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RTHK
9 hours ago
- Business
- RTHK
US stocks end at records
US stocks end at records The records reflect improved sentiment, with the Iran-Israel ceasefire adding to positive movement on trade compared with the spring. Photo: Reuters Wall Street stocks finished at fresh records on Friday as China-US trade progress restored the market to its heights prior to a spring swoon brought by President Donald Trump's tariffs. Both the S&P 500 and Nasdaq finished at all-time highs following a roller-coaster session that included a stint in negative territory after Trump announced he was breaking off trade talks with Canada, rupturing a series of largely positive headlines on trade. The broad-based S&P 500 finished up 0.5 percent at 6,173, while the tech-rich Nasdaq Composite Index also climbed 0.5 percent to 20,273. Both represent fresh closing records. The Dow Jones Industrial Average jumped one percent to 43,819. Earlier, European stock markets also rose, with the Paris CAC 40 leading the way, boosted by a rise in luxury stocks. The records reflect improved sentiment, with the Iran-Israel ceasefire adding to positive movement on trade compared with the spring. "There is hope in the market, there may be some over-optimism around some things," said Jason Schenker of Prestige Economics. "But there was a lot of optimism." Tom Cahill, chief investment officer at Ventura Wealth Management said other trade news developments in recent days had been positive, including Beijing and Washington's confirmation on finalising a framework to move forward on trade. "The news has been incrementally more positive since April on the trade front," Cahill said. The S&P 500 last hit a record in February, but began to come under pressure thereafter as Trump began to sharpen his rhetoric on trade. This culminated with Trump's April 2 "Liberation Day" vow to implement steep new levies on trading partners. Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades. (AFP)
The Star
12 hours ago
- Business
- The Star
S&P 500 hits new record high despite U.S.-Canada trade tensions
NEW YORK, June 27 (Xinhua) -- U.S. stock index S&P 500 closed at record high on Friday, despite a brief retreat following U.S. President Donald Trump's announcement on terminating all trade talks with Canada. The Dow Jones Industrial Average rose 432.43 points, or 1 percent, to 43,819.27, boosted by huge gains from Nike after a better-than-expected earnings report. The S&P 500 added 32.05 points, or 0.52 percent, to 6,173.07, a record close high for the first time since February. The Nasdaq Composite Index increased by 105.54 points, or 0.52 percent, to 20,273.46. Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and communication services leading the gainers by adding 1.78 percent and 1.55 percent, respectively. Meanwhile, energy and health led the laggards by losing 0.50 percent and 0.17 percent, respectively. Equities initially moved higher in the morning following comments by U.S. Commerce Secretary Howard Lutnick, who told Bloomberg News late Thursday that a framework agreement between China and the United States on trade had been finalized. However, momentum faded after Trump posted on Truth Social that negotiations with Canada were off, injecting fresh uncertainty into global trade dynamics. "I can see where the risks are here -- if the trade is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." On the economic front, U.S. personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.1 percent in May on a seasonally adjusted basis, in line with expectations. The annual inflation rate came in at 2.3 percent, matching economists' forecasts. Core PCE price index, which strips out volatile food and energy costs, increased by 0.2 percent for the month and 2.7 percent year over year, slightly above expectations of 0.1 percent and 2.6 percent, respectively. U.S. investor sentiment improved in June as inflation fears pulled back, according to the University of Michigan's latest survey released Friday. The headline sentiment reading rose to 60.7, up 16.3 percent from May and close to the Dow Jones estimate for 60.5. The index was still 11 percent below the same month a year ago. "Consumers continue to be concerned about the potential impact of tariffs, but at this time they do not appear to be connecting developments in the Middle East with the economy," survey director Joanne Hsu said in a statement. In corporate news, Nike led gains across major indexes, with its shares surging 15.19 percent after the company reported quarterly earnings that topped Wall Street estimates. The sportswear giant also unveiled plans to offset potential tariff-related headwinds, which investors viewed positively. Large-cap technology stocks were mixed. Tesla fell 1.34 percent, while Alphabet and Amazon gained more than 2 percent. Broadcom and Microsoft posted modest losses, while Nvidia and Meta Platforms were up more than 1 percent, continuing their recent upward momentum. U.S. stock markets have shown resilience in recent weeks amid volatile geopolitical and economic headlines, as investors assess trade developments and incoming economic data for clues on the Fed's next moves.
Straits Times
12 hours ago
- Business
- Straits Times
US stocks end at records, completing comeback from tariff rout
Traders working on the floor of the New York Stock Exchange, in New York City, on June 27. REUTERS US stocks end at records, completing comeback from tariff rout NEW YORK - Wall Street stocks finished at fresh records on June 27 as markets cheered the latest progress in US-China trade negotiations, completing a comeback from a spring swoon due to President Donald Trump's tariffs. Both the S&P 500 and Nasdaq finished at all-time highs following a roller-coaster session that included a stint in negative territory after Mr Trump announced he was breaking off trade talks with Canada, rupturing a series of largely positive headlines on trade. The broad-based S&P 500 finished up 0.5 per cent at 6,173.07, while the tech-rich Nasdaq Composite Index also climbed 0.5 per cent to 20,273.46. Both represent fresh closing records. The Dow Jones Industrial Average jumped 1 per cent to 43,819.27. Stocks were solidly positive through early afternoon when Mr Trump blasted Canada's digital services tax in a social media post that called the country 'very difficult' to trade with. Mr Angelo Kourkafas, of Edward Jones, said the Canada statements highlighted the potential for further volatility with the approach of a July 9 trade negotiation deadline. 'Today's headline about Canada is another reminder that as we get closer to July 9th there are catalysts for some volatility,' Mr Kourkafas said. But Mr Tom Cahill, chief investment officer at Ventura Wealth Management, said other trade news developments in recent days had been positive, including that Washington and Beijing confirmed finalising a framework to move forward on trade. 'The news has been incrementally more positive since April on the trade front,' Mr Cahill said. The S&P 500 last hit a record in February, but began to come under pressure thereafter as Mr Trump began to sharpen his rhetoric on trade. This culminated with Trump's April 2 'Liberation Day' vow to implement steep new levies on all trading partners. Mr Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades. That has raised concerns about inflation. The personal consumption expenditures price index climbed 2.3 per cent in May from a year ago, according to data released on June 27. This was in line with analyst expectations and a slight acceleration from April's 2.2 per cent increase. But Mr Cahill said the tariffs have thus far not resulted in significant inflationary pressures, raising hopes about Federal Reserve easing. 'Now the market is starting to anticipate a Fed rate cut in September,' said Mr Cahill, who also pointed to the boom in artificial intelligence investment as a driver of equity market momentum. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
a day ago
- Business
- The Star
U.S. stocks advance despite mixed data
NEW YORK, June 26 (Xinhua) -- U.S. stocks saw solid gains and flirted with record highs on Thursday as investors weighed mixed economic data and remarks from Federal Reserve officials regarding the potential for interest rate cuts. The Dow Jones Industrial Average rose 404.41 points, or 0.94 percent, to 43,386.84. The S&P 500 climbed 48.86 points, or 0.80 percent, to 6,141.02, which is just shy of the record close high of 6,144.15 on Feb. 19, 2025. The Nasdaq Composite Index gained 194.36 points, or 0.97 percent, to finish at 20,167.91, barely missing record closes. Nine of the 11 primary S&P 500 sectors ended in positive territory. Communication services and energy led the gains, rising 1.77 percent and 1.50 percent, respectively. Real estate and consumer staples were the only sectors to decline, falling 0.64 percent and 0.18 percent. On the economic front, U.S. gross domestic product (GDP) contracted at an annual rate of 0.5 percent in the first quarter, according to the Commerce Department's final estimate. That marks a deeper decline than earlier estimates of 0.3 percent and 0.2 percent. Meanwhile, initial claims for unemployment benefits fell by 10,000 to a seasonally adjusted 236,000 for the week ended June 21, better than economists' expectations of 245,000. "The data are consistent with softening of labor market conditions, particularly on the hiring side of the labor market equation," said Nancy Vanden Houten, lead economist at Oxford Economics. "For now, we don't think the labor market is weak enough to prompt the Fed to cut rates before December, but the risk is increasing that once the Fed starts to lower rates, it will have some catching up to do." U.S. durable goods orders rebounded sharply, surging 16.4 percent in May after a revised 6.6 percent decline in April, according to the Commerce Department. However, new orders excluding the transportation sector only expanded 0.5 percent from the previous month, suggesting the distortion by new Boeing contracts. Political tensions also lingered over the central bank's independence, with speculation growing around U.S. President Donald Trump potentially installing a "shadow chair" to influence Fed policy ahead of the 2026 end of Fed Chair Jerome Powell's term. However, Chicago Fed President Austan Goolsbee dismissed such concerns in a CNBC interview. "That would have no effect on the FOMC (Federal Open Market Committee) itself," Goolsbee said. "Just look at the minutes and transcripts. You can see, word for word, what the rationale are in making the decisions, and they're not about elections and they're not about partisan politics." Mega-cap technology companies mostly advanced. Nvidia rose 0.46 percent to a new record high, extending gains from the previous session that reinstated its position as the world's most valuable company. Broadcom gained more than 2 percent, as did Amazon and Meta Platforms. Microsoft and Alphabet each gained more than 1 percent. Tesla and Apple slipped modestly. Despite signs of easing tensions, global economic growth remains under pressure. Fitch Ratings projected world GDP growth of just 2.2 percent in both 2025 and 2026, below the historical average of 2.7 percent, and forecast U.S. growth of only 1.5 percent this year. "Tariffs will push up inflation, labor-force growth is slowing sharply, and some inflation expectation measures remain high," the Fitch team said, adding that they expect only a single interest-rate cut from the Federal Reserve this year.
Business Times
a day ago
- Business
- Business Times
US: Stocks rise, S&P 500 ends just shy of record
[NEW YORK] Wall Street stocks rose on Thursday with tech equities leading, after the White House signalled President Donald Trump could extend a July tariff deadline. The shift shows 'unexpected flexibility from the US president,' said FHN Financial's Chris Low, who also attributed some of the market's strength to some strong economic indicators. The broad-based S&P 500 gained 0.8 per cent to 6,141.02, about three points shy of an all-time record. The Dow Jones Industrial Average climbed 0.9 per cent to 43,386.84, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 20,167.91. The latest Trump indications on trade talks followed solid earnings from chip company Micron that helped add to the market's gains this week following the Iran-Israel ceasefire. While Micron itself finished lower, large tech names such as Google parent Alphabet, Netflix and artificial intelligence player Nvidia advanced. 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 Data released on Thursday meanwhile showed the US economy decreased at an annual rate of 0.5 per cent in the first quarter, a bigger fall than in the previous GDP estimate. But on the positive side, US durable goods orders for May topped estimates while labour market data was mixed. Markets are looking ahead to key US inflation data on Friday, expected to guide future Federal Reserve decisions. Among individual companies, McCormick & Company shot up 5.3 per cent with analysts pointing to a strong performance in its consumer business due to more dining at home. AFP
