Pope Leo XIV Prays for Chinese Catholics in First Comments on Thorny Issue
ROME (AP) — Pope Leo XIV asked Sunday for prayers for China's Catholics to be in communion with the Holy See, as he made his first public remarks about one of the thorniest foreign policy issues facing his new pontificate.
History's first American pope recalled that on Saturday the Catholic Church marked a special feast day to pray for the church in China. Pope Benedict XVI had initiated the feast day as part of his efforts to unify China's estimated 12 million Catholics who were divided between an official, state-controlled church that didn't recognize papal authority, and an underground church that remained loyal to Rome through decades of persecution.
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Yahoo
35 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise as labor data offsets OECD's tariff warning
US stocks rose higher on Tuesday as positive economic data offset the OECD warned of economic damage from President Trump's tariffs. The S&P 500 (^GSPC) rose 0.4% in mid-morning trade, while the Dow Jones Industrial Average (^DJI) moved about 0.3% higher. The tech-heavy Nasdaq Composite (^IXIC) gained around 0.8% on the heels of an upbeat start to the week for the major gauges. Small caps also saw a boost with the Russell 2000 (^RUT) climbing over 1%. A JOLTS update showed that job openings unexpectedly rose in April as tariff hikes took effect. The hiring rate also rose, signaling the jobs market remains in a stable position. With 7.39 million jobs open at the end of the month, the report sets the stage for the all-important May jobs report, which is set for release on Friday. Earlier on Tuesday, OECD slashed its outlook for global economic growth, citing the impact of Trump's trade policy on investment and confidence. The US economy will slow particularly sharply, the OECD forecast, going from 2.8% growth last year to only 1.6% this year and 1.5% in 2026. In another sign of trade war taking a toll, China's manufacturers suffered their worst slump since 2022 in May. Tariff hikes had an impact on smaller exporters despite the US-China trade truce, a private survey found. Countries need to act fast to seal deals to lower trade barriers, the OECD urged. Trump is reportedly pushing trade partners for their "best offers" by Wednesday, as deadlines for the implementation of "reciprocal" tariffs loom. But progress in trade talks with key nations seems to have stalled as US-China tensions simmer amid hopes for a call between Trump and President Xi as soon as this week. Read more: The latest on Trump's tariffs Meanwhile, with nearly all of the S&P 500 companies having finished reporting their results, earnings season is coming to an end. On Tuesday, CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. Sign in to access your portfolio
Bloomberg
an hour ago
- Bloomberg
Bessent Says China Has a ‘Choice' on Whether or Not to Be a Reliable Partner
Treasury Secretary Scott Bessent said China has a choice on whether or not to be a reliable partner with the rest of the world, reiterating that it needs to be more of a consumption-led economy. Speaking via video link to the American Swiss Foundation Leadership Summit in Zurich on Tuesday, Bessent also said he sees untapped potential for Switzerland and the US to collaborate more on artificial intelligence and financial services.
Bloomberg
an hour ago
- Bloomberg
Bloomberg Surveillance: Geopolitics and Markets
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & David Gura June 3nd, 2025 Featuring: 1) Tina Fordham, founder at Fordham Global Foresight, on how geopolitics are never 'going back to normal' 2) Chris Harvey, Chief US Equity Strategist at Wells Fargo, on markets. Stock futures are lower after the weekend brought more tariff drama, with China and the US accusing each other of violating a trade deal concluded just a few weeks ago. There's also bearish comments on the dollar: Morgan Stanley expects the currency to slump 9% by mid-2026. 3) Tom Porcelli, Chief US Economist at PGIM Fixed Income on how the Fed is on the sidelines, for now. But as economic activity slows this year, we expect the Fed will ease in H2. 4) Evan Osnos, author and New Yorker staff writer, on his new book "The Haves and Have-Yachts"
