Latest news with #Dow
The Star
an hour ago
- Business
- The Star
S&P 500 and Nasdaq hit record closing highs
The Dow rose 432.43 points, or 1.00%, to 43,819.27, the S&P 500 gained 32.05 points, or 0.52%, to 6,173.07 and the Nasdaq gained 105.55 points, or 0.52%, to 20,273.46.
USA Today
an hour ago
- Sport
- USA Today
Who leads the LPGA's Dow team event and which big names didn't make the weekend?
The duo Jennifer Kupcho of the U.S. and Leona Maguire of Ireland will take a one-shot lead into the weekend at the LPGA's team event, the Dow Championship. Those two teamed up for a 10-under 60 on Friday in the second round in the four-ball, or best ball, format at Midland Country Club. Their scorecard shows eight birdies and an eagle on the par-70 track. They are at 13 under overall, a shot better than Gemma Dryburgh and Cassie Porter. "The plan today was just to give ourselves as many chances as we could, try to get two chances on every hole. For the most part, we did that. It was nice to start off with a birdie and sort of an eagle very early on to get the ball rolling," Maguire said. "Jen made a nice birdie on 18 to sort of keep the momentum going through the turn." Kupcho won this event with Lizette Salas in 2022. "I think the partners certainly help. I think just in general I enjoy coming to Michigan, both Grand Rapids and here in Midland. I have two really great host families, and really both cities do a really good job of coming behind each event," she said. "I just really enjoy coming out here, enjoy the community and just having all the fans. It's always a great environment. So I love it here." Jeeno Thitikul and Ruoning Yin, the Dow defending champions, will make the weekend but they have work to do. The pairing is tied for 17th at 6 under. They shot 66 on Friday. Team Biggie Smalls, made up of Lexi Thompson and Megan Khang are tied for ninth, five shots off the lead. What's their favorite part of this unique event? "The unfiltered comments in between. That we'll keep to ourself," Khang said as the two laughed. "I think we really feed off each other really well. She has a great personality and keeps it lighthearted out there," Thompson said. "I'm probably more on the serious side of things, but I need that balance." "We have great banter," Khang said. "Yeah, I need that balance," Thompson reiterated. "And that's what makes us a great team." Teams who missed the cut at the 2025 Dow Championship There were 72 teams when the week started but just 37 will advance. The cut came in at 4 under and that left some interesting names out of the weekend chase: Maria Fassi/Stacy Lewis, 2 under Ariya Jutanugarn/Moriya Jutanugarn, 2 under Akie Kwai/Chisato Iwai, 1 under Danielle Kang/Lydia Ko, 1 under Haeran Ryu/Rose Zhang, 1 under
Business Times
2 hours ago
- Business
- Business Times
US: S&P 500, Nasdaq hit record closing highs amid trade negotiations, rate cut bets
[NEW YORK] Wall Street extended its rally on Friday (Jun 27), sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fuelled investor risk appetite and economic data helped solidify expectations for rate cuts from the US Federal Reserve. Stocks pared gains after US President Donald Trump terminated trade negotiations with Canada in response to its digital tax on technology companies. Even so, all three major US stock indices posted weekly gains. Upon reaching its record closing high, the tech-heavy Nasdaq confirmed it entered a bull market when it touched its post 'Liberation Day' trough on Apr 8. The blue-chip Dow remained 2.7 per cent below its record closing high reached on Dec 4. 'This market's been pretty resilient,' said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. 'Investors are riding momentum and looking for breakouts.' 'They don't want to get caught on the wrong side of this thing,' Carlson added. 'Many investors already have missed out. And now you have the S&P flirting with an all-time high.' 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 The Personal Consumption Expenditures report from the Commerce Department showed consumer income and spending unexpectedly contracted in May. And while tariffs have yet to affect price growth, inflation continues to hover above the Fed's 2 per cent annual inflation target. A separate report from the University of Michigan confirmed consumer sentiment improved this month, but remains well below December's post-election bounce. Financial markets have priced in a 76 per cent likelihood that the Fed will implement its first rate cut of the year in September, with a smaller, 19 per cent probability of a rate cut coming as soon as July, according to CME's FedWatch tool. Washington and Beijing reached an agreement to expedite rare-earth shipments from China to the US, a White House official said, well ahead of the Jul 9 expiration of the 90-day postponement of Trump's 'reciprocal' tariffs. Additionally, US Treasury Secretary Scott Bessent said the administration's trade deals with 18 of the main US trading partners could be done by the Sep 1 Labor Day holiday. The Dow Jones Industrial Average rose 432.43 points or 1 per cent to 43,819.27, the S&P 500 gained 32.05 points or 0.5 per cent to 6,173.07 and the Nasdaq Composite gained 105.55 points or 0.5 per cent to 20,273.46. Among the 11 major sectors of the S&P 500, consumer discretionary enjoyed the biggest percentage gain, while energy shares were the laggards. Chipmaker Micron's MU.O upbeat forecast revived investor confidence in artificial intelligence-related stocks, while Nvidia NVDA.O rose 1.8 per cent, edging closer to US$4 trillion market capitalisation after reclaiming its position as the world's most valuable company. Nike's shares NKE.N jumped 15.2 per cent after forecasting a smaller-than-expected drop in first-quarter revenue. Advancing issues outnumbered decliners by a 1.29-to-1 ratio on the NYSE. There were 347 new highs and 55 new lows on the NYSE. On the Nasdaq, 2,111 stocks rose and 2,342 fell as declining issues outnumbered advancers by a 1.11-to-1 ratio. The S&P 500 posted 35 new 52-week highs and six new lows while the Nasdaq Composite recorded 101 new highs and 68 new lows. Volume on US exchanges was 22.07 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days. REUTERS
USA Today
5 hours ago
- Business
- USA Today
Trump says U.S. will end trade talks with Canada, could move deadline for other tariffs
WASHINGTON — President Donald Trump says the U.S. will immediately terminate trade talks with Canada and also hit the neighboring country with a new tariff rate in the next week. Trump in a post on Truth Social cited a decision by Canada to leave in place its digital services tax on American companies, which he cast as as "a direct and blatant attack" on the United States. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." More: Trump praises Amy Coney Barrett, rips NYC mayoral candidate Mamdani: Recap The announcement came after a White House press conference where Trump presented an ambiguous timeline for reciprocal tariffs he put on most other nations to go into effect. Trump introduced the tariffs in April and then paused them. If no further action is taken, they will go into effect on July 9. Trump's administration was separately working on deals with Canada, Mexico and China. At the June 27 news conference, Trump said his administration would soon send out letters to U.S. trading partners informing them of their tariff rate. "We talked to many other countries and we're just going to tell them what they have to pay to do business in United States," he told reporters. "Maybe before, we're going to send out a letter." Trump also signaled later that countries could be facing an even shorter timeline. "We can do whatever we want. We could extend it. We could make it shorter. I would like to make it shorter. I'd like to just send out letters to everybody," Trump said in the previously-unscheduled White House news conference. The president also lashed out at economists who predicted his administration's tariffs could cause a recession. He said they should 'go back to business school,' while defending his second-term levies. 'We're taking in billions and billions of dollars from China and a lot of other countries,' Trump added. Trump unveiled a slew of tariffs that roiled economic markets, but paused many of them as he negotiates trade deals and later lowered steep tariffs on China. Markets have since recovered. Stocks rose on June 27, after the administration said it had solidified an agreement with Beijing, then fell after his social media post on Canada. More: Trade deals and better vibes lift S&P 500, Nasdaq to record highs. Dow jumps, too. Commerce Secretary Howard Lutnick boosted investor confidence when he said on June 26 that a framework agreement between the U.S. and Canada had been finalized and the administration was close to reaching deals with 10 nations. His comments came after Trump said at an East Room event 'we just signed with China yesterday.' The White House later clarified that he was referring to an adjustment to an earlier framework that would expedite shipments of rare earth materials to the United States. Trump counted China on June 27 in a tally of countries he said he'd made deals with, including the United Kingdom. The president also predicted a deal would come about soon with India. The latest round of negotiations between the European Union and the United States wrapped up not long before Trump addressed reporters. EU commissioner for Trade and Economic Security Maroš Šefčovič said in a social media post that he'd just spoken to U.S. Trade Representative Jamieson Greer. Trump threatened in May to put a 50% tariff on the EU before returning to the July 9 deadline. Contributing: Zac Anderson
USA Today
6 hours ago
- Business
- USA Today
Nike announces 'surgical price increase' to mitigate $1 billion hit from Trump tariffs
Nike is taking action to combat the company's estimated $1 billion hit from President Donald Trump's tariffs, including 'a surgical price increase' in the U.S. set to begin this fall. The news comes after the company announced a series of price increases starting June 1, including a $5 to $10 hike in select footwear and $2 to $10 increase among adult apparel and equipment. Other retailers, including Walmart and Adidas, have also warned of higher prices due to tariffs. Federal Reserve Chair Jerome Powell on June 18 said he expects 'a meaningful amount of inflation to arrive in coming months' as more companies pass along increased costs to customers. While tariffs represent a 'new and meaningful cost headwind,' Nike plans to 'fully mitigate' the impact over time, Chief Financial Officer Matthew Friend said during the company's fourth quarter earnings call on June 26. In addition to price increases, Nike will also evaluate corporate cost reductions "as appropriate" and shift its supply chain. Roughly 16% of its footwear is imported from China, according to Friend, but the company plans to cut that down to the high-single-digit range by the end of fiscal 2026 as it reallocates to other countries. Stock market today: Trade deals and better vibes lift S&P 500, Nasdaq to record highs. Dow jumps, too. After reporting a 12% revenue decline for the quarter, CEO Elliott Hill said business results are expected to improve, and that 'it's time to turn the page." Nike shares were up more than 15% by midday on June 27.
