These are JPMorgan's favorite stocks heading into June
JPMorgan added Rockstar Games parent-company Take-Two Interactive to its list of top stocks as June trading begins. The firm updates its analyst focus list each month. It is comprised of JPMorgan's top ideas for growth, income, short investment tactics and value. The June list, which includes just one addition and one stock removal, comes as investors continue to weigh macroeconomic concerns tied to tariffs and U.S. trade policy. Tensions between China and the U.S. were heightened to start the month, after Beijing on Monday pushed back against the Trump administration's accusations that it violated the Geneva trade agreement. Stocks were lower to start the month, as the tensions weighed on risk assets after a strong May . Take-Two Interactive stock has advanced more than 22% so far in 2025. The company continues to garner investor excitement over the forthcoming release of Grand Theft Auto VI, which is one of the company's premier video game franchises. The firm released the first trailer for GTA VI in 2023. This year, fans saw an extended trailer release, but the company pushed back the game's release to May 2026 from fall 2025. TTWO YTD mountain Take-Two Interactive stock in 2025. "TTWO is our top pick and we are adding to the analyst focus list with the highly anticipated Grand Theft Auto VI release one year away (May 2026)," analyst Cory Carpenter said. "Upcoming catalysts include additional game trailers, pre-orders, gameplay video, and announcements around the online and PC versions." Most analysts share Carpenter's optimistic view on Take Two. About 86% of analysts polled by FactSet have a buy rating on Take-Two stock, with the consensus price target implying 12% upside. Among the key holdovers from the previous edition of JPMorgan's list includes streaming giant Netflix . Shares have surged more than 35% in 2025. The firm has labeled Netflix as the de facto leader in the streaming sector, while also lauding the company's advertising efforts. Last month, analyst Douglas Anmuth went as far as to say Netflix is on its way to becoming "global TV." NFLX YTD mountain Netflix stock in 2025. Roughly 70% of analysts surveyed by FactSet have a buy rating on Netflix stock. However, the consensus price target calls for about 3% downside ahead. Other top picks that have remained on the JPMorgan list include Boeing and McDonald's , both of which are rated overweight.
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29 minutes ago
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Morning Bid: Global stocks hit record highs
By Mike Dolan LONDON (Reuters) - What matters in U.S. and global markets today Despite all the trade and geopolitical tensions, markets have a spring in their step today, due to hopes that U.S. bilateral tariff deals will soon emerge, expectations that interest rates will fall in Europe, and signs of economic resilience and tech demand in the U.S. I discuss all this and the rest of today's market news below. Plus, check out today's column, where I explain why the euro's potential growth in reserve holdings could generate significant capital flows, even if it doesn't dethrone the dollar as the dominant global currency. Today's Market Minute * The U.S. tariff rate on most imported steel and aluminum doubled on Wednesday as President Donald Trump ratchets up a global trade war on the same day he expects trading partners to deliver their "best offer" in bids to avoid punishing import tax rates on other goods from taking effect in early July. * Billionaire Elon Musk plunged on Tuesday into the congressional debate over Trump's sweeping tax and spending bill, calling it a "disgusting abomination" that will increase the federal deficit. * Trump is set to use emergency powers and slash legal requirements relating to the Defense Production Act to lift U.S. production of critical minerals and weapons, according to a document seen by Reuters. * It is widely believed that investors around the world have a disproportionately high exposure to U.S. assets, an imbalance that could roil U.S. markets if corrected. But Reuters columnist Jamie McGeever explains why those fears may be overblown. * If 'American exceptionalism' truly is coming to an end, the key question for many investors is where capital may flow now. While Europe may be the obvious destination, Manishi Raychaudhuri, CEO of Emmer Capital Partners, argues that relative value metrics may favour emerging Asia. Global stocks hit record highs MSCI's all-country equity index hit a record high on Wednesday, a whopping 23% surge from the intraday trough of April 7 hit after the initial U.S. tariff sweep. The world index is now almost 6% higher for the year. Wall Street continues to lag, but the S&P 500 is positive again for the year and the Nasdaq is within a whisker of breaking even in 2025. Stock index futures are up again ahead of today's bell, with stocks in Europe and Asia also rising smartly. By contrast, U.S. Treasuries and the dollar both fell back, with the long bond yield now back near 5% and the euro briefly re-capturing $1.14 against the greenback. But is the coast really that clear for stocks? Part of the week's seeming optimism hinges on hopes that the fast approaching deadline on the 90-day pause in U.S. 'reciprocal' tariffs will focus minds and deliver deals. Despite the hoopla over a UK agreement last month, no deals have been signed and sealed so far. Central to hopes of some trade detente is the planned phone call between President Donald Trump and China's President Xi Jinping. The White House claims it's happening this week, though it's unclear exactly when. And Trump posted on Wednesday that Xi was "very tough and extremely hard to make a deal with." Washington officially doubled its tariffs on steel and aluminum imports on Wednesday, exempting Britain for now. The Trump administration also expects negotiating countries to make "best offers" by today to avoid additional import levies kicking back in next month. Maros Sefcovic, the trade negotiator for the European Union, met U.S. Trade Representative Jamieson Greer in Paris on Wednesday, with the 27-nation bloc set to make its case for cutting or eliminating threatened tariffs on European imports. But concern about auto sector disruption from the U.S.-China trade standoff has also risen by several notches. Global automakers joined U.S. counterparts to complain that restrictions by China on exports of rare earth alloys, mixtures and magnets could cause production delays and factory outages without a quick solution. Trump, meantime, is set to use emergency powers and slash legal requirements relating to a law aimed at lifting U.S. production of critical minerals and weapons, according to a document seen by Reuters. But despite the very real disruption in manufacturing, there were other signs that the wider U.S. economy is weathering the storm reasonably well, with job openings unexpectedly increasing in April as a week of labor market updates unfolds. That helped Wall Street stocks move higher on Tuesday, but the rally is mostly being driven by Big Tech once again. Information technology stocks rose 1.5%, boosted by 2.9% gains by Nvidia, which is back to being the world's most valuable firm. Chipmaker Broadcom hit a fresh record high after the company said it has begun to ship its latest networking chip. Service sector survey readouts for May are due later, and European equivalents out earlier showed upward revisions to earlier flash readings. European stocks and the euro were higher ahead of the expected European Central Bank rate cut on Thursday, now seen as a done deal as euro zone inflation fell back below target in May. Markets reckon there's a 50-50 chance the Bank of Canada also cuts rates later today. The Canadian dollar held firm ahead of the decision. Elsewhere, South Korea's stocks jumped almost 3% and the won rallied 1% after the victory of liberal candidate Lee Jae-myung in the presidential election there. In today's column, I consider how a global reserve holdings shift in favor of the euro could generate massive amounts of additional investment in euro assets, even if the euro doesn't supplant the dollar. Chart of the day Switzerland is flirting with deflation yet again as a supercharged Swiss franc feeds off rising global tensions and depresses import prices. Swiss consumer prices fell 0.1% on an annual basis in May, the first negative print for more than four years. The Swiss National Bank is now widely expected to cut its main interest rate back to zero later this month, with markets pricing a one-in-three chance of policy rates returning to negative territory, where they languished for eight years until 2022. The SNB refuses to rule out a return to negative rates and may also have to resume heavy currency intervention to cap the franc to boot. The franc's nominal effective exchange rate index is up 5% since February and has appreciated by almost 30% over the past six years. Today's events to watch * Bank of Canada policy decision (9:45 AM EDT) * U.S. May private sector payrolls from ADP (1:15 PM EDT), May service sector business survey from ISM (10:00 AM EDT) * Federal Reserve publishes Beige Book on economic conditions. Atlanta Fed President Raphael Bostic speaks * NATO Secretary General Rutte convenes NATO Defence Ministers meeting in Brussels * European Commission President Ursula von der Leyen speaks in Brussels * U.S. corporate earnings: Dollar Tree Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Mike Dolan; Editing by Anna Szymanski.) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
33 minutes ago
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Trump Seeks Call With Xi: What to Expect
Portraits of U.S. President Donald Trump and Chinese President Xi Jinping on April 10, 2025 Credit - Dilara Irem Sancar—Anadolu/Getty Images Will you call President Xi if he doesn't call you? TIME asked Donald Trump during an interview in April. 'No,' the U.S. President responded. You won't? 'Nope.' Has he called you yet? 'Yep.' When did he call you? 'He's called. And I don't think that's a sign of weakness on his behalf,' Trump said of his Chinese counterpart Xi Jinping. But you would think it's a sign of weakness if you called him? 'I don't–I just look—' It's unclear what Trump was referring to at the time. Beijing denied that any recent conversation between the two leaders took place. The latest acknowledgement of direct contact was before Trump took office in January, when he posted on Truth Social that he 'just spoke' to Xi and that the pair would 'solve many problems together' and 'do everything possible to make the World more peaceful and safe!' Now, however, White House officials suggest a call between Trump and Xi may be imminent. Treasury Secretary Scott Bessent said Sunday that he expected the two leaders will hold a call 'very soon.' Trump 'is going to have a wonderful conversation about the trade negotiations this week' with Xi, said National Economic Council Director Kevin Hassett, a timeline reiterated by Press Secretary Karoline Leavitt to reporters on Monday: 'I can confirm that the two leaders will likely talk this week.' Here's what to know about a potential call between Trump and Xi. Trade will undoubtedly be the focus of any conversation between Trump and Xi. The world's two largest economies have been engaged in a trade war since Trump's first term, though it dramatically escalated when Trump hiked 'reciprocal' tariffs on China in April, raising the baseline levy on imports from China to 145%, while Beijing retaliated with a 125% tax on U.S. goods. Both countries accused the other of playing unfairly, but in May, representatives from each side met in Geneva, where they reached a truce, temporarily reducing the tariffs amid continuing negotiations. Read More: With Tariff Retreat, Trump Cedes Leverage to China Another topic, albeit related, that is anticipated to come up is critical minerals, the rare earths used to manufacture a gamut of goods from auto parts and chips to munitions. In a May 30 post on Truth Social, Trump referred to the Geneva agreement, claiming it was a gesture of kindness from the U.S.: 'I saw what was happening and didn't like it, for them, not for us. I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation, and I didn't want to see that happen. Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy! That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Speaking to CBS on Sunday, Bessent said that China had breached some of the terms of the Geneva agreement, particularly regarding export controls over rare earths and critical minerals. 'I am confident that when President Trump and [Chinese Communist] Party Chairman Xi have a call, that this will be ironed out,' Bessent said. 'But the fact that they are withholding some of the products that they agreed to release during our agreement—maybe it's a glitch in the Chinese system, maybe it's intentional.' When Press Secretary Leavitt was asked Tuesday about whether the U.S. was pressuring China to release its hold on rare earths, she referred to the 'leader-to-leader talk very soon.' Read More: How Rare Earths Are Playing a Pivotal Role in the U.S.-China Trade War Education policy may also be discussed. Recently the Trump Administration has made moves to restrict Chinese students at U.S. universities. Secretary of State Marco Rubio said on May 28 that the U.S. will 'aggressively revoke' the visas of Chinese students, including those with ties to the CCP and those studying in critical fields, because of national security concerns. Beijing firmly opposed the move, calling the policy 'fully unjustified.' China's Ministry of Commerce on June 2 accused the U.S. of violating its side of the Geneva deal, saying that since the agreement the U.S. 'has successively introduced a number of discriminatory restrictive measures' against China. According to the ministry, these include 'issuing export control guidelines for AI chips, stopping the sale of chip design software to China, and announcing the revocation of Chinese student visas.' Read More: How Trump's Crackdown on International Students Could Escalate Trade Tensions With China The inflow of fentanyl into the U.S. may also be a point of discussion, as the illegal narcotic that has been tied to some 48,000 deaths in 2024 in the U.S. was ostensibly the initial motivation behind Trump's second-term tariff war. 'I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH,' Trump said Wednesday in a post on Truth Social. A person familiar with the trade talks told Politico that Trump is 'obsessed' with getting Xi on the line, especially since relations have been strained by China's alleged violations of the Geneva agreement. A former official close to the White House also told Politico that Trump feels that 'a call between principles is a way to cut through a lot of this noise, and get right to the heart of the matter.' For China, the Trump Administration's recent actions—on trade and student visas—'seriously violate the consensus reached by the two heads of state on January 17, seriously undermine the existing consensus of the Geneva economic and trade talks, and seriously damage China's legitimate rights and interests,' said a Ministry of Commerce spokesperson on June 2. Beijing, however, has also consistently repeated the need for 'equal-footed dialogue and consultation with mutual respect' to iron out the trade dispute. Chinese Foreign Minister Wang Yi, after meeting with newly installed U.S. Ambassador to China David Perdue, said on Tuesday that the U.S. should 'create the necessary conditions for China-U.S. relations to return to the right track' after it 'introduced a series of negative measures on unfounded grounds.' But analysts say that Xi is less inclined to approach deals via a call. 'Donald Trump's way' of 'pick[ing] up the phone … to resolve issues,' Pang Zhongying, a former visiting senior fellow at the ISEAS-Yusof Ishak Institute in Singapore, told the South China Morning Post in February, is not the 'Chinese way.' According to Bloomberg's John Liu, direct talks with Trump may not play well for Xi domestically, especially 'if he's seen as bowing to American pressure.' The Chinese President 'doesn't need the embarrassment of making nice with Trump,' wrote Liu in February. Plus, 'keeping Trump at arm's length has its benefits,' as the U.S. loses international standing over issues like the tariffs as well as continued support for Israel in its deadly war in Gaza, 'it makes China appear like the more responsible global power.' 'I don't think [China] wants to be caught unaware or caught by surprise with demands or things that it wasn't expecting over the course of this phone conversation,' Huang Chin-hao of the National University of Singapore's Lee Kuan Yew School of Public Policy tells TIME. 'Trump might fancy himself as a dealmaker, but Xi is not one to make sudden decisions on the fly,' says Kevin Chen Xian An, an associate research fellow at the S. Rajaratnam School of International Studies in Singapore. 'The best we can hope for is that the two leaders can reach an understanding on certain principles that provide a modest boost to trade talks.' Contact us at letters@
Yahoo
33 minutes ago
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Trump calls dealmaking with China's Xi ‘extremely hard' as frictions rise
US President Donald Trump says Chinese leader Xi Jinping is 'extremely hard to make a deal with' in a comment that comes as frictions rise between the two countries, weeks after they reached an agreement to de-escalate trade tensions. 'I like President XI of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!' Trump wrote in a post on his platform Truth Social in the early hours of Wednesday morning Washington time. Tensions have ratcheted up between the United States and China as expected trade talks between the two sides appeared to stall just weeks into a 90-day tariff truce agreed to last month in Geneva. That truce hit pause on a damaging tit-for-tat escalation of tariffs sparked by Washington's raising of duties on Chinese imports into the US. Trump has since accused China of 'violating' the agreement – a charge Beijing has denied, while it accuses the US of taking measures that 'seriously undermine' their consensus. Trump's latest remarks come as a long-awaited call between the US president and Xi has yet to materialize, despite repeated suggestions from the White House that such talks, which Washington sees as key to jump-starting progress, were imminent. Trump spokeswoman Karoline Leavitt on Monday said the two leaders would likely speak 'this week,' while Treasury Secretary Scott Bessent in an interview with CBS' Face the Nation that aired Sunday said he believed that issues between the two sides would be 'ironed out' in a leader-level call 'very soon.' China's Foreign Ministry on Tuesday said it had 'no information to share' when asked about the potential call at a regular media briefing. The two leaders are not known to have had a call since days before Trump's inauguration in January. The president's latest comments, expressing that he 'likes' Xi, however, appear more conciliatory than a missive posted on social media Friday where he wrote that China 'TOTALLY VIOLATED ITS AGREEMENT WITH US.' Then, Trump said that he made a 'fast deal' with China to 'save them from what I thought was going to be a very bad situation.' He added: 'So much for being Mr. NICE GUY!' Trump had in recent months repeatedly raised tariffs on Chinese goods, part of his broader efforts aimed at reshaping the US role in global trade and reversing the offshoring of American jobs and decline of US manufacturing. US tariffs on steel and aluminum doubled to 50% as of 12:01 am ET on Wednesday, while the White House also negotiates with a host of countries on tariffs. The president's Wednesday message about Xi echoes some of his past friendly and even admiring language toward the Chinese leader – one of a handful of strongmen that Trump has praised or lauded close relations with throughout his political career. It also follows a meeting on Tuesday in Beijing between Chinese Foreign Minister Wang Yi and newly arrived US ambassador to China David Perdue, where Wang urged the US to work with China to 'return relations to the right track.' When asked about Trump's Wednesday comments during a regular briefing in Beijing Wednesday, Chinese Foreign Ministry spokesperson Lin Jian said that 'China's principles and position of developing China-US relations are consistent.' Frictions have emerged in the wake of the Geneva agreement over Beijing's export controls on rare earth minerals and associated products and US moves targeting China's tech industry and its international students. Following the Geneva talks, US officials had expected China to ease export restrictions of those minerals, which were imposed in retaliation against Trump's 'reciprocal' tariffs on Chinese goods. The minerals are an essential part of everything from iPhones and electric vehicles to big-ticket weapons like F-35 fighter jets and missile systems. But the restrictions haven't been lifted, causing intense displeasure inside the Trump administration and prompting a recent series of measures imposed on China, three administration officials told CNN last week. Beijing, meanwhile, has bristled as Washington warned to companies against using AI chips made by China's national tech champion Huawei, moved to limit critical technology sales to China and announced that the US would 'aggressively revoke visas' for Chinese students in the US with connections to the Chinese Communist Party or studying in critical fields.
