Latest news with #Band-Aid
Los Angeles Times
5 days ago
- Business
- Los Angeles Times
Wall Street holds near its record amid doubts about Trump's tariffs
Stock indexes hung near their records on Monday following President Donald Trump's latest updates to his tariffs, as speculation continues on Wall Street that he may ultimately back down on them. The S&P 500 edged up by 0.1% to pull within 0.2% of its all-time high set on Thursday. The Dow Jones Industrial Average added 88 points, or 0.2%, and the Nasdaq composite climbed 0.3% to set a record. Stock indexes elsewhere around the world were mixed in their first trading after Trump announced plans over the weekend for 30% tariffs on goods from Mexico and the European Union. They won't take effect until Aug. 1, the same deadline that Trump announced last week for updated tax rates on imports from Japan, South Korea and a dozen other countries. The latest postponements for Trump's tariffs allow more time for him to reach trade deals with other countries that could lower the tariff rates and prevent pain for international trade. They also feed into speculation that Trump may ultimately back down on his tariffs if they end up creating too much damage for the economy and for financial markets. If Trump were to enact all his proposed tariffs on Aug. 1, they would raise the risk of a recession. That would not only hurt U.S. voters but also raise the pressure on the U.S. government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the deficit. 'We therefore believe that the administration is using this latest round of tariff escalation to maximize its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,' according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. 'As usual, there are many conditions and clauses that can get these rates reduced,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'That's probably why the market might not like the tariff talk, but it's not panicking about it either.' For the time being, all the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things. On Tuesday will come the latest reading on inflation across the United States. Economists expect it to show inflation accelerated to 2.6% last month from 2.4% in May. Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results on Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on Thursday. Fastenal, a distributor of industrial and construction supplies, on Monday reported a stronger profit for the latest quarter than analysts expected. Its stock rose 4.2%, though it also said that market conditions remain sluggish. Shares of Kenvue rose 2.2% after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, 'including ways to simplify the company's portfolio and how it operates,' according to Larry Merlo, the board's chair. Waters slumped 13.8% after saying it had agreed to merge with Becton, Dickinson and Co.'s biosciences and diagnostic solutions business in a deal valued at roughly $17.5 billion. All told, the S&P 500 rose 8.81 points to 6,268.56. The Dow Jones Industrial Average added 88.14 to 44,459.65, and the Nasdaq composite climbed 54.80 to 20,640.33 to top its last all-time high set on Thursday. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury slipped to 4.42% from 4.43% late Friday. In stock markets abroad, indexes fell across much of Europe. Germany's DAX lost 0.4%, and France's CAC 40 fell 0.3%. But indexes rose 0.8% in South Korea and 0.3% in Hong Kong. Chinese shares advanced after the government reported that exports rose last month as a truce in a tariff war prompted a surge in orders ahead of the Aug. 1 deadline for reaching a new trade deal with Washington. Some of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is 'Crypto Week' in Washington, where Congress will consider several bills to 'make America the crypto capital of the world.' Choe writes for the Associated Press.
Sydney Morning Herald
5 days ago
- Business
- Sydney Morning Herald
ASX set to rise, Wall Street advances amid doubts about Trump's tariffs
For the time being, all the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things. On Tuesday will come the latest reading on inflation across the United States. Economists expect it to show inflation accelerated to 2.6 per cent last month from 2.4 per cent in May. Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results on Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on Thursday. Fastenal, a distributor of industrial and construction supplies, on Monday reported a stronger profit for the latest quarter than analysts expected. Its stock rose 2.9 per cent, though it also said that market conditions remain sluggish. Shares of Kenvue rose 2.3 per cent in shaky trading after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, 'including ways to simplify the company's portfolio and how it operates,' according to Larry Merlo, the board's chair. Waters slumped 11.9 per cent after saying it had agreed to merge with Becton, Dickinson and Co.'s biosciences and diagnostic solutions business in a deal valued at roughly $US17.5 billion ($26.7 billion). In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury slipped to 4.42 per cent from 4.43 per cent late Friday. Loading In stock markets abroad, indexes fell across much of Europe. Germany's DAX lost 0.4 per cent, and France's CAC 40 fell 0.3 per cent. But indexes rose 0.8 per cent in South Korea and 0.3 per cent in Hong Kong. Chinese shares advanced after the government reported that exports rose last month as a truce in a tariff war prompted a surge in orders ahead of the August 1 deadline for reaching a new trade deal with Washington.
San Francisco Chronicle
5 days ago
- Business
- San Francisco Chronicle
Kenvue CEO Mongon stepping down as company continues with strategic review
Kenvue says that Thibaut Mongon is stepping down as its CEO as the maker of Listerine and Band-Aid brands continues with a strategic review of the company. Kenvue used to be a part of Johnson & Johnson. J&J announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble. Kenvue said Monday that board member Kirk Perry will serve as interim CEO, effective immediately. Perry has served as a director since December and most recently served as CEO of Circana, a provider of market research. He spent more than 20 years at Procter & Gamble in various roles. Kenvue also said that it is continuing to work with its strategic review committee to explore options for the company. 'The Board's strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the Company's portfolio and how it operates," Chair Larry Merlo said in a statement. Kenvue provided some preliminary results for its fiscal second quarter. The company anticipates adjusted earnings in a range of 28 cents to 29 cents per share. Analysts polled by FactSet expect earnings of 28 cents per share. Kenvue will report its full quarterly results on Aug. 7 and said that it will revise its full-year outlook on that date.
The Hill
5 days ago
- Business
- The Hill
Kenvue CEO Mongon stepping down as company continues with strategic review
Kenvue says that Thibaut Mongon is stepping down as its CEO as the maker of Listerine and Band-Aid brands continues with a strategic review of the company. Kenvue used to be a part of Johnson & Johnson. J&J announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble. Kenvue said Monday that board member Kirk Perry will serve as interim CEO, effective immediately. Perry has served as a director since December and most recently served as CEO of Circana, a provider of market research. He spent more than 20 years at Procter & Gamble in various roles. Kenvue also said that it is continuing to work with its strategic review committee to explore options for the company. 'The Board's strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the Company's portfolio and how it operates,' Chair Larry Merlo said in a statement. Kenvue provided some preliminary results for its fiscal second quarter. The company anticipates adjusted earnings in a range of 28 cents to 29 cents per share. Analysts polled by FactSet expect earnings of 28 cents per share. Kenvue will report its full quarterly results on Aug. 7 and said that it will revise its full-year outlook on that date. Shares rose more than 4% before the market open.
Yahoo
5 days ago
- Business
- Yahoo
Kenvue CEO Mongon stepping down as company continues with strategic review
Kenvue says that Thibaut Mongon is stepping down as its CEO as the maker of Listerine and Band-Aid brands continues with a strategic review of the company. Kenvue used to be a part of Johnson & Johnson. J&J announced in late 2021 that it was splitting its consumer health division from the pharmaceutical and medical device divisions in a bid to make each more nimble. Kenvue said Monday that board member Kirk Perry will serve as interim CEO, effective immediately. Perry has served as a director since December and most recently served as CEO of Circana, a provider of market research. He spent more than 20 years at Procter & Gamble in various roles. Kenvue also said that it is continuing to work with its strategic review committee to explore options for the company. 'The Board's strategic review is underway, and we are considering a broad range of potential alternatives, including ways to simplify the Company's portfolio and how it operates," Chair Larry Merlo said in a statement. Kenvue provided some preliminary results for its fiscal second quarter. The company anticipates adjusted earnings in a range of 28 cents to 29 cents per share. Analysts polled by FactSet expect earnings of 28 cents per share. Kenvue will report its full quarterly results on Aug. 7 and said that it will revise its full-year outlook on that date. Shares rose more than 4% before the market open. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
