Latest news with #50ParkInvestments
Reuters
5 days ago
- Business
- Reuters
Wall St edges up as strong retail sales data, earnings lift sentiment
July 17 (Reuters) - Wall Street's main indexes inched up on Thursday, supported by upbeat results from PepsiCo and strong economic data that pointed to a healthy consumer. Retail sales rebounded more than expected in June, rising 0.6%. Meanwhile, initial jobless claims for the last week came in at 221,000, below the anticipated 235,000, pointing to steady job growth in July. "The fact that consumers are still buying is a strong vote of confidence for earnings going forward," said Adam Sarhan, chief executive of 50 Park Investments. "However, things can change if the tariff situation comes in starting August 1. But for now, a stronger consumer is good for the market." Investors already navigated a whirlwind of inflation signals this week - producer prices flatlined in June - but a jump in consumer inflation had already dashed hopes for more aggressive Fed rate cuts. At 09:39 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 149.32 points, or 0.34%, to 44,404.10, the S&P 500 (.SPX), opens new tab gained 5.90 points, or 0.09%, to 6,269.60 and the Nasdaq Composite (.IXIC), opens new tab gained 22.49 points, or 0.11%, to 20,752.98. PepsiCo (PEP.O), opens new tab jumped 6.6% as upbeat forecasts - fueled by strong demand for energy drinks and healthier sodas - helped offset concerns about a dip in annual core profit. Majority of S&P sectors logged gains. Consumer staples (.SPLRCS), opens new tab led the pack with a 0.6% rise. U.S. chipmakers edged up after TSMC ( opens new tab, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. U.S.-listed shares of TSMC gained 3.2%, Marvell (MRVL.O), opens new tab inched up 0.2% and Nvidia (NVDA.O), opens new tab added 0.8%. Wall Street also watched Netflix (NFLX.O), opens new tab ahead of its quarterly results after the market's close. Its shares were up 0.4%. United Airlines (UAL.O), opens new tab flagged a hit to its third-quarter earnings from operational snags at Newark airport. However, its shares were up 3%. Wall Street briefly experienced extreme volatility on Wednesday after reports surfaced that President Donald Trump was considering firing Federal Reserve Chair Jerome Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence. Currently, traders see a 54.3% chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool. Fed Governor Adriana Kugler signaled that rate cuts are off the table for now, warning that Trump-era tariffs are starting to push up consumer prices - and that tight monetary policy is crucial to keep inflation fears from taking hold. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners. Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well. Advancing issues outnumbered decliners by a 1.49-to-1 ratio on the NYSE and by a 2.03-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and two new lows, while the Nasdaq Composite recorded 38 new highs and 11 new lows.
New Straits Times
6 days ago
- Business
- New Straits Times
US stocks finish higher as markets gyrate on Powell firing fears
NEW YORK: Wall Street stocks finished higher Wednesday, overcoming a mid-session swoon after US President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell. Major equity indices had moved suddenly negative following reports that a dismissal could be imminent, but they recovered quickly once Trump ruled out firing Powell – for now. Trump, who has bitterly attacked the Fed chair for months, said such a move was "highly unlikely" and that "I'm not talking about that" when asked if he would fire Powell. All three major US indices finished the rollercoaster day higher, with the tech-focused Nasdaq ending at a third straight record. "It's very clear that the market wants to go higher," said Adam Sarhan of 50 Park Investments, who described investor reaction to Trump's mixed messaging on Powell as typical of a bullish tilt. "Every time we get bad news thrown at it, the market shrugs it off and continues to rally, including today," Sarhan said. The Powell drama also jolted the Treasury and currency markets. The dollar retreated against the euro and other major currencies, although it recovered some of its losses after Trump denied he would fire Powell. Besides the Fed drama, markets have also weighed Trump's myriad tariff actions amid worries about inflation. The US president has vowed numerous tariff increases on August 1 if trading partners fail to secure deals. After the June consumer price index showed increased pricing pressure following US tariffs on Tuesday, the producer price index was unchanged on a month-on-month basis, cooling from growing 0.30 per cent in May. But the Fed's "Beige Book" survey of economic conditions, however, pointed to increasing impacts from Trump's various tariffs. Many firms said they passed along "at least a portion of cost increases" to consumers due to tariffs, while also expressing expectations that costs will remain elevated. Among individual companies, Goldman Sachs jumped 0.90 per cent after quarterly earnings easily topped analyst estimates. CEO David Solomon predicted an uptick in dealmaking, pointing to greater "confidence level on the part of CEOs, that significant scaled industry consolidation is possible." Ford slumped 2.90 per cent after disclosing that it would account for US$570 million in costs connected to fuel injectors in several models from recent years, including Bronco Sport vehicles from 2021 to 2024. But Johnson & Johnson surged 6.20 per cent as it lifted its full-year forecast after quarterly earnings topped estimates. Analysts noted that the health care company also lowered its estimate for the cost hit from tariffs.
Business Times
6 days ago
- Business
- Business Times
US stocks end higher, shrugging off Powell firing fears
[NEW YORK] Wall Street stocks finished higher on Wednesday, shrugging off a mid-session swoon after US President Donald Trump denied plans to fire Federal Reserve Chair Jerome Powell. Major indices had moved suddenly negative following reports that a dismissal could be imminent. But they recovered quickly once Trump ruled out firing Powell, for now. Trump, who has bitterly attacked the Fed chair for months, said such a move was 'highly unlikely' and that 'I'm not talking about that' when asked if he would fire Powell. The tech-rich Nasdaq Composite Index advanced 0.3 per cent to 20,730.49, a third straight closing record. The Dow Jones Industrial Average gained 0.5 per cent to 44,254.78, while the broad-based S&P 500 advanced 0.3 per cent to 6,263.70. 'It's very clear that the market wants to go higher,' said Adam Sarhan of 50 Park Investments, who described investor reaction to Trump's mixed messaging on Powell as typical of a bullish tilt. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Every time we get bad news thrown at it, the market shrugs it off and continues to rally, including today,' Sarhan said. Otherwise, markets absorbed a generally benign wholesale inflation report. The producer price index was unchanged on a month-on-month basis, beating analysts' expectations and cooling from a 0.3 per cent rise in May. The Fed's 'Beige Book' survey of economic conditions, however, pointed to growing impacts from Trump's myriad tariffs. Many firms said they passed along 'at least a portion of cost increases' to consumers due to tariffs, while also expressing expectations that costs will remain elevated. Among individual companies, Goldman Sachs jumped 0.8 per cent after quarterly earnings easily topped analyst estimates. CEO David Solomon predicted an uptick in dealmaking, pointing to greater 'confidence level on the part of CEOs, that significant scaled industry consolidation is possible.' Ford slumped 2.9 per cent after disclosing that it would account for US$570 million in costs connected to fuel injectors in several models from recent years, including Bronco Sport vehicles from 2021 to 2024. But Johnson & Johnson surged 6.2 per cent as it lifted its full-year forecast after quarterly earnings topped estimates. Analysts noted that the health care company also lowered its estimate for the cost hit from tariffs. AFP
CNA
11-07-2025
- Business
- CNA
US stocks fall as Trump ramps up tariff threats
NEW YORK: European and US stock markets retreated Friday (Jul 11) as US President Donald Trump ramped up his trade offensive, threatening a 35 per cent levy on Canada. Trump dampened earlier optimism by firing off more than 20 letters to governments outlining new tariffs if agreements are not reached by Aug 1. Bitcoin, meanwhile, pushed on with its climb, reaching an all-time high above US$118,000. The dollar was higher against its main rivals, and oil prices gained. Wall Street's three main indices fell, with both the S&P 500 and Nasdaq retreating from records. But the pullback was relatively modest, implying that many investors are taking a wait-and-see approach to Trump's latest tariff broadsides. "We have yet to see new substantial tariffs actually be enforced," said Adam Sarhan of 50 Park Investments, describing investors as sceptical that the biggest levies will actually be enacted. A note from Oxford Economics characterised Trump's moves as "more tariff theatrics", while allowing that the levy on Canada produced "jitters". In Europe, where investors were awaiting news of Trump's new tariff level targeting the European Union, the Paris stock market dropped 0.9 per cent and Frankfurt 0.8 per cent. "The fallout hasn't been more pronounced because the market still continues to view all of this as a point of negotiating leverage," said analyst Patrick O'Hare of Trump dialled up his trade war rhetoric Thursday, warning that Canada faced a 35 per cent tax, while other countries would be handed blanket tariffs of up to 20 per cent, from the current 10 per cent. That came after he outlined plans to impose 50 per cent tariffs on copper imports, while threatening 200per cent levies on pharmaceuticals, and hit Brazil with a new 50 per cent charge. The moves are the latest by the White House in a campaign it says is aimed at ending decades of the United States being "ripped off". Trump's initial bombshell tariffs announcement in April sent markets into turmoil until he paused them for three months, and the latest measures have had less impact. London's FTSE 100 and the pound retreated after data showed the UK economy unexpectedly shrank in May - its second consecutive monthly decline.
Business Times
11-07-2025
- Business
- Business Times
US: Stocks edge down from records amid tariff threats
[NEW YORK] Wall Street stocks retreated from records on Friday (Jul 11) as markets digested US President Donald Trump's latest tariff threats while looking ahead to major earnings reports later this month. In his latest broadsides on trade, Trump warned of 35 per cent tariffs on Canada and said his administration was on track to announce levies on the European Union in the coming days. But equity markets have had a 'bullish' reaction to these developments, said Adam Sarhan of 50 Park Investments, who contrasted Friday's equity market losses with stock market carnage earlier in the year at Trump's initial wave of tariff threats. The broad-based S&P 500 finished down 0.3 per cent at 6,259.75, declining from Thursday's record close. The Dow Jones Industrial Average shed 0.6 per cent to 44,371.51, while the tech-rich Nasdaq Composite Index fell 0.2 per cent to 20,585.53 after hitting its own record Thursday. 'We have yet to see new substantial tariffs actually be enforced,' said Sarhan, describing investors as sceptical the biggest levies will actually be enacted. Among individual companies, Levi Strauss & Co shot up 11.2 per cent after reporting higher profits on a 6.4 per cent rise in revenues. The denim company scored especially solid growth in the Americas and Europe. Earnings season accelerates next week with reports from large US banks, to be followed later in July by large technology companies and industrial players. Next week's calendar also includes consumer price data for June, a key benchmark for US Federal Reserve monetary policy. AFP
