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Business Recorder
08-07-2025
- Automotive
- Business Recorder
Wall St knocked lower by tariff jitters
NEW YORK: Wall Street kicked off the week on a dour note, with fresh tariff uncertainty rattling investors, while Tesla shares dropped after CEO Elon Musk announced his political party ambitions. Electric vehicle maker Tesla fell 7% to a near one-month low and was on track for its worst day in over a month. Musk announced the formation of a US political party named the 'American Party', marking a new escalation in his feud with Trump. 'Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what (they) want,' said Art Hogan, chief market strategist at B Riley Wealth. Meanwhile, investors turned cautious as they awaited a flurry of US trade announcements expected within 48 hours, with a key deadline to finalize new pacts looming. President Donald Trump said on Sunday that the country is on the cusp of several deals and would notify other countries of higher tariff rates by July 9. He added that those duties are set to take effect on August 1. In April, Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50%. Subsequently, he delayed the effective date for all but 10% until July 9. The new date offers countries a three-week window for further negotiations. While the Nasdaq in April tumbled into bear market territory on tariff fears, both the index and the S&P 500 had just closed at record highs on Thursday after a robust jobs report. The Dow was about 1% away from an all-time high. Still, investors took to the sidelines, wary of shifting trade policies. Trump also threatened an extra 10% tariff on countries aligning themselves with the 'Anti-American policies' of the BRICS group of Brazil, Russia, India, China and South Africa. At 11:38 a.m. ET, the S&P 500 lost 0.61%, while the Dow Jones Industrial Average fell 0.73% - with both the indexes poised for their biggest single-day drop in three weeks. The Nasdaq Composite lost 0.68%. Ten of the eleven major S&P sectors were trading in the red, with consumer discretionary falling the most by 1.1%. Shares of WNS jumped 14.3% after the French IT services firm Capgemini agreed to buy the outsourcing firm for $3.3 billion in cash. Trump's inflation-causing tariff policies have further complicated the Fed's path to lower rates. As a result, minutes of its June meeting, scheduled for release on Wednesday, should offer more clues on the monetary policy outlook. Traders have fully priced out a July rate cut, with September odds at 64.4%, according to CME Group's FedWatch tool. Attention is also on a sweeping tax-cut and spending bill, passed by House Republicans after markets closed on Thursday, that is set to swell the national deficit by over $3 trillion in the next decade.
Canberra Times
07-07-2025
- Automotive
- Canberra Times
Wall Street falls as tariff uncertainty weighs
"Tesla investors are starting to vote their displeasure with him getting back into politics. The potential for him to start his own American party is just the exact opposite of what Tesla investors want," said Art Hogan, chief market strategist at B Riley Wealth.
Business Recorder
28-06-2025
- Business
- Business Recorder
Wall Street indexes hit fresh peaks on trade, Fed cut optimism
NEW YORK: Wall Street's main indexes rose on Friday, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5%, surpassing their previous peaks touched in February and December, respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20% from a trough in April. 'I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit,' said Art Hogan, chief market strategist at B Riley Wealth. US Treasury Secretary Scott Bessent said the Trump administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve Chair Jerome Powell's replacement by September or October. Traders now price in a 20.7% chance of a rate cut in July, compared with 14.5% last week, according to CME Group's FedWatch tool. At 11:28 a.m. ET, the Dow Jones Industrial Average rose 403.09 points, or 0.93%, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58%, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54%, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5%. Shares of Nvidia, the world's most valuable company, rose 1.8% to touch a record high, while other tech-heavyweights including and Apple added 1.1% and 0.2%, respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month, while the blue-chip Dow was set for a weekly advance, if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8% after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6% after Nike's results, while Hoka-owner Deckers Outdoor added 2.7%. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows, while the Nasdaq Composite recorded 70 new highs and 34 new lows.
The Advertiser
27-06-2025
- Business
- The Advertiser
Wall Street hits new peaks on trade, rate cut hopes
Wall Street's main indexes have risen, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5 per cent, surpassing their previous peaks touched in February and December respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20 per cent from a trough in April. "I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley Wealth. Adding to the upbeat sentiment, the United States reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" tariffs. US Treasury Secretary Scott Bessent said the administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve chair Jerome Powell's replacement by September or October. Data on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers pre-emptively buying goods such as motor vehicles ahead of tariffs faded while monthly inflation rose moderately, supporting bets for rate cuts. Traders are pricing in a 20.7 per cent chance of a rate cut in July, compared with 14.5 per cent last week, according to CME Group's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average rose 403.09 points, or 0.93 per cent, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58 per cent, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54 per cent, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5 per cent. Shares of Nvidia, the world's most valuable company, rose 1.8 per cent to touch a record high while other tech-heavyweights including and Apple added 1.1 per cent and 0.2 per cent respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month while the blue-chip Dow was set for a weekly advance if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8 per cent after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6 per cent after Nike's results while Hoka-owner Deckers Outdoor added 2.7 per cent. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows while the Nasdaq Composite recorded 70 new highs and 34 new lows. Wall Street's main indexes have risen, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5 per cent, surpassing their previous peaks touched in February and December respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20 per cent from a trough in April. "I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley Wealth. Adding to the upbeat sentiment, the United States reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" tariffs. US Treasury Secretary Scott Bessent said the administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve chair Jerome Powell's replacement by September or October. Data on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers pre-emptively buying goods such as motor vehicles ahead of tariffs faded while monthly inflation rose moderately, supporting bets for rate cuts. Traders are pricing in a 20.7 per cent chance of a rate cut in July, compared with 14.5 per cent last week, according to CME Group's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average rose 403.09 points, or 0.93 per cent, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58 per cent, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54 per cent, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5 per cent. Shares of Nvidia, the world's most valuable company, rose 1.8 per cent to touch a record high while other tech-heavyweights including and Apple added 1.1 per cent and 0.2 per cent respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month while the blue-chip Dow was set for a weekly advance if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8 per cent after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6 per cent after Nike's results while Hoka-owner Deckers Outdoor added 2.7 per cent. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows while the Nasdaq Composite recorded 70 new highs and 34 new lows. Wall Street's main indexes have risen, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5 per cent, surpassing their previous peaks touched in February and December respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20 per cent from a trough in April. "I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley Wealth. Adding to the upbeat sentiment, the United States reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" tariffs. US Treasury Secretary Scott Bessent said the administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve chair Jerome Powell's replacement by September or October. Data on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers pre-emptively buying goods such as motor vehicles ahead of tariffs faded while monthly inflation rose moderately, supporting bets for rate cuts. Traders are pricing in a 20.7 per cent chance of a rate cut in July, compared with 14.5 per cent last week, according to CME Group's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average rose 403.09 points, or 0.93 per cent, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58 per cent, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54 per cent, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5 per cent. Shares of Nvidia, the world's most valuable company, rose 1.8 per cent to touch a record high while other tech-heavyweights including and Apple added 1.1 per cent and 0.2 per cent respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month while the blue-chip Dow was set for a weekly advance if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8 per cent after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6 per cent after Nike's results while Hoka-owner Deckers Outdoor added 2.7 per cent. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows while the Nasdaq Composite recorded 70 new highs and 34 new lows. Wall Street's main indexes have risen, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5 per cent, surpassing their previous peaks touched in February and December respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20 per cent from a trough in April. "I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley Wealth. Adding to the upbeat sentiment, the United States reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" tariffs. US Treasury Secretary Scott Bessent said the administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve chair Jerome Powell's replacement by September or October. Data on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers pre-emptively buying goods such as motor vehicles ahead of tariffs faded while monthly inflation rose moderately, supporting bets for rate cuts. Traders are pricing in a 20.7 per cent chance of a rate cut in July, compared with 14.5 per cent last week, according to CME Group's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average rose 403.09 points, or 0.93 per cent, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58 per cent, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54 per cent, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5 per cent. Shares of Nvidia, the world's most valuable company, rose 1.8 per cent to touch a record high while other tech-heavyweights including and Apple added 1.1 per cent and 0.2 per cent respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month while the blue-chip Dow was set for a weekly advance if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8 per cent after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6 per cent after Nike's results while Hoka-owner Deckers Outdoor added 2.7 per cent. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows while the Nasdaq Composite recorded 70 new highs and 34 new lows.
Perth Now
27-06-2025
- Business
- Perth Now
Wall Street hits new peaks on trade, rate cut hopes
Wall Street's main indexes have risen, pushing the S&P 500 and the Nasdaq to intraday record highs as investors pinned their hopes on deeper interest-rate cuts and the US striking deals with its biggest trading partners. The S&P 500 and the Nasdaq Composite both rose more than 0.5 per cent, surpassing their previous peaks touched in February and December respectively. The Nasdaq looked on course to confirm a bull market, having recovered more than 20 per cent from a trough in April. "I think the driver for that momentum clearly is the dissipation of concerns over the magnitude of tariffs. That was the biggest concern in the early April time frame and I think that headwind seems to be dissipating a bit," said Art Hogan, chief market strategist at B Riley Wealth. Adding to the upbeat sentiment, the United States reached an agreement with China on expediting rare-earth shipments to the United States, a White House official said, days ahead of the July 9 deadline for US President Donald Trump's "reciprocal" tariffs. US Treasury Secretary Scott Bessent said the administration's trade deals with other countries could be done by Labor Day, citing the country's 18 main trading partners. Investors are focusing on the interest-rate trajectory after the Wall Street Journal reported that Trump toyed with the idea of announcing US Federal Reserve chair Jerome Powell's replacement by September or October. Data on Friday showed US consumer spending fell unexpectedly in May as the boost from consumers pre-emptively buying goods such as motor vehicles ahead of tariffs faded while monthly inflation rose moderately, supporting bets for rate cuts. Traders are pricing in a 20.7 per cent chance of a rate cut in July, compared with 14.5 per cent last week, according to CME Group's FedWatch tool. In early trading on Friday, the Dow Jones Industrial Average rose 403.09 points, or 0.93 per cent, to 43,789.88, the S&P 500 gained 36.14 points, or 0.58 per cent, to 6,177.16, and the Nasdaq Composite added 108.05 points, or 0.54 per cent, to 20,275.96. Ten of the 11 major S&P 500 sub-sectors rose. Energy stocks were the only laggards, falling 0.5 per cent. Shares of Nvidia, the world's most valuable company, rose 1.8 per cent to touch a record high while other tech-heavyweights including and Apple added 1.1 per cent and 0.2 per cent respectively. The benchmark S&P 500 and the tech-heavy Nasdaq were on track for their best weekly performance in more than a month while the blue-chip Dow was set for a weekly advance if gains hold. UBS Global Wealth Management raised its year-end target for the S&P 500 to 6,200 from its prior forecast of 6,000, banking on softening trade uncertainty. Nike's shares jumped 15.8 per cent after it forecast a smaller-than-expected drop in first-quarter revenue. Retailer Lululemon Athletica rose 1.6 per cent after Nike's results while Hoka-owner Deckers Outdoor added 2.7 per cent. Advancing issues outnumbered decliners by a 2.01-to-1 ratio on the NYSE and by a 1.26-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and two new lows while the Nasdaq Composite recorded 70 new highs and 34 new lows.
