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Economic Times
2 days ago
- Business
- Economic Times
US stock futures hit lower circuit as Trump hits Canada with tariffs
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stock index futures fell on Friday, as President Donald Trump amplified his tariff offensive against Canada, adding another layer of uncertainty around Washington's trade said on Thursday the U.S. would impose a 35% levy on imports from Canada, starting next month. He also floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline 35% tariff is an increase from the current 25% rate that Trump had imposed on Canada in March. According to Trump, the new rate will go into effect on August 1 and could go up further if Canada also said the European Union, which has been scrambling to strike a deal with Washington, would receive a formal letter later in the 06:58 a.m. ET, Dow E-minis were down 336 points, or 0.75%, U.S. S&P 500 E-minis were down 46 points, or 0.73%, and Nasdaq 100 E-minis were down 149.75 points, or 0.65%. Markets have remained largely subdued this week, with the only highlight being Nvidia becoming the first company to breach the $4 trillion valuation of the chip giant eased 0.5% in premarket S&P 500 and the tech-heavy Nasdaq are on track to end the week largely flat, while the Dow looks set to snap its three-week winning streak - the longest since week, President Trump widened his tariff offensive, targeting a number of countries, including allies Japan and South Korea, and introducing a new 50% tariff on are noting a growing sense of resilience among investors, who seem to be getting used to Trump's tariff threats. Market moves in response to the new tariff announcements are far less choppier than the turbulence following early April's "Liberation Day" announcements."It feels that the market has been rather sanguine...(about) the potential impact and hasn't really been pricing in the risks that are now coming to the surface as we get more clarity over what the trade tariffs will be," said Fiona Cincotta, senior market analyst at City are also gearing up for the upcoming earnings season, which could offer better clarity on how trade uncertainties have affected Street's big banks are scheduled to report quarterly results next week, with J.P. Morgan kicking off the earnings season on coming week is also packed with economic data releases, including those on consumer and producer price inflation and retail are also betting on future interest rate cuts by the Federal Reserve, with odds for a September cut standing at 60.4%, according to CME FedWatch.A stronger-than-expected jobs data last week has ruled out the likelihood of a July stocks ticked up as bitcoin rose to a record high. Coinbase Global rose 1.8%, Bitfarms climbed 6.4%, Strategy and Riot Platforms advanced over 3.2%.Denim maker Levi Strauss & Co jumped 6.7% after the company raised its annual revenue and profit forecasts and beat quarterly estimates on Thursday.
Time of India
2 days ago
- Business
- Time of India
US stock futures hit lower circuit as Trump hits Canada with tariffs
U.S. stock index futures fell on Friday, as President Donald Trump amplified his tariff offensive against Canada, adding another layer of uncertainty around Washington's trade policies. Trump said on Thursday the U.S. would impose a 35% levy on imports from Canada, starting next month. He also floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate. The 35% tariff is an increase from the current 25% rate that Trump had imposed on Canada in March. According to Trump, the new rate will go into effect on August 1 and could go up further if Canada retaliates. He also said the European Union, which has been scrambling to strike a deal with Washington, would receive a formal letter later in the day. At 06:58 a.m. ET, Dow E-minis were down 336 points, or 0.75%, U.S. S&P 500 E-minis were down 46 points, or 0.73%, and Nasdaq 100 E-minis were down 149.75 points, or 0.65%. Live Events Markets have remained largely subdued this week, with the only highlight being Nvidia becoming the first company to breach the $4 trillion valuation milestone. Shares of the chip giant eased 0.5% in premarket trading. The S&P 500 and the tech-heavy Nasdaq are on track to end the week largely flat, while the Dow looks set to snap its three-week winning streak - the longest since January. This week, President Trump widened his tariff offensive, targeting a number of countries, including allies Japan and South Korea, and introducing a new 50% tariff on copper. Analysts are noting a growing sense of resilience among investors, who seem to be getting used to Trump's tariff threats. Market moves in response to the new tariff announcements are far less choppier than the turbulence following early April's "Liberation Day" announcements. "It feels that the market has been rather sanguine...(about) the potential impact and hasn't really been pricing in the risks that are now coming to the surface as we get more clarity over what the trade tariffs will be," said Fiona Cincotta, senior market analyst at City Index. Investors are also gearing up for the upcoming earnings season, which could offer better clarity on how trade uncertainties have affected corporations. Wall Street's big banks are scheduled to report quarterly results next week, with J.P. Morgan kicking off the earnings season on Tuesday. The coming week is also packed with economic data releases, including those on consumer and producer price inflation and retail sales. Investors are also betting on future interest rate cuts by the Federal Reserve, with odds for a September cut standing at 60.4%, according to CME FedWatch. A stronger-than-expected jobs data last week has ruled out the likelihood of a July reduction. Cryptocurrency stocks ticked up as bitcoin rose to a record high. Coinbase Global rose 1.8%, Bitfarms climbed 6.4%, Strategy and Riot Platforms advanced over 3.2%. Denim maker Levi Strauss & Co jumped 6.7% after the company raised its annual revenue and profit forecasts and beat quarterly estimates on Thursday.
Yahoo
6 days ago
- Business
- Yahoo
S&P 500, Nasdaq futures inch up as investors focus on trade negotiations
(Reuters) -Futures tracking S&P 500 and Nasdaq edged up on Tuesday, as investors looked past U.S. President Donald Trump's latest tariff offensive, and hoped that further negotiations with key trading partners would avert a full-blown trade war. At 5:20 a.m. ET, Dow E-minis were down 31 points, or 0.07%, U.S. S&P 500 E-minis were up 7.5 points, or 0.12%, and Nasdaq 100 E-minis were up 61 points, or 0.27%. The Dow fell as much as 1.4% on Monday, while the S&P 500 and the Nasdaq dropped 1% each after Trump sent letters to 14 nations — including Japan and South Korea — threatening steep new tariffs on U.S. imports, while also postponing their implementation to Aug. 1. "Trump has re-ignited his threat... but again, he's given another concession and pushed back the period. That is conceding to the fact that he wants to achieve these trade deals. It's in his best interest as well as everyone else's," said Daniela Hathorn, senior market analyst at Trump in April capped all of the so-called reciprocal tariffs with trading partners at 10% until July 9 to allow for negotiations. In the same month, the Nasdaq was knocked into bear market territory, while the Dow and S&P 500 had confirmed a correction. But Wall Street has since staged a comeback. Last week, the Nasdaq and the S&P 500 soared to record highs, fueled by a resilient labor market that alleviated recession fears. The U.S. has so far reached trade agreements with only Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates, restoring a fragile truce in their trade war. In mega-cap stocks, shares of Tesla rebounded 1.3% in premarket trading after the stock recorded its steepest single-day fall in nearly a month on Monday. Goldman Sachs has raised its three-, six- and 12-month return forecasts for the S&P 500, citing expectations of U.S. interest rate cuts and continued fundamental strength of major large-cap stocks as key drivers of its positive outlook. Traders have now all but ruled out a July rate cut from the Federal Reserve, putting the odds of a September cut at around 60%, according to the CME FedWatch tool. It's a quiet week on the economic front, with the only notable data expected on Thursday on initial jobless claims. The Fed calendar is equally sparse, featuring just two district presidents slated to speak.
Al Etihad
27-06-2025
- Business
- Al Etihad
US stock futures rise on rate-cut hopes ahead of inflation data
27 June 2025 14:55 (Reuters) US stock index futures climbed on Friday, putting the S&P 500 and the Nasdaq on track for record highs, as investors awaited a key inflation reading amid growing expectations of a dovish monetary policy from the Federal Reserve this Consumption Expenditure data - the US central bank's preferred inflation gauge - for May is due to be released at 08:30 a.m. ET and will be scrutinised for a better understanding of the Fed's interest-rate path as President Donald Trump's tariffs weigh on the ceasefire in the Middle East holds, investor focus has turned to the prospect of a dovish Fed after the Wall Street Journal reported that Trump has toyed with the idea of selecting and announcing Fed Chair Jerome Powell's replacement by September or October.A spate of economic data this week, including a weaker-than-expected first quarter GDP reading as well as jobless claims reaching multi-year highs, has supported the case for the Fed to cut borrowing costs this now price in a 20% chance of a rate cut in July, compared with 12.5% last week, according to CME Group's FedWatch 05:25 a.m. ET, Dow E-minis were up 103 points, or 0.24%, S&P 500 E-minis were up 15 points, or 0.24%, and Nasdaq 100 E-minis were up 70.25 points, or 0.31%Nike's shares rose 9.6% in premarket trading after the retailer forecast a smaller-than-expected drop in first-quarter Lululemon Athletica rose 1.7% after Nike's benchmark S&P 500 and the Nasdaq are on track for their best weekly performance in six weeks while the blue-chip Dow is set for a weekly advance, if gains to the upbeat mood, Washington 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 Trump's "reciprocal" on tap is the final reading of consumer sentiment for June, measured by the University of Michigan Surveys of Consumers, due at 10:00 a.m. ET. Remarks from New York Fed President John Williams, Cleveland Fed President Beth Hammack and Fed Board Governor Lisa Cook are expected later in the day. Stock Markets Continue full coverage
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Business Standard
26-06-2025
- Business
- Business Standard
S&P 500, Nasdaq near record highs as interest rate-cut bets creep up
The S&P 500 and Nasdaq were on track to open near record levels on Thursday as robust earnings from memory-chip maker Micron fueled optimism around artificial intelligence while investors assessed a slew of economic data. The benchmark S&P 500 and tech-led Nasdaq were about 1 per cent below their all-time peaks at Wednesday's close, following a truce in the Middle East conflict. The Nasdaq 100 - a subset of the Nasdaq composite index - closed at a record high in the previous session. Semiconductor makers got a lift from a 1.3 per cent rise in Micron Technology shares premarket after the company forecast quarterly revenue above estimates, citing strong demand for its chips used in AI data-centers. Shares of Marvell Technology and Advanced Micro Devices climbed 2.3 per cent and 2.6 per cent, respectively. Nvidia rose 1.3 per cent after scaling a fresh all-time high on Wednesday. Economic data was mixed. The final reading from the U.S. Commerce Department showed gross domestic product contracted 0.5 per cent in the first quarter. Economists polled by Reuters had forecast a 0.2 per cent contraction. "A 0.5 per cent contraction is worse-than-expected, but that really reflects how much imports overwhelmed exports in the first quarter, as businesses and consumers tried to get ahead of the tariff program," said Sam Stovall, chief investment strategist at CFRA Research. At 08:52 a.m. ET, Dow E-minis were up 100 points, or 0.23 per cent, S&P 500 E-minis were up 18.5 points, or 0.3 per cent. Nasdaq 100 E-minis were up 90 points, or 0.4 per cent Investors also weighed Federal Reserve Chair Jerome Powell's remarks during his two-day congressional testimony, where he reiterated a wait-and-see approach toward interest rate cuts. President Donald Trump intensified his attacks on Powell for not cutting rates sooner. On Wednesday, Trump said he had narrowed down his choice to three or four candidates to potentially replace the Fed chair. Traders are pricing in about 63 basis points worth of rate cuts by the end of 2025, with expectations for the first cut in September. On Friday, the Personal Consumption Expenditures report - the Fed's preferred gauge of inflation - will be scrutinized to ascertain tariff-induced price changes in the U.S. economy. Some of the central bank officials scheduled to speak later in the day include Fed Cleveland President Beth Hammack, Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari. Shares of sportswear company Nike edged up 0.6 per cent ahead of its quarterly results.
