given stocks historically follow revenue and earnings growth over time. "This is a fourth Industrial Revolution that we're living in, and we're just in the bottom, first, top, second inning of where AI is going," said Ives. So how much higher could stocks go from here? "You could be looking at S&P potentially 7,000," forecasts Ives. Related: Stocks kick off July with surprising twist The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
