Trump says US to impose 25% tariff on India from Aug 1
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Straits Times
19 minutes ago
- Straits Times
US stocks rise as Apple surges
Sign up now: Get ST's newsletters delivered to your inbox Traders working on the floor of the New York Stock Exchange, in New York City, on Aug 6. NEW YORK - Wall Street stocks rose on Aug 6 with Apple and most other large tech companies rallying as markets largely shrugged off US President Donald Trump's latest tariff hikes. Apple piled on more than 5 per cent after White House officials said the tech giant plans an additional US$100 billion (S$129 billion) in capital spending in the United States. Amazon and Google parent Alphabet were among the other large tech names that also rose. 'By standing up and publicly announcing a domestic investment with President Trump, it reduces the likelihood of Trump imposing new tariff burdens on Apple,' said FHN Financial's Chris Low. The Dow Jones Industrial Average finished up 0.2 per cent at 44,193.12. The broad-based S&P 500 gained 0.7 per cent to 6,345.06, while the tech-rich Nasdaq Composite Index climbed 1.2 per cent to 21,169.42, less than 10 points from an all-time record. Mr Trump ordered an additional 25 per cent tariff on Indian goods. The levy, which is expected to come into force in three weeks, is due to New Delhi's continued purchase of Russian oil. A new wave of Trump tariffs is due to take effect on Aug 7 on dozens of other economies. But the Aug 6 gains suggest investors are becoming more inured to the levies. 'This is a market that's fuelled by enthusiasm,' said Mr Jack Ablin, of Cresset Capital Management. 'Nothing has blown up yet. Perhaps the impact of tariffs won't be as great as investors originally feared.' Among individual companies, Disney fell 2.7 per cent as it reported around a doubling of profits to US$5.3 billion and announced a series of new deals to boost its upcoming ESPN streaming venture. But McDonald's jumped 3 per cent as it reported an 11 per cent rise in profits to US$2.3 billion. While the fast food giant returned to sales growth at US stores, it warned that low-income consumers were cutting back amid financial pressures. AFP
CNA
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- CNA
Apple commits additional $100 billion to US investments
Apple said on Wednesday it would spend an additional $100 billion in U.S. investments, bringing its total investment commitment to the country to $600 billion over the next four years.
CNA
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Bumble sees decline in paying users as focus on 'better swipes' yet to pay off
Bumble on Wednesday posted an 8.7 per cent decline in paying users for second-quarter, signaling that the dating app's turnaround is taking longer than expected. Shares of the Austin, Texas-based company fell about 13 per cent in extended trading. Total paying users decreased by 8.7 per cent to 3.8 million in the second-quarter ended June 30. Across the online dating industry, companies are seeking to combat "dating fatigue" by integrating AI and enhancing security. However, Bumble has lagged behind in launching innovative features, particularly as Gen Z users continue to move away from traditional dating apps in search of more engaging experiences. The company posted second quarter revenue of $248.2 million, compared with analysts' average estimate of $245.1 million, according to data compiled by LSEG. The company also appointed Kevin Cook as its new chief financial officer, effective August 12, succeeding interim CFO Ronald J. Fior.
