Meta snaps win streak, S&P 500 record close: Market Domination Overtime
Carson Group chief market strategist Ryan Detrick talks about the S&P 500's (^GSPC) fresh record high close while markets navigate valuation concerns and President Trump's tariff policies.
Additionally, Yahoo Finance Washington Correspondent Ben Werschkul and Yahoo Finance Senior Columnist Rick Newman examine the Department of Government Efficiency's (DOGE)latest push for access to federal data.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
This post was written by Josh Lynch
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Yahoo
39 minutes ago
- Yahoo
ATO warning for millions as tax office hunts down $50 billion debt with 'aggressive' tactics
The Australian Taxation Office (ATO) is chasing down more than $50 billion worth of unpaid debt, and business owners have been warned they had better be ready to cough up. The ATO was lenient to many across the country during the pandemic, as it was a trying time for millions. But now that the country is well and truly out of that, the tax office's days of "playing nice" appear to be over, according to 2GB Radio host Ben Fordham. A spokesperson for the ATO told Yahoo Finance it is simply chasing money that is owed to them. "Collectable debt is at a record high, and we are committed to collecting this using all the tools at our disposal - we're now seeing the growth in collectable debt stabilise under firmer recovery strategies," they said. RELATED ATO tax return warning to millions over common car deduction Centrelink alert for retiring Baby Boomers wanting to caravan around Australia Little-known superannuation rule sparks warning for millions of Aussies While the pandemic days are long-gone, small businesses in many industries are still struggling. Some have been affected by the rising cost of goods, while others are struggling to keep up with other services that have suffered price hikes recently, like electricity, rent, and gas. Business insolvencies have plateaued but remain at "historically elevated levels", according to CreditoWatch, which revealed 14,716 businesses became insolvent in of these businesses are now being targeted by the ATO for not keeping up to speed with their repayments. Out of that more than $50 billion of unpaid debt, nearly two-thirds belonged to small businesses. "The ATO has been and continues to be transparent that reducing unpaid tax owed to the government is a key priority for us," the spokesperson told Yahoo Finance. "With just 1 per cent of taxpayers responsible for 20 per cent of the debt, we're focused on targeted action to protect revenue, ensure fairness and maintain confidence in the system." What actions is the ATO taking on businesses? Fordham recently relayed gripes from accountants over alleged "aggressive" tactics being used by the ATO on certain businesses to get their money. "Small businesses are being fined $1,500 if they lodge a BAS statement late," the radio host told his listeners. "A tax accountant says director penalty notices are flying out the door, thick and fast. "And then there's garnishee notices... the ultimate smash and grab, no warning, no negotiation. This veteran accountant tells us, 'I've only seen one of these notices issued in my career, but in the last 12 months, I've seen three of them.'" These are some of the ways that the ATO can claw back unpaid debts or encourage taxpayers to submit their affairs on time. Let's break down what those mean. Failure To Lodge penalty Small businesses earning under $20 million per year have to submit a business activity statement (BAS) every quarter. This is how businesses report and pay their taxes, including GST and PAYG, and there is a deadline that everyone has to follow. You can receive a Failure To Lodge (FTL) penalty if you miss that deadline. The ATO said one-off mistakes or isolated cases usually don't attract a penalty. The first penalty amount is $330 for small businesses, and you have 28 days to pay that. If you fail to pay, you'll get hit with another $330 fine. That can happen five times, meaning the maximum fine you can receive is $1,650. For medium-sized businesses (assessable income of more than $1 million and less than $20 million), the first penalty is $660 and can go up to $3,300. Changes were made on April 1 that forced some businesses to lodge monthly BAS statements if they had a history of missed or incorrect payments. Director Penalty Notices A director penalty notice (DPN) is applied to the director of a company, who is personally responsible for ensuring that certain obligations are reported and paid on time. They can cop a DPN if they don't comply with those deadlines for the following payments: Pay as you go withholding (PAYG withholding) Goods and services tax (GST) Super guarantee charge (SGC) If the company has more than one director, the amount owed will likely be the same for all directors. If you resign as a director but the infringements happened while you were in charge, you can still be personally liable for them. The ATO is able to make you pay a DPN through the following methods: issuing a garnishee notice offsetting any of your tax credits against the director penalties initiating legal recovery proceedings against you to recover the director penalty Garnishee Notices A garnishee notice can be issued to a person if there is outstanding money owed to someone. This effectively forces them to pay up, and the ATO can take the cash from: Financial institution accounts, like the person's bank account Tax refunds/credits Rental bond refunds Share/debenture dividends The tax office can contact your employer or contractor, banks, financial institutions and building societies where you have accounts, and people who owe money to you from the sale of real estate, such as purchasers, real estate agents and solicitors, to get their money. ATO issues stark warning as collection tactics shift The ATO warned last year that it would be changing the way it would approach unpaid tax and super. Fast forward to now and the tax office making good on that promise. "Taxpayers, including businesses, big and small, who repeatedly refuse to engage and continue to ignore reminders to pay, can expect ATO actions to escalate quickly," the spokesperson told Yahoo Finance. "If a taxpayer is experiencing difficult circumstances and cannot meet their tax obligations, we encourage them to talk to their registered tax professional, or contact us directly to understand the support that may be available to them. You can organise payment plans with the ATO and, in some cases, get general interest charges reduced. "The ATO recognises that while it's our job to collect tax, it's important that we carefully differentiate those taxpayers who may be experiencing vulnerability," the spokesperson added. "To support this, we are implementing a vulnerability capability that will strengthen and coordinate the way we support those who need it most."Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Stocks Mostly Lower as Chip Makers and Megacap Tech Companies Retreat
The S&P 500 Index ($SPX) (SPY) Tuesday closed down by -0.59%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up by +0.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -1.39%. September E-mini S&P futures (ESU25) fell -0.54%, and September E-mini Nasdaq futures (NQU25) fell -1.37%. Stock indexes settled mixed on Tuesday, with the Nasdaq 100 falling to a 1.5-week low and the Dow Jones industrials posting a new all-time high. Tuesday's selloff in chip makers and the Magnificent Seven megacap technology stocks weighed on the overall market. More News from Barchart Trade the Warren Buffett Rally in UnitedHealth Stock With This High-Reward, Low-Risk Options Strategy Apple Expects $1.1 Billion Tariff Hit in 4th Quarter After $800 Million Q3 Hit; CEO Tim Cook Warns 'Many Factors That Could Change' Cathie Wood Is Buying BLSH Stock After the Bullish IPO. Should You? Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. On the positive side, Home Depot recovered from early losses and closed up more than +3% to push the Dow Jones industrials to a new record high after it reported a +3% jump in July comparable same-store sales. Lowes and Target will report their earnings on Wednesday, and Walmart will report on Thursday. Lower bond yields on Tuesday were supportive of stocks, as the 10-year T-note yield fell -3 bp to 4.30%. US government debt garnered support Tuesday after S&P Global Ratings affirmed its AA+ long-term rating and A-1+ short-term rating on US debt and said the US can maintain its credit strength despite the fiscal hit of its recent spending bill because tariff revenues will 'generally offset weaker fiscal outcomes.' Tuesday's US housing news was mixed. US Jul housing starts unexpectedly rose +5.2% m/m to a 5-month high of 1.428 million, stronger than expectations of a decline to 1.297 million. However, Jul building permits, a proxy for future construction, fell -2.8% m/m to a 5-year low of 1.354 million, weaker than expectations of -0.5% m/m to 1.386 million. Diplomatic talks over the war in Ukraine continue to make headway. Ukrainian President Zelenskiy said he came away with a commitment from President Trump late Monday to join security guarantees for any peace deal and reserve discussion on territorial swaps with Russia for later. President Trump is pushing for a summit between Presidents Putin and Zelenskiy soon, and European leaders are discussing a plan to send British and French troops to Ukraine as part of a peace agreement. The outcome of the talks could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security. The focus of the markets this week will be on any new tariff news and signs of progress toward a Ukraine peace deal. On Wednesday, the minutes of the July 29-30 FOMC meeting will be released. On Thursday, weekly initial unemployment claims are expected to climb by +1,000 to 225,000 and the Aug Philadelphia Fed business outlook survey is expected to fall to 6.7 from 15.9 in July. Also, the Aug S&P manufacturing PMI is expected to remain unchanged at 49.8. In addition, Jul existing home sales are expected to fall -0.3% m/m to 3.92 million. On Friday, Fed Chair Powell speaks on the economic outlook at the Federal Reserve's annual symposium at Jackson Hole, Wyoming. Regarding tariffs, President Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect on Monday and did not exclude goods already in transit. Last Friday, Mr. Trump said, 'I'll be setting tariffs next week and the week after on steel and on, I would say chips – chips and semiconductors, we'll be setting sometime next week, week after.' Mr. Trump last week said he planned a 100% tariff on semiconductors but would exempt companies that move chip manufacturing to the US. Mr. Trump also mentioned 200% or 300% tariffs on chips. In other recent tariff news, Mr. Trump last Tuesday extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India's purchases of Russian oil. On August 5, Mr. Trump said that US tariffs on pharmaceutical imports would be announced 'within the next week or so.' According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced. Federal funds futures prices are discounting the chances for a -25 bp rate cut at 87% at the September 16-17 FOMC meeting, down from 93% last Thursday. The markets are discounting the chances at 54% for a second -25 bp rate cut at the following meeting on October 28-29. Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 92% of S&P 500 firms having reported Q2 earnings, about 82% of companies exceeded profit estimates. Overseas stock markets on Tuesday settled mixed. The Euro Stoxx 50 rose to a 4.75-month high and closed up +0.89%. China's Shanghai Composite fell from a 10-year high and closed down -0.02%. Japan's Nikkei Stock 225 retreated from a new record high and closed down -0.38%. Interest Rates September 10-year T-notes (ZNU25) Tuesday closed up +8 ticks, and the 10-year T-note yield fell -3.2 bp to 4.302%. Sep T-notes rallied Tuesday after S&P Global Ratings said that higher revenues from tariffs will help soften the blow to the US's fiscal health from the president's tax cuts, enabling the country to maintain its AA+ long-term credit rating. The weakness in stocks on Tuesday also supported safe-haven demand for T-notes. Gains in T-notes were limited due to concerns that last week's bearish US July CPI and PPI reports could keep the Fed from cutting interest rates at next month's FOMC meeting. European government bond yields on Tuesday were mixed. The 10-year German bund yield fell -1.3 bp to 2.750%. The 10-year UK gilt yield rose to a 2.5-month high of 4.756% and finished up by +0.2 bp to 4.740%. Swaps are discounting the chances at 7% for a -25 bp rate cut by the ECB at the September 11 policy meeting. US Stock Movers The weakness in the Magnificent Seven stocks on Tuesday was a drag on the overall market. Nvidia (NVDA) closed down more than -3%, and Meta Platforms (META) closed down more than -2%. Also, Alphabet (GOOGL), Amazon (AMZN), Microsoft (MSFT), and Tesla (TSLA) closed down more than -1%. In addition, Apple (AAPL) fell -0.14%. Advanced Micro Devices (AMD) closed down more than -5% to lead chipmakers lower after GF Securities downgraded the stock to hold from buy. Also, Marvell Technology (MRVL) closed down more than -5%, and ARM Holdings Plc (ARM) closed down more than -4%. In addition, Broadcom (AVGO) closed down more than -3%, and Qualcomm (QCOM), Microchip Technology (MCHP), ON Semiconductor (ON), GlobalFoundries (GFS), NXP Semiconductors NV (NXPI), and Micron Technology (MU) closed down more than -1%. Viking Therapeutics (VKTX) closed down more than -42% after a Phase 2 trial of its oral weight loss drug showed 28% of patients discontinued treatment over tolerability concerns. Fabrinet (FN) closed down more than -12% after it said it expects to see a sequential dip in datacom segment revenue in its fiscal Q1, citing supply constraints for some critical components. Amer Sports (AS) closed down more than -4% after forecasting Q3 adjusted operating margin of 12% to 13%, below the consensus of 13%. Vertiv Holdings (VRT) closed down more than -4% after GLJ Research initiated coverage on the stock with a recommendation of sell and a price target of $112. Medtronic Plc (MDT) closed down more than -2% after reporting Q1 adjusted operating margin of 23.6%, weaker than the consensus of 23.7%. Intel (INTC) closed up more than +6% to lead gainers in the S&P 500 and Nasdaq 100 after SoftBank Group Corp agreed to buy $2 billion of the company's stock. Trucking companies moved higher on Tuesday. JB Hunt Transport Services (JBHT) and Knight-Swift Transportations Holdings (KNX) closed up more than +3%. Also, Old Dominion Freight Line (ODFL), FedEx (FDX), and Schneider National (SNDR) closed up more than +2%. In addition, CSX Corp (CSX) closed up more than +1%. Home Depot (HD) recovered from an early decline and closed up more than +3% to lead gainers in the Dow Jones Industrials after reporting that July comparable same-store sales rose more than +3%. Prologis (PLD) closed up more than +5% after Mizuho Securities upgraded the stock to outperform from neutral with a price target of $118. Best Buy (BBY) closed up more than +3% after announcing the launch of a new third-party seller platform, which more than doubles the number of its available products online. Palo Alto Networks (PANW) closed up more than +3% after it forecast 2026 revenue of $10.48 billion-$10.53 billion, stronger than the consensus of $10.44 billion. Earnings Reports(8/20/2025) Analog Devices Inc (ADI), Coty Inc (COTY), Estee Lauder Cos Inc/The (EL), Lowe's Cos Inc (LOW), Nordson Corp (NDSN), Target Corp (TGT), TJX Cos Inc/The (TJX). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
GameStop (GME) Registers a Bigger Fall Than the Market: Important Facts to Note
GameStop (GME) closed at $22.82 in the latest trading session, marking a -1.25% move from the prior day. The stock trailed the S&P 500, which registered a daily loss of 0.59%. Elsewhere, the Dow saw an upswing of 0.02%, while the tech-heavy Nasdaq depreciated by 1.46%. The video game retailer's stock has dropped by 4.5% in the past month, falling short of the Consumer Discretionary sector's gain of 0.22% and the S&P 500's gain of 2.49%. The investment community will be closely monitoring the performance of GameStop in its forthcoming earnings report. In that report, analysts expect GameStop to post earnings of $0.19 per share. This would mark year-over-year growth of 1800%. Meanwhile, the latest consensus estimate predicts the revenue to be $900 million, indicating a 12.74% increase compared to the same quarter of the previous year. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $0.75 per share and a revenue of $3.58 billion, indicating changes of +127.27% and -6.29%, respectively, from the former year. Investors should also pay attention to any latest changes in analyst estimates for GameStop. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. GameStop currently has a Zacks Rank of #3 (Hold). Looking at valuation, GameStop is presently trading at a Forward P/E ratio of 30.81. This indicates a premium in contrast to its industry's Forward P/E of 24.3. The Gaming industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 95, which puts it in the top 39% of all 250+ industries. The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Be sure to use to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GameStop Corp. (GME) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
