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CNBC
6 days ago
- Business
- CNBC
Futures are little changed following rally on Trump's denial that he plans to fire Powell: Live updates
Traders work at the New York Stock Exchange on July 15, 2025. NYSE U.S. stock futures were little changed on Wednesday night. The moves follow a rally that kicked off after President Donald Trump denied that he was planning to fire Jerome Powell from his position as Federal Reserve chairman. Futures tied to the Dow Jones Industrial Average fell 51 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures both dipped 0.1%. During Wednesday's regular session, the S&P 500 gained 0.32%, while the Nasdaq Composite added 0.26%. The 30-stock Dow rose 231.49 points, or 0.53%. Stocks initially fell after a White House official said that Trump "likely will soon" fire Powell from his post, with the blue-chip Dow dropping more than 260 points at its session low. The New York Times also reported that Trump had even drafted a letter calling for Powell's resignation to show House Republicans. However, equities rebounded after the president downplayed the reports and said he was "not planning on doing it," although adding that he does not "rule out anything." To Michael Green, chief strategist at Simplify Asset Management, Wednesday's stock rebound indicates that the market may have already moved past Powell's potential ousting. "The only real piece of information, I would argue, that you got today is that firing Powell is not that big of a deal," he said to CNBC. Instead, Green said that at least in the near term, investors would likely continue to direct most of their attention toward upcoming earnings reports as the market's most important catalyst. Taiwan Semiconductor Manufacturing , Travelers , GE Aerospace , U.S. Bancorp and Citizens Financial Group are set to report earnings before Wednesday's opening bell. "I would be very surprised if we don't get relatively positive reports out of the tech leaders. Not impossible, but surprised. Overall, that would suggest that the markets are going to experience some relief associated with earnings season not being as bad as people think," Green said. On Thursday, traders will also watch out for weekly jobless claims, the latest reading on June's retail sales report, as well as last month's export and import price indexes.
CNBC
07-07-2025
- Business
- CNBC
Stock futures fall as investors await clarity on trade: Live updates
Traders work at the New York Stock Exchange on July 2, 2025. NYSE U.S. stock futures fell overnight as investors tracked rapid-fire developments on the trade front, including new tariffs announced Monday on 14 countries. Dow Jones Industrial Average futures declined by 87 points, or 0.19%. S&P 500 futures and Nasdaq 100 futures dipped 0.16% and 0.15%, respectively. Those moves come after a losing session for the major averages. The 30-stock Dow tumbled more than 400 points, or 0.9%. The S&P 500 fell 0.8%, while the Nasdaq Composite slid 0.9%. Stocks slid after the latest trade updates out of the White House. On Monday, the president posted letters outlining tariff rates on 14 countries to go into effect Aug. 1 that are more severe than investors were expecting. Those countries hit by new tariffs are Bangladesh, Bosnia and Herzegovina, Cambodia, Indonesia, Japan, Laos, Malaysia, Myanmar, Serbia, South Africa, South Korea, Thailand and Tunisia. Those announcements are expected to be the first of several coming out of the White House this week. White House press secretary Karoline Leavitt said more letters can be expected in the coming days. She added that Trump will sign an executive order to extend his tariff deadline to Aug. 1 from his original trade deadline sometime this week. The president also threatened an additional 10% tariff on countries that align with the "Anti-American policies" of the BRICS nations which include Brazil, Russia, India and China. Even with the pace of the announcements, many investors remain confident that the stock market has moved past the worst of the tariffs, hopeful that the upcoming earnings season could be the catalyst for an S&P 500 at all-time highs to continue its advance. "If you go through the details, I don't even know if anybody understands the difference between what was announced today, what was there previously, and if it will actually be implemented, and which companies it actually impacts," Trivariate Research CEO Adam Parker said Monday on CNBC's "Closing Bell." "So, I think it's just a little bit of selling as we got the highs, and kind of recalibrating before July earnings season," Parker added. "But I don't think this is the sign of a new regime at all." — CNBC's Kevin Breuninger contributed to this report.
CNBC
06-07-2025
- Business
- CNBC
Stock futures fall after Trump says tariffs to go into effect Aug. 1, not July 9: Live updates
Traders work at the New York Stock Exchange on July 2, 2025. NYSE U.S. stock futures fell on Sunday after President Donald Trump confirmed that tariffs are set to go into effect Aug. 1, not July 9. Dow Jones Industrial Average futures slid by 110 points, or 0.3%. S&P 500 and Nasdaq 100 futures dipped 0.3% and 0.3%, respectively. Trump and Commerce Secretary Howard Lutnick were asked to clarify when tariffs are set to go into effect. In response, Lutnick said, "Tariffs go into effect Aug. 1. But the president is setting the rates, and the deals, right now," a statement to which Trump assented. Investors had been expecting tariff rates to go into effect this week. Trump's initial 90-day reprieve on the April "reciprocal" tariffs for most U.S. trading partners was set to end Tuesday. Meanwhile, the deadline for the U.S. to reach an agreement with the European Union before EU goods are hit with duties of up to 50% was on Wednesday. Wall Street is coming off a winning week, with the S&P 500 and Nasdaq Composite closing at all-time highs Friday in part because of confidence the Trump administration will not implement the most severe tariffs it announced back in April. In recent days, the White House had called the July trade deadlines "not critical." "Ultimately, trade negotiations usually take a long time to negotiate; free trade arrangements the US negotiated have taken an average of 3 years," Rajeev Sibal, senior global economist at Morgan Stanley, wrote last week. "While the negotiations that are currently taking place are likely to be narrower than a full fledged free trade agreement, the historical precedent remains informative." Investors worry that an equity market at all-time highs could get more choppy as trade updates come out of the White House, especially if the negotiations result in higher tariffs than is consensus. But others remain confident the stock market rally can continue, betting that companies in the upcoming earnings season will be able to clear low expectations if they demonstrate an ability to navigate tariffs. "I agree with anybody who says that, 'Look, we've reshaped some of the economic flows around tariffs,' but that's an upside story because if it plays out better, that's an earnings surprise," Tom Lee, head of research at Fundstrat Global Advisors, told CNBC's "Closing Bell" on Thursday. He added: "This is the most hated V-shaped rally." Thus far, the U.S. has reached a deal with just a few countries. In May, the U.S. came to an agreement with the United Kingdom to keep a 10% rate. Last week, it struck a deal with Vietnam, reducing levies on many goods to 20% from 46%. — CNBC's Erin Doherty contributed to this report.
CNBC
02-07-2025
- Business
- CNBC
Stock futures are little changed as Wall Street awaits June jobs report: Live updates
Traders work at the New York Stock Exchange on July 2, 2025. NYSE U.S. stock futures were little changed on Wednesday night as traders braced for June's big jobs report. S&P 500 futures and Nasdaq 100 futures were fractionally higher. Futures tied to the Dow Jones Industrial Average rose 14 points, or less than 0.1%. Earlier in the day, the S&P 500 rose 0.47% to notch a record close. The broad market index also posted a fresh all-time intraday high. The Nasdaq Composite also rallied 0.94% to a record close. The 30-stock Dow trailed behind with a narrow loss of 0.02%. The moves followed an announcement from President Donald Trump on Truth Social that the U.S. had struck a trade deal with Vietnam, which includes a 20% tariff on imports from the country. Goods that originated in another country but were transferred to Vietnam for final shipment to the U.S. will be levied 40%. This positive news contrasted dampening sentiment after a report from payrolls processing firm ADP released Wednesday morning showed that private sector hiring decreased by 33,000 last month. Traders are now awaiting the Bureau of Labor Statistics' June nonfarm payrolls reading. Economists polled by Dow Jones expect that the economy added 110,000 jobs last month. That compares to May's gain of 139,000. Economists also see the unemployment rate inching higher to 4.3%, up from 4.2% in May. If June's jobs report disappoints, the market could rotate away from more speculative technology stocks into value names, according to Jay Hatfield, founder and CEO of Infrastructure Capital Advisors. "Tomorrow could be a little dicey," he told CNBC. "The tradeoff between tech stocks being down and value going up — a lot of times the overall market will go down because tech stocks are 40% of the market." On the other hand, a disappointing report could mean that the Federal Reserve may be more keen to cut rates earlier than previously expected, possibly as early as July, Hatfield added. Investors are also following along the progress on Trump's tax megabill, which finally passed the Senate on Tuesday. The bill has returned to the House, where negotiations among Republican lawmakers remain heated. Thursday will be a shortened trading session, with the New York Stock Exchange and the Nasdaq closing at 1 p.m. ET. U.S. markets are closed on Friday for Independence Day. Shares of Datadog climbed 9% in Wednesday's after-hours session after the stock was announced as the newest addition to the S&P 500 . Stock chart icon DDOG 5D chart Datadog will be added prior to the opening of trading on Wednesday, July 9. The stock will replace Juniper Networks, which was acquired by Hewlett Packard Enterprise on July 2. — Lisa Kailai Han
CNBC
30-06-2025
- Business
- CNBC
Stock futures tick lower after S&P 500 notches new record to cap winning second quarter: Live updates
Traders work at the New York Stock Exchange on June 25, 2025. NYSE U.S. equity futures TK on Monday night after the S&P 500 notched another record to close out a stunning month and quarter. Futures tied to the Dow Jones Industrial Average slipped 59 points, or 0.1%. S&P 500 futures dropped 0.1%, as did Nasdaq 100 futures . In regular trading, the broad market S&P 500 advanced 0.52%, posting another record close, while the tech heavy Nasdaq Composite also rose to fresh all-time highs, rising 0.47%. The blue-chip Dow climbed 275.50 points, or 0.63%. Monday's moves came after Canada walked back its digital services tax in an attempt to facilitate trade negotiations with the U.S. Ottawa's move to rescind the new levy comes after President Donald Trump said on Friday he would be "terminating ALL discussions on Trade with Canada." Traders are hoping for deals between the U.S. and its trading partners, as Trump's 90-day reprieve on his steepest tariffs is set to expire next week. Stocks have made an impressive comeback after suffering steep declines in April, after Trump's sweeping tariff policy pushed the S&P 500 near bear market territory. The major averages have since made a sharp turnaround, with the broad market index closing the second quarter with a 10.6% gain and the Nasdaq up nearly 18% in the period. Though traders now head into the second half of the year with stocks at record highs, some remain optimistic the market could surge even higher in the months ahead. Traders are looking ahead to the S&P Global Purchasing Managers' Index at 9:45 a.m. ET, which will give investors a read on the activity in the manufacturing sector, as well as ISM manufacturing report at 10 a.m. The Job Openings and Labor Turnover Survey (JOLTS) will also be released Tuesday morning.
