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Yahoo
8 hours ago
- Business
- Yahoo
Stock market today: S&P 500, Nasdaq notch record closes, brushing off renewed trade tensions
US stocks recovered on Friday afternoon to clinch fresh records despite renewed trade tensions after President Trump said he was terminating talks with Canada. The S&P 500 (^GSPC) closed at an all-time high for the first time since February. The benchmark index was trading near record territory for much of the session over optimism on the trade front — the US and China clinching a trade truce — and hopes of a rate cut from the Fed sooner rather than later. The Nasdaq Composite (^IXIC) also notched a record high. Meanwhile, the Dow Jones Industrial Average (^DJI) gained 1%, or about 400 points. Stocks temporarily took a dramatic turn after Trump posted on social media that he was "terminating ALL discussions on Trade with Canada, effective immediately," citing Canada's digital services tax as the cause. He said he would set a new tariff rate on Canadian goods within the next week. Markets had gotten a boost on the trade front on Friday after Trump said that the US and China have "signed" a trade deal. The two sides have cemented the tariff truce sealed last month in Geneva, and China has confirmed details of the agreed trade framework, per several media reports. Under the pact, China has committed to delivering rare earth minerals to the US, Commerce Secretary Howard Lutnick told Bloomberg. Once that is underway, 'we'll take down our countermeasures,' he said. Also on Friday, Treasury Secretary Scott Bessent on Friday said the US could complete the balance of its most important trade talks by Labor Day, raising hopes that the US wouldn't be firm on its July 9 tariff deadline. Meanwhile, the Fed's rate path also remained in focus. The latest reading of the Fed's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. Fed Chair Jerome Powell has stressed that an uptick in price pressures could be a stumbling block to a rate cut. That report also contained signs of an economic slowdown, however, which could further complicate the emerging debate between Fed hawks and doves. Stocks closed at all-time highs on Friday following a dramatic session after President Trump said he was halting trade talks with China. The S&P 500 (^GSPC) recovered from an afternoon dip to close above its first record since February. The Nasdaq Composite (^IXIC) also closed at a record as spirits were lifted following the announcement of a US -China trade framework, and investor optimism jumped over a Fed rate cut sooner, rather than later. Trading was volatile after Trump said he was "terminating" negotiations with Canada. Markets recovered in their last half hour of trading to close at fresh highs. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. Stocks closed at all-time highs on Friday following a dramatic session after President Trump said he was halting trade talks with China. The S&P 500 (^GSPC) recovered from an afternoon dip to close above its first record since February. The Nasdaq Composite (^IXIC) also closed at a record as spirits were lifted following the announcement of a US -China trade framework, and investor optimism jumped over a Fed rate cut sooner, rather than later. Trading was volatile after Trump said he was "terminating" negotiations with Canada. Markets recovered in their last half hour of trading to close at fresh highs. Stocks pared gains Friday as President Trump canceled trade talks with Canada and spurred confusion over the state of broader tariff negotiations ahead of the July 9 deadline. After Trump said he was "terminating" negotiations with Canada, the S&P 500 (^GSPC) pulled back from a record intraday high but still added 0.3% and was on pace to hit its first record close since February. Trump offered multiple scenarios during a press conference about how tariff negotiations could play out. Yahoo Finance's Ben Werschkul writesL Read the full story here. Despite recent gains in tech stocks, markets have largely traded sideways for seven months, Yahoo Finance's Francisco Velasquez reports. Velasquez writes: Read more here. Nike stock (NKE) continued to soar on Friday afternoon, up more than 15% after the sneaker giant said its profit and sales declines would narrow in the current quarter. Nike's costs from tariffs are expected to approach $1 billion as the company makes additional moves to diversify its supply chain away from China, Yahoo Finance's Brooke DiPalma reported. Nike's jump Friday appeared to lift its competitors as well. On Holding (ONON) rose 1.8%, while Adidas ( climbed more than 3.8% and Crocs (CROX) rose 2.7%. Read more about Nike's latest earnings results here. American investors are pumped about a new record high in the S&P 500 stock index. But the gains in US stocks are modest compared to the rise in global stocks. Yahoo Finance's Rick Newman points out: Read the full story here. Palantir stock (PLTR) dropped more than 5% Friday, after President Trump said during the NATO Summit that the conflict in the Middle East was 'over" for now. Trump added, "Can it start again? I guess someday it can. It could maybe start soon." Shares of Palantir had soared in early June after announcing a new $463 million contract to provide its AI software to the US Special Operations Command within the US military. The stock continued to rise after Israel first carried out airstrikes on Iran on June 12 and after the US carried out its own bombings on Iran's nuclear sites later in the month. Palantir provides its AI software to the Israeli Defense Force. 'Shares of PLTR did seem to benefit from the tension and conflict in the Middle East, so with more quiet outlook for the region, PLTR may be giving some of those gains back,' DA Davidson analyst Gil Luria told Yahoo Finance. In addition to the ceasefire between Israel and Iran, The Washington Post reports that there is a renewed push between Arab mediators and Israeli hostage families to negotiate an end to Israel's war on Gaza. The drop also comes a day after protesters rallied outside of Palantir's Palo Alto offices to oppose the company's work with ICE amid Trump's sweeping deportations. In other news for Palantir, the company announced Thursday that it's partnering with a nuclear power company, The Nuclear Company, to develop AI software to help build plants 'faster and safer.' JPMorgan analysts said in a report following a survey of 168 chief information officers that artificial intelligence spending is set to jump over the next three years, with positive implications for chip stocks. According to the survey, AI-related computing hardware as a percentage of CIOs' IT budgets is set to rise to 15.9% in three years from 5.9% currently, the analysts wrote. 'The survey results support our view of a strong multi-year spending cycle in the AI infrastructure build-out and should continue to support sustained strong revenue growth for the AI beneficiaries,' the report said. Those beneficiaries include chipmakers Advanced Micro Devices (AMD), Broadcom (AVGO), Marvell Technology (MRVL), Micron (MU), Arm (ARM), and Nvidia (NVDA), as well as producers of high-performance networking products for AI data centers such as Astera Labs (ALAB). The PHLX Semiconductor index (^SOX) has come roaring back since hitting a low in April. The index is up more than 14% over the past month. Of the 'Magnificent Seven' tech stocks, three stand out. Meta (META), Microsoft (MSFT), and Nvidia (NVDA) stocks have seen a remarkable turnaround from lows in April and lead the group for the year. Meta is up nearly 25% for the year, while Microsoft and Nvidia are up around 18%. Nvidia has roared back to hit new record highs each trading day since Wednesday and was set to end the trading week up more than 10%. The AI chipmaker and Microsoft have seen their market capitalizations balloon to nearly $4 trillion. 'We believe both Nvidia and Microsoft will hit the $4 trillion market cap club this summer and then over the next 18 months the focus will be on the $5 trillion club ... as this tech bull market is still early being led by the AI Revolution,' Wedbush's Dan Ives wrote in a note to investors on Friday. Nvidia's market cap stood at $3.86 trillion Friday, while Microsoft's was $3.71 trillion. Amazon (AMZN) on Friday entered positive territory for the year for the first time since February, up roughly 0.2% in 2025 as of midday Friday. Despite recent gains, the other members of the Magnificent Seven remain negative for the year. Yahoo Finance's Ben Werschkul reports: Read more here. Uber (UBER) and Lyft (LYFT) stocks both fell more than 2% on Friday after Canaccord Genuity downgraded the ride-hail platforms to Hold from Buy when analyst George Gianarikas assumed coverage of the stocks the prior day. Gianarikas said it would take only 411,000 robotaxis to replace all Uber and Lyft drivers in the US. 'Now, we are not sure it all happens that quickly, but there is very much a non-zero probability that it does.' While the platforms have been integrating robotaxis into their offerings — for example, Uber has partnered with Waymo, and Lyft with Mobileye and others — Gianarikas said that 'hybrid' approach may not help them in a future robotaxi-dominated market. "The challenge for UberLyft is how long a hybrid network will stay relevant, and then what value they can add over the long-term in a new paradigm," he wrote. "The future could be bright: value added in the AV world through hybrid human-robot networks, strong on the ground operations, and other tactical elements," he added. "An alternative scenario is also plausible: a new world dominated by a few AV behemoths that control the value chain and leave UberLyft reflecting on the golden days of the past. It is truly unclear." Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Jennifer Schonberger reports: Read more here. US stocks trod higher on Friday, on the cusp of fresh record highs as investors assessed a key inflation reading to test bets on interest-rate cuts and eyed progress toward a US-China trade deal. The S&P 500 (^GSPC) added 0.2% and was on pace to close at its first record high since February. The Nasdaq Composite (^IXIC) moved up more than nearly 0.3%, also pacing for a record close. Meanwhile the Dow Jones Industrial Average (^DJI) added 0.4%, or nearly 200 points. Yahoo Finance's Allie Canal writes: Read more here. The latest reading of the Federal Reserve's preferred inflation gauge showed price increases accelerated in May as inflation remained above the Fed's 2% target. The release comes as investors have been closely watching data releases for signs of when, or if, the Federal Reserve will cut interest rates this year. The "core" Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 2.7% on an annual basis, above the 2.6% economists had expected and higher than the 2.6% seen in April. The April reading was revised higher to 2.6% from an originally reported 2.5% increase. Core prices rose 0.2% in May from the prior month, above the 0.1% economists had expected, which would have been in line with April's increase. On a yearly basis, overall PCE increased by 2.3%, above the 2.2% increase from the month prior. Read more here. Nvidia stock (NVDA) continued to add to gains in premarket trading Friday, building on a rally that saw shares of the AI chipmaker reach fresh record highs this week. Shares were up 0.5% an hour before the opening bell. Year to date, Nvidia stock is up more than 15%, marking a huge turnaround from earlier in the year when China's DeepSeek AI model and President Trump's trade wars weighed on shares. With a current market capitalization of $3.78 trillion, Nvidia is considered the most valuable company in the world, surpassing Microsoft's (MSFT) $3.69 trillion market cap. And Nvidia's breakout suggests a $4 trillion market cap may be within reach as the artificial intelligence boom continues full steam ahead. If the stock can keep powering higher, Nvidia would be the first company to reach that milestone. Read more here from Bloomberg. Shares of Hong Kong-listed Xiaomi ( popped 3.6% on Friday after the consumer electronics maker unveiled its new $35,000 SUV to compete with Tesla's (TSLA) Model Y vehicle in China. Xiaomi's YU7 drew substantial buzz, collecting 289,000 preorders in its first hour of availability. It's a direct challenge to Tesla, and its 253,500 yuan price tag undercuts Tesla's Model Y by 10,000 yuan. Tesla stock fell 0.4% in premarket trading. Tesla is also currently grappling with evaporating sales for its EVs in Europe and the firing of Omead Afshar, the head of sales and manufacturing in North America and Europe. Yahoo Finance's Hamza Shaban writes in today's Morning Brief: Read more here. Investors are finding glimmers of hope in Nike's (NKE) after-hours earnings report on Thursday. The sneaker giant expects its sales decline to narrow in the current quarter — a single-digit percentage drop, versus the 12% fall in the three months to May 31. While Nike expects a nearly $1 billion increase in costs from Trump's tariff hikes, the company laid out plans to lower its reliance on Chinese manufacturers for goods it sells in the US. China accounts for 16% of the shoes it imports into the US, per Reuters. Shares jumped almost 10% in premarket trading on Friday. Yahoo Finance's Brooke DiPalma reports: Read more here. Asian markets are bouncing back in a healthy fashion as the region swims through tariff shock and looks poised for a meteoric second half to 2025. Bloomberg reports: Read more here. 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
Forbes
13 hours ago
- Business
- Forbes
China Market Update: Xiaomi Roars Silently, Trade Deal Details Needed, Week In Review
CLN Asian equities ended a positive week mixed, as Japan outperformed, while Indonesia and Malaysia were closed for the Islamic New Year, which is also known as Hijri New Year, marking the start of the Islamic calendar. Yesterday, we wrote about Harvard's Graham Allison stating at the Summer Davos that the US and China would announce a trade deal next week. Commerce Secretary Lutnick confirmed that such a deal had been signed after the US markets' close. China's Ministry of Commerce (MoC) confirmed the deal at a 3 pm press conference. When a Reuters reporter asked about China releasing rare earths, the answer was 'China will approve the export applications of qualified controlled items'. A lack of details on the new agreement, combined with strong performance from earlier this week, explains the lackluster returns in Asia overnight. Investors probably need to hear more, though the Wall Street Journal correctly notes the recent regulation of two fentanyl precursors following a meeting with US Ambassador Perdue. One negative weighing on markets was May's industrial profits, which declined 9.1% year-over-year (YoY) from April's 3.0%. This brings the year-to-date (YTD) change in industrial profits to -1.1% from April's YTD increase of 1.4%. The main culprit appears to be the high bar presented by the YoY comparison, as industrial profits, sales, and receivables all increased on a month-over-month basis. National Bureau of Statistics (NBS) statistician Yu Weining stated that 'short-term factors such as investment income had a high base in the same period last year', as 'multiple factors such as insufficient effective demand, falling industrial product prices, and short-term fluctuations' influenced the readings. Xiaomi was Hong Kong's most heavily traded stock by value, gaining +3.6% on a massive volume worth HKD 28.7 billion (481 million shares traded) versus 126 million shares traded yesterday. The company received 289,000 orders for its new YU7 SUV, which will cost RMB 253,000 ($35,366). Guotai Junan International shares fell -14.69%, though they remain well above Tuesday's close, which was before their cryptocurrency trading approval in Hong Kong and subsequent surge. Markets in Hong Kong and Mainland China were weighed down by the poor performance of subsectors that are large index weights, including large banks, insurance companies, liquor, oil & gas, and telecom. The underlying stocks are mainly listed on the Shanghai Stock Exchange, representing a 0.70% weight, which explains its underperformance versus the Shenzhen Component Index, which gained +0.34%. Technology hardware, arguably a beneficiary of better US-China trade talks, mining, precious, and base metals all had good sessions. A non-factor in last night's performance was the Monetary Policy Committee Q2 press release from the People's Bank of China (PBOC), China's central bank, following their June 23rd meeting. The release acknowledges that the 'current external environment is more complex and severe, the momentum of world economic growth is weakened, and trade barriers have been increased'. However, 'China's economy is showing a positive trend, social confidence continues to be boosted, and high-quality development has been steadily promoted.' Because the economy '…still faces difficulties and challenges such as insufficient domestic demand…', the PBOC will 'implement a moderate loose monetary policy, strengthen countercyclical regulation, better play the dual functions of the total amount and structure of monetary policy tools, increase the coordination between monetary and fiscal policies, and maintain stable economic growth and reasonable prices.' Premier Li and the State Council met to discuss plans on implementing the 'National Science and Technology Conference and accelerating the construction of a strong science and technology country'. The release highlighted policies on how to 'accelerate the high-level self-reliance in science and technology'. Hopefully, we will see a bigger market reaction as the trade deal details are released. MSCI China's earnings per share (EPS) growth estimate for the next year is 7.44% (S&P 500's 6.32%, Euro Stoxx's is 2.77%). The problem with buying the broad benchmark is that not all sectors are growing that fast. For instance, MSCI China's Financial Sector, which makes up about 18% of the index, has an EPS growth estimate for the next year of only 0.99%. On the other hand, MSCI China's Technology Sector has an EPS growth estimate for the next year of 55%! Draw your own conclusion, though I think you can guess where my chips are placed! In preparing to speak to a foreign institutional investor, I realized that one of the largest companies in that country is a commodity producer that generates 50% of its revenue in China. In March, Brazilian mining giant Vale's CEO, Gustavo Pimenta, stated, 'The tone has changed a lot. Economic activity has reacted. There has been a lot of stimulus for consumption, heated manufacturing, and consistent investment in infrastructure.' Sounds positive to me! Live Webinar Join us Thursday, July 10, at 11 am EDT for: $5 Trillion Humanoid Robotics Opportunity – Capitalizing On The Boom Please click here to register New Content Read our latest article: KraneShares KOID ETF: Humanoid Robot Rings Nasdaq Opening Bell Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
South China Morning Post
14 hours ago
- Business
- South China Morning Post
US Treasury chief says key trade deals may come by September
US Treasury Secretary Scott Bessent said on Friday that Washington could reach key tariff deals with over a dozen partners in the coming months and have its trade agenda wrapped up by early September. His comments to Fox Business come ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies. Countries have been rushing to negotiate and reach trade pacts with Washington to avoid this outcome, although the White House recently suggested that President Donald Trump's administration could extend this deadline. On Friday, Bessent noted that Commerce Secretary Howard Lutnick has expressed expectations for 10 deals with trading partners. The Treasury chief reiterated that there are 18 key partners the United States is focusing on agreements with. 'If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labour Day,' Bessent said. That holiday falls on September 1.
The Independent
16 hours ago
- Business
- The Independent
New US-China trade deal to accelerate rare-earth shipments
The United States has reached an agreement with China to expedite rare earth shipments to the US, a White House official confirmed on Thursday. The development comes amid ongoing efforts to de-escalate the trade dispute between the world's two largest economies. The announcement follows an earlier statement from President Donald Trump, who indicated on Wednesday that a deal had been signed with China, though he did not provide specific details at the time. This agreement addresses a critical aspect of the trade tensions, as China had previously suspended exports of a wide range of vital minerals and magnets. This move, part of Beijing 's retaliation against new US tariffs, significantly disrupted global supply chains, impacting industries from automotive and aerospace manufacturing to semiconductor production and military contractors worldwide. During trade discussions held in Geneva in May, Beijing had committed to lifting non-tariff countermeasures imposed against the United States since April 2, although the specifics of how these measures would be reversed remained unclear until now. "The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement," a White House official said on Thursday. The understanding is "about how we can implement expediting rare earths shipments to the US again", the official said. A separate administration official said the US-China agreement took place earlier this week. US Commerce Secretary Howard Lutnick was quoted as saying by Bloomberg: "They're going to deliver rare earths to us" and once they do that "we'll take down our countermeasures." On Friday, China's commerce ministry said the two countries recently confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals. China has been taking its dual-use restrictions on rare earths "very seriously" and has been vetting buyers to ensure that materials are not diverted to US military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal had faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licenses to rare-earth suppliers of the top three US automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface from export curbs on those materials. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the US would allow Chinese students in its colleges and universities.
Malay Mail
a day ago
- Business
- Malay Mail
US, China reach trade breakthrough on rare earth exports as tariff pause looms
WASHINGTON, June 27 — The White House signalled trade progress with China on Thursday, with an official saying both sides have reached an understanding on issues including expediting rare earth shipments to the United States. After talks in Geneva in May, Washington and Beijing had agreed to temporarily lower steep tit-for-tat tariffs on each other's products. China also committed to easing some non-tariff countermeasures, but US officials later accused Beijing of violating the pact and slow-walking export license approvals for rare earths. Both sides eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month. On Thursday, a White House official told AFP that President Donald Trump's administration and China have 'agreed to an additional understanding for a framework to implement the Geneva agreement.' This clarification came after Trump told an event that Washington had 'just signed' a deal relating to trade with China, without providing further details. Asked about Trump's remarks on Bloomberg TV, US Commerce Secretary Howard Lutnick referred to the London negotiations, saying the framework deal — which needed top-level approval — has now been 'signed and sealed.' Separately on Thursday, the White House also indicated that Washington could extend a July deadline when steeper tariffs impacting dozens of economies are due to kick in. While Trump imposed a sweeping 10 percent levy on most trading partners this year, he unveiled — then halted — higher rates on dozens of economies while negotiations took place. That pause is set to expire July 9. Asked if there were plans to further the pause, Press Secretary Karoline Leavitt told reporters: 'Perhaps it could be extended, but that's a decision for the president to make.' 'The deadline is not critical,' she said. 'The president can simply provide these countries with a deal if they refuse to make us one by the deadline.' This means Trump can 'pick a reciprocal tariff rate that he believes is advantageous for the United States,' she said. Lutnick told Bloomberg TV that Washington will announce some deals in the next week or so. 'Those who have deals will have deals, and everybody else who's been negotiating with us, they'll get a response from us,' he said. 'July 9 will go forward. And as the president said, if people want to come back and negotiate further, they're entitled to, but that tariff rate will be set, and off we'll go,' Lutnick added. On the progress of trade negotiations, Leavitt added that US Trade Representative Jamieson Greer is 'working very hard' and has had 'good and productive discussions with many of our key trading partners.' — AFP
