Latest news with #YORK
Economic Times
10 hours ago
- Business
- Economic Times
S&P 500, Nasdaq hit record closing highs amid trade negotiations, rate cut bets
Volume on U.S. exchanges was 22.07 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days. Wall Street surged on Friday, propelling the S&P 500 and Nasdaq to record highs amid trade optimism and expectations of Federal Reserve rate cuts. Despite a brief setback caused by President Trump's termination of trade talks with Canada, all major indexes posted weekly gains. Economic data, including consumer spending and sentiment reports, further solidified expectations for monetary easing. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW YORK: Wall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal pared gains after U.S. President Donald Trump terminated trade negotiations with Canada in response to its digital tax on technology so, all three major U.S. stock indexes posted weekly gains. Upon reaching its record closing high, the tech-heavy Nasdaq confirmed it entered a bull market when it touched its post "liberation day" trough on April blue-chip Dow remained 2.7% below its record closing high reached on December 4."This market's been pretty resilient," said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. "Investors are riding momentum and looking for breakouts.""They don't want to get caught on the wrong side of this thing," Carlson added. "Many investors already have missed out. And now you have the S&P flirting with an all-time high."The Personal Consumption Expenditures report from the Commerce Department showed consumer income and spending unexpectedly contracted in May. And while tariffs have yet to affect price growth, inflation continues to hover above the Fed's 2% annual inflation target.A separate report from the University of Michigan confirmed consumer sentiment has improved this month, but remains well below December's post-election markets have priced in a 76% likelihood that the Fed will implement its first rate cut of the year in September, with a smaller, 19% probability of a rate cut coming as soon as July, according to CME's FedWatch and Beijing reached an agreement to expedite rare-earth shipments from China to the U.S., a White House official said, well ahead of the July 9 expiration of the 90-day postponement of U.S. President Donald Trump's "reciprocal" U.S. Treasury Secretary Scott Bessent said the administration's trade deals with 18 of the main U.S. trading partners could be done by the September 1 Labor Day Dow Jones Industrial Average rose 432.43 points, or 1.00%, to 43,819.27, the S&P 500 gained 32.05 points, or 0.52%, to 6,173.07 and the Nasdaq Composite gained 105.55 points, or 0.52%, to 20, the 11 major sectors of the S&P 500, consumer discretionary enjoyed the biggest percentage gain, while energy shares were the laggards. Chipmaker Micron's MU.O upbeat forecast revived investor confidence in artificial intelligence-related stocks, while Nvidia NVDA.O rose 1.8%, edging closer to $4 trillion market capitalization after reclaiming its position as the world's most valuable shares NKE.N jumped 15.2% after forecasting a smaller-than-expected drop in first-quarter revenue. Advancing issues outnumbered decliners by a 1.29-to-1 ratio on the were 347 new highs and 55 new lows on the NYSE. On the Nasdaq, 2,111 stocks rose and 2,342 fell as declining issues outnumbered advancers by a 1.11-to-1 S&P 500 posted 35 new 52-week highs and 6 new lows while the Nasdaq Composite recorded 101 new highs and 68 new on U.S. exchanges was 22.07 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days.
Mint
a day ago
- Business
- Mint
Shares rally on China-US trade hopes, dollar trades at multi-year lows
(Updates with U.S. markets open, adds New York dateline, fresh analyst quote) S&P 500 and Nasdaq reach record highs European shares rise on easing US-China trade tension Dollar holds near lowest levels in more than three years Oil prices gain, gold slips By Chibuike Oguh and Elizabeth Howcroft NEW YORK/PARIS, June 27 (Reuters) - Global shares reached a record high on Friday, helped by market optimism over signs of progress in U.S.-China trade talks, while the dollar held close to its lowest levels in more than three years. The benchmark S&P 500 index and Nasdaq hit all-time highs, lifted partly by gains in megacap growth stocks including Nvidia and Amazon. The S&P 500 index and Nasdaq are headed for a weekly gain and are up about 5% this year overall, following a volatile first half of the year, dominated by U.S. President Donald Trump's tariff announcement on April 2, which sent stocks plunging. The pan-European STOXX 600 index was up 0.66% on the day, set for a weekly gain. The MSCI World Equity index touched a record high and was set for a weekly gain of 3.2%. London's FTSE 100 rose 0.35%. Asian shares hit their highest in more than three years in early trading. "It's a continuation of this monster rally since early April," said James St. Aubin, chief investment officer at Ocean Park Asset Management in Santa Monica, California. "It's been quite an improbable comeback and it continues, assuming that the tariff controversy is no longer a major issue in the psyche of the market." Investors saw a trade agreement between the United States and China on Thursday on how to expedite rare earth shipments to the United States as a positive sign, amid efforts to end the tariff war between the world's two biggest economies. Trump has set July 9 as the deadline for the European Union and other countries to reach a deal to reduce tariffs. Traders took confidence too from a ceasefire between Iran and Israel and markets stepped up bets for U.S. rate cuts amid the possibility of Trump announcing a new, more dovish Federal Reserve chair ahead of the expiration of Jerome Powell's term next year. Data showed U.S. consumer spending unexpectedly fell by 0.1% in May for the second time this year, while monthly inflation maintained a moderate pace of increase. "We're starting to see earnings estimates for the next 12 months on the rise again after taking a little bit of a dip and that's what the market is buying into," St. Aubin added. The dollar remained on the backfoot, hovering near its lowest level in 3-1/2 years against the euro and sterling. The dollar weakened 0.16% to 0.799 against the Swiss franc but was up 0.18% to 144.63 against the Japanese yen . The euro was at $1.1708, getting a lift after data showed French consumer prices rose more than expected in June. The dollar index was down 0.1% on the day at 97.269, holding near its lowest in more than three years. The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s. Traders have stepped up their bets on U.S. rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. The yield on benchmark U.S. 10-year notes rose 1.2 basis points to 4.265%. German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany's government. Oil prices meanwhile rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate. Brent crude futures rose 0.66% to $68.18 a barrel while U.S. West Texas Intermediate crude was up by 1% to $65.91 . Spot gold fell 1.72% to $3,270.50 an ounce. (Reporting by Chibuike Oguh in New York and Elizabeth Howcroft in Paris; Additional reporting by Dhara Ranasinghe; Editing by Kim Coghill and Emelia Sithole-Matarise)
NBC Sports
a day ago
- Sport
- NBC Sports
Judge, Ohtani elected to start in All-Star Game as top vote-getters
Eric Samulski discusses Jacob deGrom's amazing start to the season for the Texas Rangers, explaining how the 37-year-old veteran has been able to stay healthy this year and return to his "vintage" All-Star form. NEW YORK — The Los Angeles Dodgers' Shohei Ohtani and the New York Yankees' Aaron Judge were the first players picked for the July 15 All-Star Game at Atlanta's Truist Park, elected as starters by fans on Thursday. Judge led the major leagues with 4,012,983 votes in the first round of fan balloting and the outfielder was picked for his seventh American League start in eight All-Star Games, though he missed the 2023 game because of a sprained right big toe. He also was the leading vote-getter during the first phase in 2022 and last year. Ohtani topped the NL and was second in the big leagues with 3,967,668 votes, becoming the first designated hitter to start in five straight All-Star Games. The pair were selected under rules that began in 2022 and give starting spots to the top vote-getter in each league in the first phase of online voting, which began June 4 and ended Thursday. Two finalists at every other position advanced to the second phase, which runs from noon EDT on Monday to noon EDT on July 2. Votes from the first phase do not carry over. An individual can vote once per 24-hour period. Remaining starters will be announced on July 2. Pitchers and reserves will be revealed on July 6. Seven players from the World Series champion Dodgers advanced to the second phase along with three each from the Chicago Cubs, Detroit Tigers and New York Mets, and two apiece from the Cleveland Guardians, New York Yankees and Toronto Blue Jays. AL finalists: Catcher: Alejandro Kirk, Cal Raleigh First base: Paul Goldschmidt, Vladimir Guerrero Jr. Second Base: Jackson Holliday, Gleyber Torres Third Base: Alex Bregman, José Ramírez Shortstop: Jacob Wilson, Bobby Witt Jr. Designated Hitter: Ryan O'Hearn, Ben Rice Outfield: Javier Báez, Riley Greene, Steven Kwan, Mike Trout NL finalists Catcher: Carson Kelly, Will Smith First Base: Pete Alonso, Freddie Freeman Second Base: Tommy Edman, Ketel Marte Third Base: Manny Machado, Max Muncy Shortstop: Mookie Betts, Francisco Lindor Outfield: Ronald Acuña Jr., Pete Crow-Armstrong, Teoscar Hernández, Andy Pages, Juan Soto, Kyle Tucker
Hamilton Spectator
a day ago
- Sport
- Hamilton Spectator
Alonso's 3 hits help Mets overcome loss of pitcher Canning in a 4-0 win over Braves
NEW YORK (AP) — Pete Alonso had three hits and an RBI and the New York Mets overcame the loss of starting pitcher Griffin Canning to injury in the third inning Thursday night for a 4-0 victory over the Atlanta Braves and a split of the four-game series. The Mets, who had lost 10 of 11 games before a 7-3 win over the Braves on Wednesday night, moved back into first place in the NL East, a half-game ahead of the Philadelphia Phillies. Canning worked 2 2/3 scoreless innings before suffering a left ankle injury on a non-contact play while trying to race off the mound. After the game, Mets manager Carlos Mendoza said it 'looks like an Achilles injury.' The team said he would undergo imaging to determine the severity of the injury. After Canning left, four relievers limited the Braves to two hits the rest of the way. Austin Warren (1-0) replaced Canning and threw 2 1/3 one-hit innings. Tyrone Taylor lofted a sacrifice fly against Grant Holmes (4-7) in the fourth, and Alonso doubled the lead with a run-scoring hit in the fifth. Jeff McNeil added a two-run single in the seventh. Holmes allowed two runs and six hits while walking three and striking out six over five innings. Key moment Canning's injury may have created another vacancy in a depleted rotation for the Mets, who are already without ace Kodai Senga (right hamstring) and Sean Manaea (oblique, elbow). Key stats Braves first baseman Matt Olson played in his 700th straight regular-season game — the longest streak in the majors since Miguel Tejada's 1,152-game streak from 2000-07. … The first pitch temperature was 69 degrees (20 Celsius), 28 degrees cooler than Tuesday's Citi Field record. Up next LHP David Peterson (5-3, 2.98 ERA) starts for the Mets against Pittsburgh RHP Mitch Keller (1-10, 4.02) Friday night. The Braves and RHP Bryce Elder (2-4, 4.77 ERA) host the Philadelphia Phillies and RHP Mick Abel (2-1, 3.47). ___ P MLB:
Winnipeg Free Press
a day ago
- Sport
- Winnipeg Free Press
Alonso's 3 hits help Mets overcome loss of pitcher Canning in a 4-0 win over Braves
NEW YORK (AP) — Pete Alonso had three hits and an RBI and the New York Mets overcame the loss of starting pitcher Griffin Canning to injury in the third inning Thursday night for a 4-0 victory over the Atlanta Braves and a split of the four-game series. The Mets, who had lost 10 of 11 games before a 7-3 win over the Braves on Wednesday night, moved back into first place in the NL East, a half-game ahead of the Philadelphia Phillies. Canning worked 2 2/3 scoreless innings before suffering a left ankle injury on a non-contact play while trying to race off the mound. After the game, Mets manager Carlos Mendoza said it 'looks like an Achilles injury.' The team said he would undergo imaging to determine the severity of the injury. After Canning left, four relievers limited the Braves to two hits the rest of the way. Austin Warren (1-0) replaced Canning and threw 2 1/3 one-hit innings. Tyrone Taylor lofted a sacrifice fly against Grant Holmes (4-7) in the fourth, and Alonso doubled the lead with a run-scoring hit in the fifth. Jeff McNeil added a two-run single in the seventh. Holmes allowed two runs and six hits while walking three and striking out six over five innings. Key moment Canning's injury may have created another vacancy in a depleted rotation for the Mets, who are already without ace Kodai Senga (right hamstring) and Sean Manaea (oblique, elbow). Key stats Braves first baseman Matt Olson played in his 700th straight regular-season game — the longest streak in the majors since Miguel Tejada's 1,152-game streak from 2000-07. … The first pitch temperature was 69 degrees (20 Celsius), 28 degrees cooler than Tuesday's Citi Field record. Thursdays Keep up to date on sports with Mike McIntyre's weekly newsletter. Up next LHP David Peterson (5-3, 2.98 ERA) starts for the Mets against Pittsburgh RHP Mitch Keller (1-10, 4.02) Friday night. The Braves and RHP Bryce Elder (2-4, 4.77 ERA) host the Philadelphia Phillies and RHP Mick Abel (2-1, 3.47). ___ P MLB:
