Latest news with #jobLosses
Yahoo
02-07-2025
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq trade mixed after surprise ADP jobs reading
US stocks traded mixed on Wednesday as Wall Street digested more signs of an intensifying labor market slowdown that could bolster the case for the Federal Reserve to start cutting interest rates. The Dow Jones Industrial Average (^DJI) fell nearly 0.3%. Meanwhile, the S&P 500 (^GSPC) rose around 0.1%, but kept a potential new record high in sight. The Nasdaq Composite (^IXIC) moved up about 0.5% as Tesla (TSLA) stock rose after the EV maker produced more vehicles globally than expected in the second quarter. The labor market showed more signs of a cooldown in June. ADP data showed US private employers unexpectedly cut 33,000 jobs in the month, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years. The data lays the ground for the release of the June US jobs report on Thursday, seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Meanwhile, investors are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump's "reciprocal" tariffs lifts on July 9. The fear is that historically high tariff rates could push up inflation as businesses pass on costs. Read more: The latest on Trump's tariffs Trump's "One Big Beautiful Bill" is in focus as it heads to the House after clearing the Senate thanks to Vice President JD Vance's tie-breaking vote. Split Republican factions threaten to delay a potential final vote as Trump pushes to sign it by July 4. Insurance stocks dropped across the board Wednesday following the passage of Trump's "big beautiful" tax and spending bill during the prior trading session that would gut federal healthcare spending over the next decade. UnitedHealth (UNH) fell more than 2%, while Aetna parent company CVS Health (CVS) dropped less than 2%. Cigna (CI) declined 3%, while Elevance Health (ELV) fell almost 8%. The megabill's provision to slash federal spending on Medicaid and Affordable Care Act marketplaces by about $1 trillion would leave almost 12 million people without insurance by 2034, NPR reported. Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Insurance stocks dropped across the board Wednesday following the passage of Trump's "big beautiful" tax and spending bill during the prior trading session that would gut federal healthcare spending over the next decade. UnitedHealth (UNH) fell more than 2%, while Aetna parent company CVS Health (CVS) dropped less than 2%. Cigna (CI) declined 3%, while Elevance Health (ELV) fell almost 8%. The megabill's provision to slash federal spending on Medicaid and Affordable Care Act marketplaces by about $1 trillion would leave almost 12 million people without insurance by 2034, NPR reported. Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Sign in to access your portfolio
Yahoo
02-07-2025
- Automotive
- Yahoo
Stock market today: Dow, S&P 500 slip after surprise ADP jobs reading
US stocks fell on Wednesday as Wall Street digested more signs of an intensifying labor market slowdown that could bolster the case for the Federal Reserve to start cutting interest rates. The Dow Jones Industrial Average (^DJI) fell 0.2%. Meanwhile, the S&P 500 (^GSPC) dipped 0.1%, but kept a potential new record high in sight. The Nasdaq Composite (^IXIC) moved up 0.2% as Tesla (TSLA) stock rose, after the EV maker produced more vehicles globally than expected in the second quarter. The labor market showed more signs of a cooldown in June. ADP data showed US private employers unexpectedly cut 33,000 jobs in the month, badly missing expectations of around 98,000 jobs added. It was the first month of job losses in the private sector in over two years. The data lays the ground for the release of the June US jobs report on Thursday, seen as a key factor for the Fed as investors bet an interest-rate cut could land sooner rather than later. Meanwhile, investors are watching for signs the US will hammer out deals with the likes of the EU and Japan before a pause on Trump's "reciprocal" tariffs lifts on July 9. The fear is that historically high tariff rates could push up inflation as businesses pass on costs. Read more: The latest on Trump's tariffs Trump's "One Big Beautiful Bill" is in focus as it heads to the House after clearing the Senate thanks to Vice President JD Vance's tie-breaking vote. Split Republican factions threaten to delay a potential final vote as Trump pushes to sign it by July 4. Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. Reuters reports: Tesla stock climbed nearly 3% early Wednesday after the EV maker reported global electric vehicle deliveries that came in below Wall Street's low projections but produced more cars than expected. Tesla said Wednesday it delivered 384,122 EVs in the second quarter, less than the 389,407 projected by Wall Street analysts tracked by Bloomberg consensus estimates. The company's deliveries for the period marked a 13% drop from the prior year, but an increase from the 336,681 vehicles delivered in the first quarter. Read the full story here. Apple (AAPL) stock climbed about 1% Wednesday before the market open following an upgrade from analysts at Jefferies, who raised their rating to Hold from Underperform previously. Citing Counterpoint Research, Jefferies analyst Edison Lee said global iPhone sales rose 15% in April and May from the prior year, the strongest growth since the third quarter of 2021. Lee estimated that iPhone sales in China grew 19% in that period, partly due to targeted discounts and government subsidies as well as "pulled-in demand," or Chinese consumers buying phones ahead of anticipated tariffs. "This is a strong sign that AAPL is determined to defend market share in China, and Chinese consumers are still willing to buy iPhone at lower prices," Lee wrote. But he also said the release of the iPhone 17 in the second half of 2025 may not provide the boost Apple needs. Lee wrote that "sales could be at risk since there remains a lack of new features, and AI is not yet a game changer." Apple shares jumped 1.3% Tuesday following a report from Bloomberg that the iPhone maker is considering using AI technology from startups Anthropic ( or OpenAI ( to power a new version of Siri. Still, the stock was down 17% for the 12 months through Tuesday. Nvidia (NVDA) stock continued to retreat from its record high of $157.99 on Monday. Shares were down 1.2% in premarket trading. The AI chipmaker had reclaimed the top spot among the most valued companies worldwide in June, with a market cap of around $3.73 trillion, as of July 1. Microsoft (MSFT), the second most valued company, has a market cap of roughly $3.65 trillion. From Reuters: Read more here. Private employers unexpectedly cut 33,000 jobs in June, the latest signal of an intensifying slowdown in the US labor market. On Wednesday, data from ADP showed private payrolls fell by 33,000 last month in June, below the 29,000 job gains seen in May and the 98,000 additions expected by economists. This marked the first month of job losses in the private sector since March 2023. May's initial reading of 37,000 private payroll additions had been the lowest monthly total since March '23. "Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month," ADP chief economist Nela Richardson said in the release. "Still, the slowdown in hiring has yet to disrupt pay growth." Read more here. Some of the world's most influential stocks are dragging the S&P 500 Index (^GSPC) down. The names Apple (AAPL), Tesla (TSLA) and Alphabet (GOOG, GOOGL) — part of the Mag 7 and synonymous with growth and value seem to be preventing the S&P 500 from reaching further highs. Bloomberg News reports: Read more here. Apple's (AAPL) is reportedly considering using AI tech from outside firms to power new version of Siri. Meta CEO Mark Zuckerberg is on an aggressive recruitment drive to poach top AI researchers and engineers. They're both signs of a key shift, Yahoo Finance's Hamza Shaban reports in today's Morning Brief: Read more here. Tesla (TSLA) is expected to report yet another quarter of declining global deliveries on Wednesday, though disappointing sales are nothing new for investors and analysts following the company. Data for June has brought a mixed message. Sales dropped for a sixth straight month in France, Sweden, Denmark and Italy, but rose in Norway and Spain — an early sign that the revamped Model Y is getting some buyers. Shares of Tesla were edging into the green in premarket before the quarterly data, following a 5% loss on Tuesday as CEO Elon Musk's feud with President Trump flared up again. Yahoo Finance's Pras Subramanian reports: Read more here. Earnings: No notable earnings releases.. Economic data: MBA Mortgage Applications (week ending June 27); ADP employment change (June); S&P Global US services PMI (May final); Challenger job cuts (May) Here are some of the biggest stories you may have missed overnight and early this morning: Apple and Meta are proving it: AI is going corporate Bets on 'Goldilocks' stocks bump up against reality Trump's 35% threat feeds Japan's worst-case tariff fears 'Irrational exuberance' stock gauge sparks fresh bubble worries Opinion: Musk is right about the Trump tax bill's failures Tesla's quarterly deliveries to fall short again Paramount settles Trump's '60 Minutes' suit for $16 million Bessent: Fed could lower interest rates by September Social Security checks slashed for millions this month Shares of Centene (CNC) tumbled over 25% in premarket trading after the healthcare insurer withdrew its financial guidance for 2025, warning that its earnings will fall far short of expectations. The company said late Tuesday that recent data showed that fewer people were enrolling in the Medicaid and Affordable Care Act marketplaces, and those who did enrol were sicker than expected. Those trends went against Centene's assumptions are likely to lead to a shortfall of $1.8 billion in federal payouts, the company said. Centene expects the issue to pull its full-year earnings per shares down by $2.75 a share. Wall Street had previously estimated adjusted EPS of $7.28. Shares of industry peers Elevance Health (ELV) and Oscar Health (OSCR) also struggled, down 4% and 7%, respectively. Here are some top stocks trending on Yahoo Finance in premarket trading: Centene Corporation (CNC) slumped 26% in premarket trading on Wednesday after withdrawing its financial guidance for 2025, warning that earnings will fall short of expectations. Centene is following in the footsteps of fellow insurance group, UnitedHealth (UNH), which pulled its guidance for the year and also replaced its chief executive. This latest news from Centene may add to investor nervousness when it comes to the insurance sector. Wolfspeed (WOLF) stock fell 8% before the bell today after the semiconductor company filed for a Chapter 11 bankruptcy. Intel (INTC) stock fell 1% in premarket trading following the new chief executive's plan to exploring a big change to its contract manufacturing business. If implemented, the new strategy for what Intel calls its "foundry" business would entail no longer marketing certain chipmaking technology, which the company had long developed, to external customers, the people said. If investors are expecting a seasonal lift for Asian equities this summer, they may have to think again. Tariff pressures and macroeconomic concerns have started to dampen sentiment. Bloomberg News reports: Read more here. Markets across the Asia-Pacific region saw mixed trading early morning on Wednesday, with investors eyeing the potential of US interest rate cuts and the fast-approaching July 9 tariff deadline for deals to be struck between the US and major trading partners worldwide. Singapore's benchmark, the Straits Times Index (^STI), gained 0.5% to hit a record high of 4009.15 points as of 00:20 (UTC-4). The move saw the index crossing past the 4000 threshold for the second time on record. Australia and Hong Kong led gains as Australia's S&P/ASX 200 (^AXJO) rose 0.4% and the Hang Seng Index (^HSI) popped 0.7%. Japan saw loss in the country's major gauge as the benchmark Nikkei 225 (^N225) slipped 0.7%. Korea's Kospi (^KS11) cratered 1.2% as Trump ratcheted up pressure on the country to finalize a trade deal. Mainland China's CSI 300 ( hovered near the baseline. 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Bloomberg
02-07-2025
- Business
- Bloomberg
Australian Retail Sales Miss Estimates, Adding to Rate-Cut Case
Australian retail sales rose by less than expected in May, prompting traders to cement expectations for a third interest rate cut as soon as next week. Sales advanced 0.2%, up from a flat result in the prior month and compared with a forecast 0.5% increase, figures from the Australian Bureau of Statistics showed Wednesday. The data follow a series of reports that point to weakening economic momentum from easing price pressures to surprising job losses and cautious consumer sentiment, reinforcing the case for further rate cuts by the Reserve Bank.
BBC News
24-06-2025
- Business
- BBC News
Vauxhall plant closure 'could cost Luton area £300m a year'
The closure of Luton's Vauxhall plant could amount to a gross value added loss to the area of more than £300m a year, a report estimated 1,200 employees were affected by Stellantis's decision to shut the Bedfordshire plant in March, 120 years after it started manufacturing Borough Council has formally approved a decision to create a taskforce to "manage and mitigate the economic shock", it said. The group includes the council, government officials, logistics firm Goodman that has purchased the site, and Luton Rising - the council-led group that owns London Luton Airport. The report by Sinead McNamara, service director for inclusive growth, to the borough council's executive said the closure would have "significant economic and social consequences, and will negatively impact both Luton's and the wider regional economy's future financial growth ambitions".It would affect the direct job losses but also "the supply chain", it said."Early estimates are that the closure of the Luton plant represents a GVA loss of over £300 million per annum, a huge economic shock to the local and regional economies."The Local Democracy Reporting Service said the report stated that "several positive meetings" had been held with the new owners, which said it would spend £400m regenerating the site into a "high-quality commercial and industrial park". Hazel Simmons, Labour leader of the authority, said the group would be "specifically focusing on the economic renewal of the site, with extra skills and training to support affected workers back into employment". She said "opportunities" were also emerging with the approval of the expansion of the town's airport and Universal Studios planning to open a theme park close to Bedford. "We also have the new 25,000 capacity football stadium opening in our town centre, as well as a strong cultural events programme and live music offer to support the thriving visitor economy."These two developments alone will transform our town and reinforce the role Luton plays in the wider regional economy. "What we must address with the taskforce is the short-term and how we can maximise opportunities around what's happening at a later date," she said it closed the Luton plant to move its electric van production to another site in Ellesmere Port, Cheshire, where it was investing £50m."Our employees always remain our priority, and we continue to act responsibly towards our colleagues in Luton," a spokesperson previously said. Follow Beds, Herts and Bucks news on BBC Sounds, Facebook, Instagram and X.
CTV News
04-06-2025
- Business
- CTV News
Trump to hike steel, aluminum tariffs despite Canadian pushback
Northern Ontario Watch The U.S. will proceed with doubling steel and aluminum tariffs to 50% despite last-minute lobbying by Canadian officials, sparking fears of major job losses. Ontario Premier Doug Ford is calling for retaliatory measures.
