Latest news with #US120
The Advertiser
14-07-2025
- Business
- The Advertiser
Wall Street slips amid new tariff turmoil
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows. Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
Perth Now
14-07-2025
- Business
- Perth Now
Wall Street slips amid new tariff turmoil
Wall Street has fallen marginally as investors ran into US President Donald Trump's latest tariff threats against the European Union and Mexico, starting a week loaded with economic data and major second-quarter earnings. Trump ramped up trade tensions over the weekend, vowing to slap a 30 per cent tariff on most imports from the European Union and Mexico starting August 1 - a move that leaves the clock ticking for last-minute trade deals. The EU extended its pause on retaliatory measures until early August, holding out hope for a negotiated truce. The White House said talks with the EU, Canada and Mexico are still underway. Trump's latest salvo follows last week's tariff offensive, which targeted the United States' close allies like Canada, Japan and South Korea, and a 50 per cent duty on copper. Yet, investors barely flinched, having grown accustomed to Trump's tariff threats and his track record of last-minute reversals. "The stock market's muted reaction to the latest volley of tariff headlines suggests investors may be growing numb to them, or are deciding that the tariff bark will likely be worse than the eventual bite," said Chris Larkin, managing director, trading and investing, E*TRADE from Morgan Stanley. In early trading on Monday, the Dow Jones Industrial Average fell 27.60 points, or 0.06 per cent, to 44,343.20, the S&P 500 lost 11.72 points, or 0.19 per cent, to 6,248.16 and the Nasdaq Composite lost 36.06 points, or 0.17 per cent, to 20,549.58. RBC Capital Markets raised its year-end S&P 500 target to 6,250 - its second upgrade this year - citing upbeat investor sentiment and optimism about the economic outlook through 2026. Focus was also shifting to the commencement of the second-quarter earnings season, with Wall Street's banking giants reporting on Tuesday. Attention was also on Tuesday's consumer price data, expected to show an uptick in US inflation in June, as sellers began raising prices to factor in Trump's sweeping tariffs. Meanwhile, producer and import price reports are due on Wednesday and retail sales figures are due on Thursday. While traders have almost fully ruled out a July rate cut, the probability for a September move stands at 61 per cent, according to CME FedWatch. In an interview on Fox Business, Cleveland Fed president Beth Hammack rejected the need to immediately lower interest rates. Most S&P sectors were in the positive domain but the information technology index was a drag, down 0.8 per cent. Chip stocks came under pressure, with Micron Technology falling about 5 per cent and Nvidia down 1.2 per cent. Among other stocks, Tesla rose 1.3 per cent after CEO Elon Musk ruled out a merger between the electric vehicle maker and xAI. Crypto stocks ticked up after bitcoin topped $US120,000 for the first time. Coinbase global rose 2.7 per cent, Bitfarms gained 5.1 per cent and Riot platforms was up 5.4 per cent. Waters Corp dropped 9.4 per cent after the lab equipment maker agreed to merge with rival Becton, Dickinson and Company's Biosciences & Diagnostic Solutions unit in a $US17.5 billion ($A26.7 billion) deal. Declining issues outnumbered advancers by a 1.03-to-1 ratio on the NYSE while advancing issues outnumbered decliners by a 1.13-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and four new lows while the Nasdaq Composite recorded 41 new highs and 28 new lows.
West Australian
14-07-2025
- Business
- West Australian
‘Monumental rise': Bitcoin surges past key milestone ahead of crucial US crypto bills
Bitcoin has passed a historic psychological barrier for the first time on Monday as investors pile into cryptocurrency ETFs ahead of 'Crypto Week'. The world's leading cryptocurrency is continuing its monumental rise surpassing the $US120,000 ($AU182,000) mark for the first time, up 3.11 per cent to $122,643 ($AU186,708) during Monday's trading. The jump in Bitcoin's price comes as the US House of Representatives begins deliberating a series of Crypto bills on Monday, dubbed 'Crypto Week.' One of the most significant bills under consideration is the Genius Act, which could establish federal guardrails for the US dollar to be pegged to stablecoins and provide the pathway for private businesses to issue digital dollars. The aim of the laws is to provide a clearer regulatory framework in the US for the digital asset industry. eToro market analyst Josh Gilbert said investors were bringing into exchange traded funds on the back of US policy makers. 'Strong ETF inflows and a solid macro backdrop have helped drive market momentum and that momentum keeps driving new all-time highs,' he said. 'The pace of gains in recent weeks reflects not just growing demand, but the growing maturity of bitcoin as an asset class.' Mr Gilbert said publicly traded companies are starting to adopt bitcoin as part of their treasury strategy in some instances taking out billion dollar stakes in the coin. 'At the same time, retirement funds and sovereign wealth funds are starting to gain exposure through ETFs, adding to the wave of demand chasing a fixed supply. 'Central banks keep running expansive monetary policies and global money supply keeps rising. He also said inflation was helping to drive investors' interest. 'In that environment, an asset with fixed, decentralised supply cements itself as an alternative store of value,' Mr Gilbert said. 'Bitcoin as an asset in an investment portfolio is still in its infancy, and that in itself creates a huge opportunity for bitcoin and crypto to flourish over the next decade,' he said. 'This is just the beginning of widespread adoption, seamless integration with traditional finance, and robust regulatory frameworks.'
Perth Now
14-07-2025
- Business
- Perth Now
Bitcoin soars past key milestone
Bitcoin has passed a historic psychological barrier for the first time on Monday as investors pile into cryptocurrency ETFs ahead of 'Crypto Week'. The world's leading cryptocurrency is continuing its monumental rise surpassing the $US120,000 ($AU182,000) mark for the first time, up 3.11 per cent to $122,643 ($AU186,708) during Monday's trading. The jump in Bitcoin's price comes as the US House of Representatives begins deliberating a series of Crypto bills on Monday, dubbed 'Crypto Week.' Bitcoin surpasses a key milestone. Close-up generic Credit: istock One of the most significant bills under consideration is the Genius Act, which could establish federal guardrails for the US dollar to be pegged to stablecoins and provide the pathway for private businesses to issue digital dollars. The aim of the laws is to provide a clearer regulatory framework in the US for the digital asset industry. eToro market analyst Josh Gilbert said investors were bringing into exchange traded funds on the back of US policy makers. 'Strong ETF inflows and a solid macro backdrop have helped drive market momentum and that momentum keeps driving new all-time highs,' he said. 'The pace of gains in recent weeks reflects not just growing demand, but the growing maturity of bitcoin as an asset class.' Mr Gilbert said publicly traded companies are starting to adopt bitcoin as part of their treasury strategy in some instances taking out billion dollar stakes in the coin. 'At the same time, retirement funds and sovereign wealth funds are starting to gain exposure through ETFs, adding to the wave of demand chasing a fixed supply. 'Central banks keep running expansive monetary policies and global money supply keeps rising. Crypto Week is helping to drive interest in Bitcoin. NewsWire / Andrew Henshaw Credit: News Corp Australia He also said inflation was helping to drive investors' interest. 'In that environment, an asset with fixed, decentralised supply cements itself as an alternative store of value,' Mr Gilbert said. 'Bitcoin as an asset in an investment portfolio is still in its infancy, and that in itself creates a huge opportunity for bitcoin and crypto to flourish over the next decade,' he said. 'This is just the beginning of widespread adoption, seamless integration with traditional finance, and robust regulatory frameworks.'
7NEWS
14-07-2025
- Business
- 7NEWS
Bitcoin tops $US120,000 for the first time
Bitcoin has crossed the $US120,000 level for the first time, marking a milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week. Bitcoin scaled a record high of $US121,207.55 ($A184,489.93) in the Asian session on Monday, before pulling back slightly to last trade 1.6 per cent higher at $US121,015.42 ($A184,197.49). Starting on Monday, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the 'crypto president' and urged policymakers to revamp rules in favour of the industry. 'It's riding a number of tailwinds at the moment,' IG market analyst Tony Sycamore , citing strong institutional demand, expectations of further gains and support from Trump as reasons for the bullishness. 'It's been a very, very, strong move over the past six or seven days and it's hard to see where it stops now; it looks like it can easily have a look at the $US125,000 ($A190,262) level,' he said. The surge in bitcoin, which is up 29 per cent for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Trump's chaotic tariffs. Ether, the second-largest token, scaled a more than five-month top of $US3,050.90 ($A4,643.77), while XRP and Solana gained about three per cent each. The sector's total market value has swelled to about $US3.78 trillion ($A5.75) trillion, according to data from CoinMarketCap. Earlier this month, Washington declared the week of July 14 as 'crypto week', where members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act. The most significant bill is the Genius Act, which would create federal rules for stablecoins. Elsewhere, prices of crypto-listed exchange-traded funds (ETFs) in Hong Kong similarly surged. Spot bitcoin ETFs launched by China AMC, Harvest and Bosera all scaled record highs, while the three ether ETFs managed by the asset managers were up roughly two per cent each.
