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Time of India
5 days ago
- Health
- Time of India
Against all odds: The runner & the marathon we forgot to cheer
In a country where cricket dominates headlines and glamour often overshadows grit, Rakesh Kumar Kashyap is a name few recognise. But his story is one that deserves not just applause, but introspection. At 54, this ultramarathoner has achieved what even the fittest in their prime might hesitate to dream of. Yet, he stands as a stark reminder of how India's sports ecosystem continues to fail athletes whose passion burns quietly away from stadium lights and corporate sponsorships. Rakesh wasn't always a runner. In fact, he only began at the age of 47, nudged by a doctor's warning to take his health seriously. "I started walking," he recalls, "and then applied for a marathon with my cousins." That simple act, registering for a local event, lit the fuse. From morning walks to endurance runs across continents, his journey evolved, not for fame or medals, but simply to stay healthy. J by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is this legal? Access all TV channels without a subscription! Techno Mag Learn More Undo oining the Chandigarh Distance Runners Club introduced him to the world of serious running, apt clothing, shoes, nutrition, pacing. From there, the training began. What started as a health initiative soon became a calling. Spartathlon, Brazil 135, Badwater 135 (USA), these aren't just races. Each of these is a brutal test of endurance and spirit. The Spartathlon, a 246 km race in Greece, demands completion within 36 hours. Every 3 km, a cut-off time checks your pace. Rakesh completed it in 35 hours and 33 minutes. Then came Brazil 135, another ultra-endurance race, with a 30,000 ft elevation gain across 241km which he completed in 45 hours and 12 minutes. "It's all jungle." he says. No refreshment stations. No aid. Just the runner, his crew, and the sheer will to keep going. His team, his wife, a friend, and a chief crew member, travelled with him in a support vehicle, preparing light meals, hydrating him, and keeping morale high. And then there's Badwater 135, often dubbed the toughest foot race on Earth. "There is no lottery system here, you have to qualify," Rakesh explains. Only 100 persons from 64 countries were selected and he was one of only two Indians. He completed the race in 31 hours and 24 minutes, finishing it at the 19th position overall. To train for Badwater, Death valley's 50 degree Celsius heat, he ran from 7am to 5pm in Chandigarh's blazing June sun, circling the local lake. No ice. No water. Just mental conditioning for the harshness ahead. Ultra-running isn't just physically gruelling, it's also financially draining. Visa costs, race registrations, flights, food, crew, and accommodation can pile up to a sum that deters even the most passionate athletes. For many, no government aid comes through. "I, along with a few others, help runners by providing shoes and other financial help when needed," he says. "There is a private federation," he says, "but only a few get selected and sponsored. Most of the runners support each other. But it is all happening at an individual level," he explains. While India celebrates big-ticket sporting events and celebrities endorse wellness routines, people like Rakesh, who embody the very spirit of health, resilience, and national representation, remain in the shadows. It's a reflection of a broken ecosystem, where only mainstream sports receive the backing they deserve, and endurance athletes are left to fend for themselves. Ask Rakesh about the toughest part of his races, and it's not the distance. It's the blisters, the dehydration, the mind-numbing fatigue. "You start thinking one thing and say something else entirely," he laughs. That's where the crew comes in, keeping food, and water ready, reading his needs before he speaks. "I ran with Harvey Lewis," Rakesh says, eyes lighting up. "Held his hand. It was like a dream. And the kilometres I ran with him were my fastest," he recalls. Rakesh holds a record of being the only Indian to complete 210.1 km in a single day at the age of 51. His message is simple, "You just have to take the plunge. When I started, I was only walking. Then slowly I started running 50 meters, 100 meters, 200 meters and so on. When you start with friends, it becomes fun. Health is everything." "India has countless such athletes, driven, disciplined, determined. But without systemic support, financial, infrastructural, and psychological, we are letting talent go," says Rakesh. The government, private institutions, and sports federations must extend their gaze beyond cricket pitches and Olympic podiums. Because greatness is not always televised. Sometimes, it's running through a jungle in Brazil, with a torch on your head and nothing but courage in your heart. Rakesh's journey proves one thing- It's never too late to begin.
The Irish Sun
23-07-2025
- Automotive
- The Irish Sun
Mercedes' new CLA 250+ Sport is its most efficient and intelligent car ever but is spoiled by ‘chavvy' feature
IF no one else has the balls to say it, I will. Mercedes is in danger of becoming the Burberry of the car world. Advertisement 5 With this CLA, Mercedes is in danger of becoming the Burberry of the car world Credit: Supplied 5 There are 142 three-pointed stars in that front grille Credit: Supplied 5 The Mercedes CLA offers luxurious design, advanced technology and innovative features Credit: Supplied A leeetle bit chavvy. Just look at all the three-pointed stars on the new CLA. It's absolutely coated in them. There are 142 in that front grille, another 158 in the fancy glass sunroof, plus many more on the wheels, lights and dashboard. Advertisement READ MORE ROAD TESTS I gave up counting at 330. THREE HUNDRED AND THIRTY!!! They should stick a MERCEDES sun strip on it. Y'know, just in case someone thinks it's a BMW. Strip away all that Burberryness and you're left with a truly excellent motor car. The most efficient Mercedes ever. Advertisement Most read in Motors The most intelligent Mercedes ever. Yet it's also the cheapest electric Mercedes ever. Mercedes reveals its new luxury EV with 'superscreen' passengers can play video games or watch Netflix on while on move It's got a 484-mile battery by the WLTP test. We nudged 400 in the real world. A clever two-speed auto gearbox for added efficiency. Advertisement All sorts of aero tricks, including underbody wheel spoilers, to help it slice through the air. Rapid 800v charging to suck up 200 miles of juice in just ten minutes. So it's a proper long-range cruiser that's easy to live with. There's a video camera above that 14in central screen for Teams meetings. Advertisement You can watch YouTube and Disney+. Play Fortnite and Angry Birds. All of the above when parked up, obviously. There's a third passenger screen coming later that will cover up some of those bleedin' stars. Advertisement The 'Hey Mercedes' personal assistant wants to be your friend. We asked her to 'play Raye'. She did. We asked her to 'name that statue of the naked ladies to our left'. Advertisement She did. We asked her: 'Should I buy a Mercedes CLA over a BMW?' She's been taught well. She replied: 'Choosing between a Mercedes CLA over a BMW ultimately depends on your preferences and needs. The Mercedes CLA offers luxurious design, advanced technology and innovative features. Advertisement 'If you seek more details about the Mercedes CLA feel free to ask.' Hang on. I'm having a proper conversation with a car. Like Michael Knight and KITT. Just not chasing baddies. 5 The CLA comes with all sorts of aero tricks, including underbody wheel spoilers, to help it slice through the air. Credit: Supplied 5 Oh look - another 158 three-pointed stars in the fancy glass sunroof Credit: Supplied Advertisement If you're rubbish at parking, no stress. Press a button and watch it shimmy in and out of tight spaces on its own. It's the first Mercedes to have a front trunk, 100 litres of extra storage space under the bonnet. Out on the open road, CLA is everything you'd expect a Merc to be. Advertisement Quiet. Sophisticated. Effortless. And so hovercraft-smooth you'd think it has air suspension. It doesn't. Steel. That's engineering at its best for you. Acceleration is nicely calibrated. Not silly fast. But enough. AMG will add a bit of spice later. Advertisement Actually, that brings me nicely to other versions. There's a smaller 335-mile battery on the way, an estate, 4WDs, and a new 1.5-litre petrol hybrid for those not ready to switch to electric yet. Bonus. The petrol doesn't have all the illuminated stars on the front grille because it needs more cooling. So it's less Burberry. Advertisement Tone down all the bling and I'd give it five stars. KEY FACTS: MERCEDES CLA 250+ SPORT Price: £45,615 Battery: 85kWh Power: 272hp 0-62mph: 6.7 secs Top speed: 130mph Range: 484 miles Charging: 22 mins Out: September
The Advertiser
02-07-2025
- Business
- The Advertiser
Wall Street edges down on surprise US jobs data
US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows. US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows. US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows. US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows.
Perth Now
02-07-2025
- Business
- Perth Now
Wall Street edges down on surprise US jobs data
US stocks have nudged lower as surprisingly weak US private jobs data raised concerns about the labour market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed US private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the US Federal Reserve in July to 25.3 per cent from about 20 per cent prior to the report, according to LSEG data. "I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the US economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labour market," said Ross Mayfield, investment strategist at Baird. "It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation." The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show US job growth cooled in June and the unemployment rate ticked up to 4.3 per cent, according to a Reuters poll of economists. On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington DC. In early trading on Wednesday, the Dow Jones Industrial Average fell 75.68 points, or 0.17 per cent, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01 per cent, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22 per cent, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4 per cent of hitting an all-time high. US Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending while adding $US3.3 trillion ($A5 trillion) to the country's debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7 per cent, leading declines. Centene tumbled 33.7 per cent, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7.0 per cent, Molina Healthcare sank 15 per cent and UnitedHealth lost 2.0 per cent. Adding to the strain on equities, the US 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4 per cent each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle line-up. Verint Systems rose 5.0 per cent after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-centre software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows while the Nasdaq Composite recorded 20 new highs and 25 new lows.
Business Recorder
02-07-2025
- Business
- Business Recorder
Wall St edges down after ADP shock; focus on trade talks, payrolls data
U.S. stocks nudged lower on Wednesday as surprisingly weak U.S. private jobs data raised concerns about the labor market, while investors closely watched trade negotiations as President Donald Trump's July 9 tariff deadline approaches. The ADP National Employment Report showed U.S. private payrolls fell unexpectedly in June and job gains in the prior month were smaller than initially thought. Investors quickly increased their bets of a rate cut by the U.S. Federal Reserve in July to 25.3%, from about 20% prior to the report, according to LSEG data. 'I take it as a mixed bag. On one hand, the wage is still strong, which is terribly important to the U.S. economy. On the downside, if this isn't seasonality, this is the beginning of a long-term trend in white collar jobs that'll spill over into the total labor market,' said Ross Mayfield, investment strategist at Baird. 'It would be very damaging for the overall economy and obviously make the Federal Reserve react despite their concerns about tariffs causing inflation.' The Nasdaq and the S&P 500 closed lower in the previous session, retreating from record highs as technology stocks were pressured and Treasury yields climbed after data showed stronger-than-expected job openings in May. Focus now turns to the more comprehensive non-farm payrolls report, scheduled for release on Thursday - a day earlier than usual, as markets are closed on Friday for Independence Day. The reading is expected to show U.S. job growth cooled in June and the unemployment rate ticked up to 4.3%, according to a Reuters poll of economists. S&P 500, Nasdaq at record highs as trade hopes feed quarterly momentum On trade, Trump said on Tuesday he was not thinking of extending the July 9 deadline for imposing tariffs and expressed doubts that an agreement could be reached with Japan, although he said he expected a deal with India. The European Union's trade chief is expected to hold talks this week with peers in Washington. At 10:00 a.m. ET (1400 GMT), the Dow Jones Industrial Average fell 75.68 points, or 0.17%, to 44,419.26, the S&P 500 lost 0.92 points, or 0.01%, to 6,197.09, and the Nasdaq Composite gained 43.60 points, or 0.22%, to 20,246.49. Meanwhile, the blue-chip Dow was within 1.4% of hitting an all-time high. U.S. Senate Republicans passed Trump's massive tax-and-spending bill on Tuesday by the narrowest of margins, advancing a package that would slash taxes, reduce social safety net programs and boost military and immigration enforcement spending, while adding $3.3 trillion to the national debt. The legislation now heads to the House of Representatives for possible final approval, although a handful of Republicans have already opposed some of the Senate provisions. Seven of the 11 major S&P sectors nursed losses, with healthcare falling about 0.7%, leading declines. Centene tumbled 33.7%, set for its worst day on record if losses hold, after the health insurer said it had withdrawn its 2025 earnings forecast following data that showed a significant drop in expected revenue from its marketplace health insurance plans. Shares of peers including Elevance Health dropped 7%, Molina Healthcare sank 15% and UnitedHealth lost 2%. Adding to the strain on equities, the U.S. 10-year benchmark yield rose 4 basis points, extending its climb from the previous session. However, megacaps such as Tesla and Apple helped limit the overall losses and rose more than 2.4% each. Tesla posted another big drop in quarterly deliveries, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle lineup. Verint Systems rose 5% after Bloomberg News reported buyout firm Thoma Bravo was in talks to acquire the call-center software maker. Declining issues outnumbered advancers by a 1.12-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and two new lows, while the Nasdaq Composite recorded 20 new highs and 25 new lows.
