Latest news with #PeterCardillo
The Advertiser
an hour ago
- Business
- The Advertiser
Wall Street gains as Nvidia jumps, results in focus
The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows. The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows.
Perth Now
2 hours ago
- Business
- Perth Now
Wall Street gains as Nvidia jumps, results in focus
The Nasdaq and the S&P 500 have crept up to new record highs on the back of gains in Nvidia while investors assessed a largely in-line inflation report and bank results that kicked off the second-quarter earnings season. A Labor Department report showed US consumer prices rose as expected on a monthly basis in June. Annually, the prices rose 2.7 per cent compared with an estimated 2.6 per cent rise. The core figure, which excludes volatile food and energy components, rose 0.2 per cent on a monthly basis and 2.9 per cent from a year earlier but the gains were below estimates. "There's little evidence that some of the tariff inflation is beginning to creep in," said Peter Cardillo, chief market economist at Spartan Capital Securities. "So, (the) bottom line (is), the tariff inflationary aspect still needs to be monitored." The odds of a July rate cut have almost become nil while markets pricing for a reduction in September lowered slightly to about 56 per cent, according to CME FedWatch. In early trading on Tuesday, the S&P 500 gained 15.68 points, or 0.25 per cent, to 6,284.24, and the Nasdaq Composite rose 142.25 points, or 0.69 per cent, to 20,782.58. The Dow Jones Industrial Average fell 101.39 points, or 0.24 per cent, to 44,353.40. The Nasdaq and the S&P 500 were boosted by AI-chip leader Nvidia, which surged 5.0 per cent after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, with Advanced Micro Devices surging 8.0 per cent and Super Micro Computer rising 5.0 per cent. The Philadelphia Semiconductor Index was up 2.1 per cent. Wall Street kicked off second-quarter earnings with big banks in the spotlight. JPMorgan Chase slipped 1.0 per cent despite boosting its 2025 net interest income outlook while Wells Fargo shares tumbled 5.0 per cent, even as its quarterly profit climbed on lower loan-loss reserves. Meanwhile, BlackRock set a new record with $US12.53 trillion ($A19.12 trillion) in assets under management amid hopes for trade deals and interest-rate cuts but its shares dropped 6.2 per cent. The KBW Bank index hit a two-week low and was last down 1.1 per cent. Citigroup rose 1.0 per cent after the lender's profit jumped in the second quarter as its traders brought in a windfall from turbulent markets. Despite US President Donald Trump's renewed tariff threats - this time aimed at Russia - markets largely brushed off the rhetoric, focusing instead on a breakthrough from negotiations with US trade partners. Hopes were buoyed after Trump signalled a willingness to talk following his weekend warning of 30 per cent tariffs on the European Union and Mexico from August 1. At least four Fed officials including Board Governor Michael Barr are scheduled to speak later in the day, potentially offering fresh clues on the central bank's next steps. Among other movers, Trade Desk surged 11.4 per cent after the software firm was set to join the benchmark S&P 500 index . Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P 500 posted 19 new 52-week highs and two new lows while the Nasdaq Composite recorded 53 new highs and 27 new lows.
Economic Times
11 hours ago
- Business
- Economic Times
Markets await US CPI for tariff impact clues amid Trump's trade threats: Peter Cardillo
"The higher end of the tariff scale is just a threat and we just have to wait and see whether or not they will be imposed or whether or not they will have an inflationary impact. But again, they are just negotiating starts and that most nations will work out a deal and whether or not we get 10% or 6% in tariff implementation of tariffs is yet to be seen but some sort of a deal will be worked out. I do not think that Trump will go ahead with these steep tariffs," says Peter Cardillo, Spartan Capital Securities. ADVERTISEMENT US President Donald Trump yesterday made some bold comments surrounding Russia. One, he said he is disappointed with Russian President Putin. And he also said that if they do not come out with a deal over the next 50 days, then severe tariffs could be imposed. How do you read this and do you expect the dust to settle down over a period of time? Peter Cardillo: Well, obviously President Trump is imposing steep tariffs, not only is he indicating to Russia that if a deal is not made within 50 days that tariffs will be 100%, but he is doing it with most other countries that letters were sent out. It is just a bargaining point. And of course, in the case of Russia, it might be a little bit different because we are not talking about tariffs on imported goods, but rather on the war factor. So, it is a question now whether or not Russia begins to think seriously on ending the war in Ukraine. And so, the more pressure that Trump puts on Russia along with other European nations, the greater the chances of some sort of a truce may happen. And let us not forget something very important that the Russian economy is in dire straits, so he really cannot afford steep tariffs nor can he afford more sanctions. So, there is a possibility that some sort of a truce could happen within the next 50 days. I wanted to understand your view on the tariffs that will be imposed starting August 1st on EU and Mexico as well. You did previously say that tariffs at these levels are unlikely to be implemented, but that August one deadline is looming. So, do you believe a resolution will be out before that or do you think these tariffs will be implemented at these levels? Peter Cardillo: Well, again, if I heard the question correctly because the audio is not that great, the situation with Mexico is like every other nation. However, Mexico did say that they have a contra plan and, of course, we have to see what this contra plan is all about and whether or not the administration accepts it. I believe there will be a deal with Mexico along with other major nations. It is just a question of what type of a deal. Do I believe that these steep tariffs that President Trump suggests that will be implemented on August 1st go through? I do not think so. They will be much less and then, of course there is the question of whether or not they will be met with a surge in tariff inflation. In fact, today we will be getting some inflation news that is the CPI and there could very well be some hint of whether or not inflation is beginning to emerge from some of the tariffs. ADVERTISEMENT But he has also made some comments on tariff on Russia and secondary tariffs on all those countries who buy Russian energy. Do you think that this is merely a threat and Trump is using it as a negotiating tool or perhaps could it translate into something concrete? Peter Cardillo: Well, it is a combination. It is a negotiating tool and it is also a way of Trump trying to bring together this trade war and lessen its burdens and this burden that could have on the global economy. So far, we have not seen any evidence of inflation popping up anywhere. We saw numbers out of India which suggest inflation continues to move lower and it all depends how steep these tariffs are going to be. So, so far, the higher end of the tariff scale is just a threat and we just have to wait and see whether or not they will be imposed or whether or not they will have an inflationary impact. But again, they are just negotiating starts and that most nations will work out a deal and whether or not we get 10% or 6% in tariff implementation of tariffs is yet to be seen but some sort of a deal will be worked out. I do not think that Trump will go ahead with these steep tariffs. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
11 hours ago
- Business
- Time of India
Markets await US CPI for tariff impact clues amid Trump's trade threats: Peter Cardillo
"The higher end of the tariff scale is just a threat and we just have to wait and see whether or not they will be imposed or whether or not they will have an inflationary impact. But again, they are just negotiating starts and that most nations will work out a deal and whether or not we get 10% or 6% in tariff implementation of tariffs is yet to be seen but some sort of a deal will be worked out. I do not think that Trump will go ahead with these steep tariffs," says Peter Cardillo , Spartan Capital Securities . US President Donald Trump yesterday made some bold comments surrounding Russia. One, he said he is disappointed with Russian President Putin. And he also said that if they do not come out with a deal over the next 50 days, then severe tariffs could be imposed. How do you read this and do you expect the dust to settle down over a period of time? Peter Cardillo: Well, obviously President Trump is imposing steep tariffs, not only is he indicating to Russia that if a deal is not made within 50 days that tariffs will be 100%, but he is doing it with most other countries that letters were sent out. It is just a bargaining point. And of course, in the case of Russia, it might be a little bit different because we are not talking about tariffs on imported goods, but rather on the war factor. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo So, it is a question now whether or not Russia begins to think seriously on ending the war in Ukraine. And so, the more pressure that Trump puts on Russia along with other European nations, the greater the chances of some sort of a truce may happen. And let us not forget something very important that the Russian economy is in dire straits, so he really cannot afford steep tariffs nor can he afford more sanctions. So, there is a possibility that some sort of a truce could happen within the next 50 days. I wanted to understand your view on the tariffs that will be imposed starting August 1st on EU and Mexico as well. You did previously say that tariffs at these levels are unlikely to be implemented, but that August one deadline is looming. So, do you believe a resolution will be out before that or do you think these tariffs will be implemented at these levels? Peter Cardillo: Well, again, if I heard the question correctly because the audio is not that great, the situation with Mexico is like every other nation. However, Mexico did say that they have a contra plan and, of course, we have to see what this contra plan is all about and whether or not the administration accepts it. Live Events I believe there will be a deal with Mexico along with other major nations. It is just a question of what type of a deal. Do I believe that these steep tariffs that President Trump suggests that will be implemented on August 1st go through? I do not think so. They will be much less and then, of course there is the question of whether or not they will be met with a surge in tariff inflation. In fact, today we will be getting some inflation news that is the CPI and there could very well be some hint of whether or not inflation is beginning to emerge from some of the tariffs. But he has also made some comments on tariff on Russia and secondary tariffs on all those countries who buy Russian energy. Do you think that this is merely a threat and Trump is using it as a negotiating tool or perhaps could it translate into something concrete? Peter Cardillo: Well, it is a combination. It is a negotiating tool and it is also a way of Trump trying to bring together this trade war and lessen its burdens and this burden that could have on the global economy . So far, we have not seen any evidence of inflation popping up anywhere. We saw numbers out of India which suggest inflation continues to move lower and it all depends how steep these tariffs are going to be. So, so far, the higher end of the tariff scale is just a threat and we just have to wait and see whether or not they will be imposed or whether or not they will have an inflationary impact. But again, they are just negotiating starts and that most nations will work out a deal and whether or not we get 10% or 6% in tariff implementation of tariffs is yet to be seen but some sort of a deal will be worked out. I do not think that Trump will go ahead with these steep tariffs.
CNA
6 days ago
- Business
- CNA
Nvidia becomes first company to hit $4 trillion in market value
Nvidia notched a market capitalization of $4 trillion on Wednesday, making it the first public company in the world to reach the milestone and solidifying its position as one of Wall Street's most-favored stocks. Shares of the leading chip designer were last up 2 per cent, at $163, after reaching an all-time high of $164 earlier, as the company is benefiting from the ongoing surge in demand for artificial intelligence technologies. "While it is unlikely that Nvidia will continue to dominate the AI chip market to the same extent going forward, it will continue to be the main provider of AI computer hardware into an insatiable market for AI data centers. While its valuation is towards the high end of historical ranges, Nvidia also has better visibility into a continued investment cycle than it typically does during a cycle." PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK 'Anytime you have something like this happening in the market, which is a historic event, it's usually good for the general market. It shows that investors are focusing on the future. And that's what the stock market is all about.' 'When you have concentration in one particular individual stock, it generally means that there's enthusiasm in the general marketplace, and we've seen that throughout the years. We saw it when Microsoft hit historic (market) capitalization and we saw it with Google and Tesla and now it's Nvidia's turn. Investors have a tendency to follow the flock.' CHUCK CARLSON, CHIEF EXECUTIVE OFFICER, HORIZON INVESTMENT SERVICES, HAMMOND, INDIANA "It's a continuing reflection of investors wanting to be on the right side of the AI movement, and Nvidia is kind of the golden child for AI investment. The company is still putting up growth numbers. It clearly is the leader in that field, and it's a must-have if you want exposure to AI and generative AI and accelerated computing." ART HOGAN, CHIEF MARKET STRATEGIST, B RILEY WEALTH, NEW YORK "It is another milepost along the road in this amazing story of a company that continues to reinvent itself. It started out as being a gaming chip maker and then a crypto mining chip maker and now as a chipmaker for artificial intelligence computing power. It's a company that's had an amazing history over the course of the last five years and that certainly has accelerated into its market cap." "So it is continuing to move forward and is a clear early winner of artificial intelligence. It doesn't look like it's running out of runway." "It highlights the fact that Nvidia is sort of the backbone of artificial intelligence infrastructure and it is indicative of the revolution that's going on in technology. I believe that there's still more upside in the stock."
