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Business Standard
5 days ago
- Business
- Business Standard
Wall Street Rises Despite Trump's Tariff Threats; Airline and Steel Stocks Lead Gains
Markets closed higher as investors focused on economic data and earnings reports, shrugging off Trump's copper tariff announcement and global trade tension. The Dow climbed 192.34 points (0.4%) to 44,650.64, the Nasdaq inched up 19.33 points (0.1%) to 20,630.66 and the S&P 500 rose 17.20 points (0.3%) to 6,280.46. Despite lingering uncertainty over Donald Trumps trade policies, Wall Street closed higher. Trump announced a 50% tariff on copper starting August 1 via Truth Social, raising concerns. He also shared letters to multiple world leaders outlining further tariff plans. However, investors seem to be discounting his unpredictable announcements. Analysts suggest markets are now refocusing on economic data and corporate performance instead. The Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th. The report said initial jobless claims dipped to 227,000, a decrease of 5,000 from the previous week's revised level of 232,000. Airline stocks substantially moved upwards, with the NYSE Arca Airline Index soaring by 7.8% to its best closing level in four months. Delta Air Lines (DAL) led the sector higher, spiking by 12% after reporting better than expected earnings for the June quarter and reinstating its full-year profit outlook. Steel stocks were significantly strong, as reflected by the 1.8% jump by the NYSE Arca Steel Index. Biotechnology, energy and financial stocks too saw notable strength while software and networking stocks moved to the downside. Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index fell by 0.4%, while China's Shanghai Composite Index climbed by 0.5%. The major European markets also ended the day mixed while the German DAX Index decreased by 0.4%, the French CAC 40 Index rose by 0.3% and the U.K.'s FTSE 100 Index jumped by 1.2%. In the bond market, treasuries recovered from early weakness to end the day roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 4.34% after reaching a high of 4.37%.
Business Standard
27-06-2025
- Business
- Business Standard
U.S. Markets Rally as Durable Goods Surge and Jobless Claims Drop
Major indexes approach record highs amid strong economic data, with durable goods orders and jobless claims fueling gains across multiple sectors. The Nasdaq jumped 194.36 points (1%) to 20,167.91, the Dow advanced 404.41 points (0.9%) to 43,386.84 and the S&P 500 climbed 48.86 points (0.8%) to 6,141.02. Markets continued their upward momentum, pushing major indexes closer to record highs despite ongoing tariff concerns. The S&P 500 ended just 3 points shy of its February closing peak. Gains followed positive U.S. economic data, including a drop in jobless claims to 236,000. Commerce department released a report showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of May. It also said durable goods orders soared by 16.4% in May after tumbling by a revised 6.6% in April. Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5% in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat. Meanwhile, the department also released a revised data showing the U.S. economy shrank by more than previously estimated in the first quarter of 2025. It also said real GDP well by 0.5% in the first quarter compared to the previously reported 0.2% dip. The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports were partly offset by a downward revision to imports. Steel stocks substantially moved upwards, with the NYSE Arca Steel Index surging by 3.0% to its best closing level in over six months. An extended rebound by the price of crude oil also contributed to significant strength among oil service stocks, as reflected by the 2.2% jump by the Philadelphia Oil Service Index. Gold, banking and computer hardware stocks saw considerable strength on the day, moving higher along with most of the other major sectors. Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index jumped by 1.7% while South Korea's Kospi slid by 0.9%. European stocks moved mostly higher. The German DAX Index climbed by 0.6% and the U.K.'s FTSE 100 Index edged up by 0.2%, although the French CAC 40 Index closed just below the unchanged line. In the bond market, treasuries are seeing modest strength after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 bps at 4.26%.
Business Standard
23-05-2025
- Business
- Business Standard
Stocks Mixed as Treasury Yields Dip, Tax Bill and Housing Data Weigh on Sentiment
U.S. markets closed with slight changes as easing yields supported gains, while weak home sales and deficit concerns capped momentum; global stocks mostly declined. The Nasdaq rose 53.09 points or 0.3 % to 18,925.73, the Dow edged down 1.35 points or less than a tenth of a % to 41,859.09 and the S&P 500 slipped 2.60 points or less than a tenth of a % to 5,842.01. Stocks initially wavered but gained ground as the day advanced, buoyed by easing treasury yields. Yields had surged on fears over the fiscal impact of a Republican-backed tax cut bill, which passed the House earlier. Though the bill stirred optimism in some corners, concerns mounted over its potential to significantly deepen the national deficit. President Trump hailed it as historic, urging swift Senate approval. The Labor Department reported a slight and unexpected dip in first-time U.S. unemployment claims, falling to 227,000 for the week ended May 17th. Economists had anticipated a modest increase to 230,000, making the drop a surprise. Meanwhile, a separate report released by the National Association of Realtors existing home sales declined further in April, slipping 0.5% to an annual rate of 4.00 million. This followed a sharp March drop and defied expectations of a rebound to 4.10 million. Steel stocks notably moved downwards with the NYSE Arca Steel Index falling by 1.3 %. Utilities and gold stocks too saw some weakness on the day while strength remained visible among airline stocks. Asia-Pacific stocks moved mostly lower. Japan's Nikkei 225 Index decreased by 0.8 %, while China's Shanghai Composite Index dipped by 0.2 %. The major European markets also moved to the downside on the day. While the French CAC 40 Index slid by 0.6 %, the German DAX Index and the U.K.'s FTSE 100 Index both declined by 0.5 %. In the bond market, treasuries moved higher over the course of the session after initially extending yesterday's slump. As a result, the yield on the benchmark ten-year note which moves opposite of its price, fell 4.3 bps to 4.55 %.
