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Business Recorder
a day ago
- Business
- Business Recorder
Wall Street back at records, erasing losses from Trump tariff blitz
NEW YORK: Major US stock indices soared back into record territory Friday, rebounding from a market rout triggered by President Donald Trump's sweeping tariffs. The gains, which came as US and Chinese representatives confirmed progress towards a trade deal, restored both the broad-based S&P 500 and the tech-centered Nasdaq back into their heights from before Trump's 'Liberation Day' tariff announcements set off a wave of volatility in early April. Near 1505 GMT, the S&P 500 stood at 6,175.23, up 0.6 percent, an intraday record. The Nasdaq Composite Index climbed 0.5 percent to 20,266.10, also an intraday record, while the Dow Jones Industrial average gained 0.9 percent to 43,761.31. On Friday, China confirmed details of a framework agreement with the United States, saying Washington would lift 'restrictive measures' while Beijing would 'review and approve' items under export controls. The announcement follows earlier rounds of negotiations between the two sides in Geneva and London. Beijing had emerged as the White House's biggest target following Trump's early April announcement, which initially set Washington on course to radically scale back global trade. Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades. US stocks rise after good Micron results Those tariffs have focused attention on the risk that US inflation could pick up again. The personal consumption expenditures price index climbed 2.3 percent last month from a year ago, according to data released Friday. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase. Federal Reserve Chairman Jerome Powell has said the central bank can afford to monitor inflation before changing monetary policy, rebuffing Trump who has insistently called for interest rate cuts. Friday's inflation data 'was confusing, but it wasn't terrible,' said Kim Forrest of Bokeh Capital Partners, adding that the uptick in inflation will probably keep the Fed on its current course for now. 'I think the markets would like to see a cut, but they're happy with things the way they are,' Forrest said. Among the 11 sectors in the S&P 500, only energy was in the red early Friday, with the biggest gains coming in industrials, consumer discretionary and real estate. Nike was the biggest winner in the Dow, piling on more than 15 percent after reporting a big drop in earnings. But executives confirmed that the company had gotten through its roughest quarter following a rough patch in which it misread consumer appetite.
New Straits Times
13-06-2025
- Business
- New Straits Times
Wall Street dips as Middle East tensions rise; Boeing drops
NEW YORK: Wall Street's main indexes slipped on Thursday as signs of rising tensions in the Middle East hurt risk sentiment and investors sought more clarity on Washington's recent trade deals with China. Boeing declined 4.7 per cent after an Air India 787-8 Dreamliner jet crashed minutes after taking off in India's western city of Ahmedabad, killing more than 200 people. Underscoring increased volatility in the Middle East, President Donald Trump said on Wednesday US personnel were being moved out of the region as it could be a "dangerous place" and the United States would not allow Iran to have a nuclear weapon. "The clearing out of our embassies in the Middle East of non-essential employees sends a signal that we're anticipating some turbulent times," said Kim Forrest, chief investment officer at Bokeh Capital Partners. A senior Iranian official said on Wednesday Tehran will strike US bases in the region if nuclear negotiations fail and conflict arises. China on Thursday affirmed a trade deal with the US, saying both sides needed to abide by the consensus. Traders are still waiting for more details on the trade framework discussed. At 10:06 a.m. ET, the Dow Jones Industrial Average fell 140.49 points, or 0.33 per cent, to 42,725.28, the S&P 500 lost 5.58 points, or 0.09 per cent, to 6,017.36 and the Nasdaq Composite lost 39.52 points, or 0.20 per cent, to 19,576.35. Five of the 11 major S&P 500 sub-sectors fell. Communication services dropped the most, with an about 0.7 per cent decline, while utilities gained 0.8 per cent. Alphabet declined 1.1 per cent, while Nvidia nudged 0.3 per cent higher. Among other movers, Oracle shares rose 12.1 per cent after the cloud service provider raised its annual revenue growth forecast. US-listed shares of gold miners also advanced, as bullion prices hit a one-week high. Newmont gained 2.4 per cent, Harmony Gold was up 2.1 per cent and AngloGold Ashanti rose 5.2 per cent. After a tame consumer price report on Wednesday, softer-than-expected producer price data and largely unchanged initial jobless claims helped reduce investor jitters around tariff-driven price pressures. Traders are pricing in 53.7 basis points of rate cuts by year-end, per data compiled by LSEG. They are penciling in a 60 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. Policymakers are widely expected to keep rates unchanged next week. With investors increasingly expecting Trump to reach favorable trade agreements with several countries in the coming weeks, the benchmark S&P 500 index is just 2.1 per cent below its record high touched in February. The tech-heavy Nasdaq is about 2.9 per cent from record levels hit in December. Goldman Sachs trimmed its US recession probability to 30 per cent from 35 per cent on easing uncertainty around Trump's tariff policies. Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE and by a 2.03-to-1 ratio on the Nasdaq. The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 24 new highs and 39 new lows. (Reporting by Kanchana Chakravarty and Sukriti Gupta in Bengaluru; Editing by Devika Syamnath)
Perth Now
12-06-2025
- Business
- Perth Now
Wall St dips as Middle East tensions rise, Boeing drops
Wall Street's main indexes have slipped as signs of rising tensions in the Middle East hurt risk sentiment and investors sought more clarity on Washington's recent trade deals with China. Boeing declined 4.7 per cent after an Air India 787-8 Dreamliner jet crashed minutes after taking off in India's western city of Ahmedabad, killing more than 200 people. Underscoring increased volatility in the Middle East, President Donald Trump said on Wednesday US personnel were being moved out of the region as it could be a "dangerous place" and the United States would not allow Iran to have a nuclear weapon. "The clearing out of our embassies in the Middle East of non-essential employees sends a signal that we're anticipating some turbulent times," said Kim Forrest, chief investment officer at Bokeh Capital Partners. A senior Iranian official said on Wednesday Tehran will strike US bases in the region if nuclear negotiations fail and conflict arises. China on Thursday affirmed a trade deal with the US, saying both sides needed to abide by the consensus. Traders are still waiting for more details on the trade framework discussed. In early trading on Thursday, the Dow Jones Industrial Average fell 140.49 points, or 0.33 per cent, to 42,725.28, the S&P 500 lost 5.58 points, or 0.09 per cent, to 6,017.36 and the Nasdaq Composite lost 39.52 points, or 0.20 per cent, to 19,576.35. Five of the 11 major S&P 500 sub-sectors fell. Communication services dropped the most, with an about 0.7 per cent decline, while utilities gained 0.8 per cent. Alphabet declined 1.1 per cent, while Nvidia nudged 0.3 per cent higher. Among other movers, Oracle shares rose 12.1 per cent after the cloud service provider raised its annual revenue growth forecast. US-listed shares of gold miners also advanced, as bullion prices hit a one-week high. Newmont gained 2.4 per cent, Harmony Gold was up 2.1 per cent and AngloGold Ashanti rose 5.2 per cent. After a tame consumer price report on Wednesday, softer-than-expected producer price data and largely unchanged initial jobless claims helped reduce investor jitters around tariff-driven price pressures. Traders are pricing in 53.7 basis points of rate cuts by year-end, per data compiled by LSEG. They are penciling in a 60 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. Policymakers are widely expected to keep rates unchanged next week. With investors increasingly expecting Trump to reach favourable trade agreements with several countries in the coming weeks, the benchmark S&P 500 index is just 2.1 per cent below its record high touched in February. The tech-heavy Nasdaq is about 2.9 per cent from record levels hit in December. Goldman Sachs trimmed its US recession probability to 30 per cent from 35 per cent on easing uncertainty around Trump's tariff policies. Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE and by a 2.03-to-1 ratio on the Nasdaq. The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 24 new highs and 39 new lows.
West Australian
12-06-2025
- Business
- West Australian
Wall St dips as Middle East tensions rise, Boeing drops
Wall Street's main indexes have slipped as signs of rising tensions in the Middle East hurt risk sentiment and investors sought more clarity on Washington's recent trade deals with China. Boeing declined 4.7 per cent after an Air India 787-8 Dreamliner jet crashed minutes after taking off in India's western city of Ahmedabad, killing more than 200 people. Underscoring increased volatility in the Middle East, President Donald Trump said on Wednesday US personnel were being moved out of the region as it could be a "dangerous place" and the United States would not allow Iran to have a nuclear weapon. "The clearing out of our embassies in the Middle East of non-essential employees sends a signal that we're anticipating some turbulent times," said Kim Forrest, chief investment officer at Bokeh Capital Partners. A senior Iranian official said on Wednesday Tehran will strike US bases in the region if nuclear negotiations fail and conflict arises. China on Thursday affirmed a trade deal with the US, saying both sides needed to abide by the consensus. Traders are still waiting for more details on the trade framework discussed. In early trading on Thursday, the Dow Jones Industrial Average fell 140.49 points, or 0.33 per cent, to 42,725.28, the S&P 500 lost 5.58 points, or 0.09 per cent, to 6,017.36 and the Nasdaq Composite lost 39.52 points, or 0.20 per cent, to 19,576.35. Five of the 11 major S&P 500 sub-sectors fell. Communication services dropped the most, with an about 0.7 per cent decline, while utilities gained 0.8 per cent. Alphabet declined 1.1 per cent, while Nvidia nudged 0.3 per cent higher. Among other movers, Oracle shares rose 12.1 per cent after the cloud service provider raised its annual revenue growth forecast. US-listed shares of gold miners also advanced, as bullion prices hit a one-week high. Newmont gained 2.4 per cent, Harmony Gold was up 2.1 per cent and AngloGold Ashanti rose 5.2 per cent. After a tame consumer price report on Wednesday, softer-than-expected producer price data and largely unchanged initial jobless claims helped reduce investor jitters around tariff-driven price pressures. Traders are pricing in 53.7 basis points of rate cuts by year-end, per data compiled by LSEG. They are penciling in a 60 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. Policymakers are widely expected to keep rates unchanged next week. With investors increasingly expecting Trump to reach favourable trade agreements with several countries in the coming weeks, the benchmark S&P 500 index is just 2.1 per cent below its record high touched in February. The tech-heavy Nasdaq is about 2.9 per cent from record levels hit in December. Goldman Sachs trimmed its US recession probability to 30 per cent from 35 per cent on easing uncertainty around Trump's tariff policies. Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE and by a 2.03-to-1 ratio on the Nasdaq. The S&P 500 posted four new 52-week highs and three new lows while the Nasdaq Composite recorded 24 new highs and 39 new lows.
Yahoo
06-06-2025
- Business
- Yahoo
Broadcom is the right pick 'if you're a nervous AI investor'
Broadcom (AVGO) beat second quarter earnings estimates but disappointed on outlook despite a 46% revenue increase from last year. Kimberly Forrest, founder and chief investment officer of Bokeh Capital Partners, explains why Broadcom's hardware-software mix makes it a confusing artificial intelligence (AI) play. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This has been a big story of the week, Broadcom beating second quarter earnings estimates, but its outlook failing to impress investors. Still, the chipmaker's AI revenue increased 46% from a year prior. Joining us now, we've got Kimberly Forest, Boca Capital Partners founder and chief investment officer. You said the AI trade is back. I mean, did it leave? How are you looking at Broadcom right now? Well, I think that they are a very confusing company if you are an AI-oriented investor because the chip sector in that company or that chip segment, I should say, is relatively small and, but important. We know that, but it's got a lot of weird hardware rolling around the, um, the halls in Broadcom, like everything from mainframe to, uh, VMware, which is this, uh, software that can make virtual machines. So, it's it's an oddball stock and it's kind of reflected in the price today because it isn't the AI pure play that people want it to be. So, given that, Kimberly, can you talk a little bit about what would make a company like Broadcom a pure enough AI play for an investor like you to be a little bit more bullish on it? Sure. Well, they could do something strange like kind of roll out a piece of it, maybe the, uh, chipset, the chip sector into, um, a a trading vehicle where you're you're just spinning that off, but you remain the majority owner of the company. And that could show in a direct way the growth that the company can achieve through AI. God knows they talk a lot about it, but, um, until investors are able to see that pure growth, that is going to limit this company at some point. You know, is there a better kind of longer-term play here that that seems more stable than Broadcom within this AI trade right now? I don't know. I mean, AI there the good thing about Broadcom software exposure is that it does give it stability. Um, yes, the mainframe market isn't growing. VMware's market isn't growing and the other software they have, not really growing at the same rate of AI, but it gives you a lovely annuity-like revenue to be able to invest in things like the chips that it is bringing to market to AI. So, that, if you're a nervous AI investor, maybe Broadcom's for you. Um, you know, the pure play is at this point, Nvidia. Um, they have the chips people want, um, that are willing to pay up for their premium pricing and it looks like there really is no substitute at this point. So, if you want a direct line to, um, all manner of AI, the way to play it is Nvidia right now. And when you think about the growth prospects for Nvidia amid some of the geopolitical tensions, obviously Nvidia getting caught in the crosshairs on chip export curbs between the US and China, how concerned are you about the Chinese market getting cut off from Nvidia as a potential downward catalyst? I'm not particularly concerned, but the company sure is, you know, um, the last time, uh, Jensen Wong was on TV, he was making a direct appeal to the government to allow for export. Um, you know, he always points out 50% of the AI is being developed in China, and wouldn't it be nice to have a US-based, um, hardware platform that it's being developed on. And right now the answer is no for many reasons, and I think probably the biggest reason is are they going to just have consumer oriented AI or does it have military applications, and that's a tough one to get around. So, I think Nvidia making a, uh, a less capable chip for the Chinese environment is probably the best the company and the government can do at this point, and we'll see if, um, that's permitted in the future. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
