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Business Times
3 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
Economic Times
3 hours ago
- Business
- Economic Times
US Stock Market Today: S&P 500 closes at 6,173, Nasdaq reaches 20,273 as markets show growth. Details here
The stock market closed higher on Friday as the S&P 500 and Nasdaq posted record closing numbers. Investors continued to respond to recent economic signals, trade adjustments and easing geopolitical S&P 500 closed at 6,173 on Friday. This marked a new record closing high. It had dipped slightly after President Donald Trump announced an end to trade talks with Canada. The index later recovered. The previous record closing level was 6,144. During the morning session, the index rose by 0.3% and reached 6,156 for the first time. The Nasdaq also set a new closing record. It reached 20,273 on Friday. The technology-heavy index has grown sharply in recent weeks. Over the past month, the Nasdaq climbed 28%. The growth reflects investor confidence in large technology firms. Also Read: Jake Paul vs Chavez Jr.: Fight date, time, venue, odds, where to watch, how to buy tickets and full main card Since April, the stock market has seen consistent gains. The S&P 500 has climbed more than 20% during this time. The gains followed Trump's announcement of 'Liberation Day' tariffs. The Dow Jones Industrial Average also increased 12% over the same period. Analysts note that investor sentiment has shifted. There is now less concern about unpredictable policies and more hope for stable economic recent weeks, the US government has reduced several tariffs. These rollbacks have reduced costs for companies. They also helped reduce fears of sudden inflation increases. A key development was the trade deal between the US and agreement cut tariffs between both countries. This led to a rise in stock prices. Wall Street analysts quickly revised their recession forecasts. Many now see a more stable path ahead. Also Read: Supreme Court Key Rulings: All details about birthright citizenship, Obamacare task force, LGBTQ school books Other factors also supported the market's climb. New economic data showed the US economy is steady. Inflation did rise slightly in recent data, but it remains close to the lowest level seen since 2021. Hiring slowed in May but remained economists believed hiring would decline further due to trade tensions. However, recent government data showed hiring was not as affected as this month, a conflict between Iran and Israel caused a temporary decline in the stock market. Oil prices also rose during this period. But a ceasefire helped bring stability. Oil prices then dropped, and stocks regained briefly dropped again on Friday afternoon. This followed an announcement by President Trump. He said the US would end all trade talks with Canada. He made the statement on his social media decision followed Canada's move to impose a digital service tax. The tax targets US technology companies. Trump called the tax a direct move against the US. This led to market concerns, though the indexes later recovered. Why did the S&P 500 and Nasdaq reach record highs? Reduced tariffs, a stable economy, and better investor sentiment supported strong growth in the S&P 500 and Nasdaq, pushing both to new record highs. What triggered the temporary dip in the market on Friday? President Trump's decision to end trade talks with Canada after their digital tax announcement briefly caused a dip in stock prices.
Time of India
3 hours ago
- Business
- Time of India
US Stock Market Today: S&P 500 closes at 6,173, Nasdaq reaches 20,273 as markets show growth. Details here
The stock market closed higher on Friday as the S&P 500 and Nasdaq posted record closing numbers. Investors continued to respond to recent economic signals, trade adjustments and easing geopolitical tensions. S&P 500 Sets New Record The S&P 500 closed at 6,173 on Friday. This marked a new record closing high. It had dipped slightly after President Donald Trump announced an end to trade talks with Canada. The index later recovered. The previous record closing level was 6,144. During the morning session, the index rose by 0.3% and reached 6,156 for the first time. Nasdaq Follows with New High The Nasdaq also set a new closing record. It reached 20,273 on Friday. The technology-heavy index has grown sharply in recent weeks. Over the past month, the Nasdaq climbed 28%. The growth reflects investor confidence in large technology firms. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Also Read: Jake Paul vs Chavez Jr.: Fight date, time, venue, odds, where to watch, how to buy tickets and full main card Strong Market Performance Since April, the stock market has seen consistent gains. The S&P 500 has climbed more than 20% during this time. The gains followed Trump's announcement of 'Liberation Day' tariffs. Live Events The Dow Jones Industrial Average also increased 12% over the same period. Analysts note that investor sentiment has shifted. There is now less concern about unpredictable policies and more hope for stable economic growth. Rollback of Tariffs Boosts Markets In recent weeks, the US government has reduced several tariffs. These rollbacks have reduced costs for companies. They also helped reduce fears of sudden inflation increases. A key development was the trade deal between the US and China. The agreement cut tariffs between both countries. This led to a rise in stock prices. Wall Street analysts quickly revised their recession forecasts. Many now see a more stable path ahead. Also Read: Supreme Court Key Rulings: All details about birthright citizenship, Obamacare task force, LGBTQ school books Positive Economic Indicators Other factors also supported the market's climb. New economic data showed the US economy is steady. Inflation did rise slightly in recent data, but it remains close to the lowest level seen since 2021. Hiring slowed in May but remained stable. Many economists believed hiring would decline further due to trade tensions. However, recent government data showed hiring was not as affected as expected. Middle East Conflict Causes Brief Market Dip Earlier this month, a conflict between Iran and Israel caused a temporary decline in the stock market. Oil prices also rose during this period. But a ceasefire helped bring stability. Oil prices then dropped, and stocks regained momentum. US Ends Trade Talks with Canada Stocks briefly dropped again on Friday afternoon. This followed an announcement by President Trump. He said the US would end all trade talks with Canada. He made the statement on his social media platform. Trump's decision followed Canada's move to impose a digital service tax. The tax targets US technology companies. Trump called the tax a direct move against the US. This led to market concerns, though the indexes later recovered. FAQs Why did the S&P 500 and Nasdaq reach record highs? Reduced tariffs, a stable economy, and better investor sentiment supported strong growth in the S&P 500 and Nasdaq, pushing both to new record highs. What triggered the temporary dip in the market on Friday? President Trump's decision to end trade talks with Canada after their digital tax announcement briefly caused a dip in stock prices.
Forbes
7 hours ago
- Business
- Forbes
Trump Says He Could Shorten Or Extend Tariff Pause
President Donald Trump on Friday suggested he could extend, or more likely shorten, the 90-day pause on the 'Liberation Day' tariffs he imposed in April as the fate of his goal of making '90 deals in 90 days' remains in doubt. President Donald Trump speaks during a news conference in the Brady Briefing Room of the White House ... More on June 27, 2025, in Washington, DC. (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images) AFP via Getty Images Trump said 'we could extend it, we could make it shorter, I'd like to make it shorter,' when asked by a reporter if the July 9 deadline still holds as the date when he promised the levies would go back into effect. Trump made the comments after White House Press Secretary Karoline Leavitt alluded a day earlier to the possibility he could adjust the deadline. This is a developing story and will be updated.
The Advertiser
7 hours ago
- Business
- The Advertiser
Markets rally on China-US trade hope, Iran peace deal
Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01). Global shares have rallied helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years. World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts. A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares. The pan-European STOXX 600 index was up 0.8 per cent on the day, set for a 1.1 per cent weekly gain - its best week since mid-May. London's FTSE 100 was up 0.5 per cent and Germany's DAX gained 0.6 per cent. The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 per cent. The S&P 500 index is up just 4.4 per cent this year overall, following a volatile first half of the year, dominated by US President Donald Trump's "Liberation Day" tariff announcement on April 2, which sent stocks plunging. "What we are having right now is potentially some optimism about some trade deals," said Vasileios Gkionakis, senior economist and strategist at Aviva Investors. "We have... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we're rebounding." Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Mark Haefele, Chief Investment Officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe. The dollar remained on the backfoot, hovering near its lowest level in three-and-a-half years against the euro and sterling. The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $US1.1708 ($A1.7867), getting a lift after data showed French consumer prices rose more than expected in June. It held near multi-year peaks hit a day earlier. "We see the US dollar as unattractive," said Haefele at UBS Wealth Management. Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve. Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. "I don't think it's just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism," Aviva Investors' Gkionakis said. Core PCE price data, the US central bank's preferred measure of inflation, is due later in the session. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.5 per cent to $US68.06 ($A103.86) a barrel while US West Texas Intermediate crude was up by the same amount to $US65.54 ($A100.01).
