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The Advertiser
5 hours 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
6 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
14 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
14 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.
Business Times
a day ago
- Business
- Business Times
US: Nasdaq hits new record as markets shrug off tariff talk
[NEW YORK] The Nasdaq pushed to a fresh record on Monday as markets weighed President Donald Trump's latest tariff threats and looked ahead to earnings from large banks. Major indices finished higher following a meandering session. While threats of new 30 percent tariffs against the European Union and Mexico have received plenty of attention, investors remain skeptical that Trump will enact such big levies. 'The market is betting that by August 1st these tariffs are not going to be implemented at these levels,' said Peter Cardillo of Spartan Capital Securities. 'And so the market continues to rally.' The tech-rich Nasdaq Composite Index finished up 0.3 per cent at 20,640.33, its third record in four days. The broad-based S&P 500 climbed 0.1 per cent to 6,268.56, narrowly missing a record of its own, while the Dow Jones Industrial Average advanced 0.2 per cent to 44,459.65. Trump has revived his broadly directed trade offensive in the last week, targeting more than 20 countries with increased levies if they don't reach deals with Washington. 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 But markets have adopted a wait-and-see perspective, viewing the statements as a bargaining tactic that will be adjusted during negotiations. Besides tariffs, markets are looking ahead to earnings from JPMorgan Chase, Bank of America and other banks that will offer updates on the state of US consumers and on the health of the companies' trading and investment businesses. Markets are also awaiting US government reports on consumer pricing and retail sales for June, which will inform expectations on the likelihood and timing of Federal Reserve interest rate changes. Futures markets are betting on an interest rate cut in September. AFP
