Latest news with #PatrickO'Hare
Business Recorder
5 days ago
- Business
- Business Recorder
US stocks mostly up after inflation data, Nvidia jumps
NEW YORK: Wall Street stocks mostly rose early Tuesday as markets digested a mixed US inflation report while Nvidia jumped after receiving US approval to resume chip sales to China. The US consumer price index was up 2.7 percent from a year ago in June, rising from 2.4 percent in May as energy costs rose. The inflation report 'was better than feared from a headline standpoint, but it was not good enough to put to rest the fear that tariffs will drive higher, and stickier, inflation,' said analyst Patrick O'Hare. About 25 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 44,369.77. Wall Street largely flat as tariff fatigue persists The broad-based S&P 500 gained 0.2 percent to 6,283.88, while the tech-rich Nasdaq Composite Index jumped 0.7 percent to 20,780.30, adding to its record from Monday. The inflation reading comes as Federal Reserve Chairman Jerome Powell has continued to advocate a wait-and-see approach to monetary policy in light of President Donald Trump's aggressive trade policy featuring a heavy use of tariffs. Among individual companies, Nvidia jumped 3.7 percent as it announced it will resume sales of its H20 artificial intelligence chips to China, after Washington pledged to remove licensing curbs that had put a stop to exports. Markets also digested better than expected earnings reports from JPMorgan Chase, Citigroup and Wells Fargo. However, Wells Fargo fell 4.2 percent after lowering its forecast for net interest income, a closely watched benchmark.
Business Times
23-06-2025
- Business
- Business Times
US: Stocks rally as crude prices fall sharply
[NEW YORK] Wall Street stocks rose on Monday as markets shrugged off Iran's response to the weekend US military strike while petroleum-related equities plummeted with crude prices. Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead. But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected. Shares of oilfield companies like Schlumberger and Halliburton fell sharply. The Dow Jones Industrial Average finished up 0.9 per cent at 42,581.78. The broad-based S&P 500 rose 1.0 per cent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to 19,630.97. Iran's response 'signified that Iran isn't going to have the fire power to escalate this in an adverse way,' said analyst Patrick O'Hare. 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 response is relatively weak,' he said. O'Hare said investor sentiment was also boosted by comments from Federal Reserve Governor Michelle Bowman signaling a possible interest rate cut in July, remarks that followed statements from another Fed official late last week. The comments are likely to get attention at congressional hearings this week with Fed Chair Jerome Powell. Among individual companies, Tesla surged 8.2 per cent after the company's robotaxi service made its debut in Austin, Texas this weekend. Northern Trust surged 8.0 per cent following a Wall Street Journal report that said it had been approached by Bank of New York Mellon about a merger. Bank of New York Mellon dropped 2.2 per cent. In its New York trading debut cement company Amrize advanced 1.3 per cent following its spinoff from Swiss giant Holcim. AFP
RTHK
23-06-2025
- Business
- RTHK
US stocks rise as investors shrug off Iran response
US stocks rise as investors shrug off Iran response The three major Wall Street indices closed higher. Photo: AFP Wall Street stocks rose on Monday as markets shrugged off Iran's response to the weekend US military strike while petroleum-related equities plummeted with crude prices. Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead. But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected. Shares of oilfield companies like Schlumberger and Halliburton fell sharply. The Dow Jones Industrial Average finished up 0.9 percent at 42,581.78. The broad-based S&P 500 rose 1.0 percent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 19,630.97. Iran's response "signified that Iran isn't going to have the fire power to escalate this in an adverse way," said analyst Patrick O'Hare. "The response is relatively weak," he said. O'Hare said investor sentiment was also boosted by comments from Federal Reserve Governor Michelle Bowman signaling a possible interest rate cut in July, remarks that followed statements from another Fed official late last week. The comments are likely to get attention at congressional hearings this week with Fed Chair Jerome Powell. Among individual companies, Tesla surged 8.2 percent after the company's robotaxi service made its debut in Austin, Texas this weekend. Northern Trust surged 8.0 percent following a Wall Street Journal report that said it had been approached by Bank of New York Mellon about a merger. Bank of New York Mellon dropped 2.2 percent. In its New York trading debut cement company Amrize advanced 1.3 percent following its spinoff from Swiss giant Holcim. (AFP)
RTHK
23-06-2025
- Business
- RTHK
US stocks rise as investors shrug off Iran response
US stocks rise as investors shrug off Iran response The three major Wall Street indices closed higher. Photo: AFP Wall Street stocks rose on Monday as markets shrugged off Iran's response to the weekend US military strike while petroleum-related equities plummeted with crude prices. Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead. But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected. Shares of oilfield companies like Schlumberger and Halliburton fell sharply. The Dow Jones Industrial Average finished up 0.9 percent at 42,581.78. The broad-based S&P 500 rose 1.0 percent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 19,630.97. Iran's response "signified that Iran isn't going to have the fire power to escalate this in an adverse way," said analyst Patrick O'Hare. "The response is relatively weak," he said. O'Hare said investor sentiment was also boosted by comments from Federal Reserve Governor Michelle Bowman signaling a possible interest rate cut in July, remarks that followed statements from another Fed official late last week. The comments are likely to get attention at congressional hearings this week with Fed Chair Jerome Powell. Among individual companies, Tesla surged 8.2 percent after the company's robotaxi service made its debut in Austin, Texas this weekend. Northern Trust surged 8.0 percent following a Wall Street Journal report that said it had been approached by Bank of New York Mellon about a merger. Bank of New York Mellon dropped 2.2 percent. In its New York trading debut cement company Amrize advanced 1.3 percent following its spinoff from Swiss giant Holcim. (AFP)
GMA Network
23-06-2025
- Business
- GMA Network
US stocks rally as crude prices fall sharply
The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, March 17, 2025. REUTERS/ Kylie Cooper NEW YORK - Wall Street stocks rose Monday as markets shrugged off Iran's response to the weekend US military strike while petroleum-related equities plummeted with crude prices. Iran announced it had launched missiles at a major US base in Qatar, with explosions ringing out in Doha and projectiles seen streaking overhead. But Qatar described the situation as stable, while energy analysts said oilfield assets were not affected. Shares of oilfield companies like Schlumberger and Halliburton fell sharply. The Dow Jones Industrial Average finished up 0.9 percent at 42,581.78. The broad-based S&P 500 rose 1.0 percent to 6,025.17, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 19,630.97. Iran's response "signified that Iran isn't going to have the fire power to escalate this in an adverse way," said analyst Patrick O'Hare. "The response is relatively weak," he said. O'Hare said investor sentiment was also boosted by comments from Federal Reserve Governor Michelle Bowman signaling a possible interest rate cut in July, remarks that followed statements from another Fed official late last week. The comments are likely to get attention at congressional hearings this week with Fed Chair Jerome Powell. Among individual companies, Tesla surged 8.2 percent after the company's robotaxi service made its debut in Austin, Texas this weekend. Northern Trust surged 8.0 percent following a Wall Street Journal report that said it had been approached by Bank of New York Mellon about a merger. Bank of New York Mellon dropped 2.2 percent. In its New York trading debut cement company Amrize advanced 1.3 percent following its spinoff from Swiss giant Holcim. — Agence France-Presse
