Cancer Stock Vaults 40% As Clinical Trial Shows 'Promise'; Sales Reach $1 Billion, Earnings To Triple
Cancer stock BeiGene renamed itself as BeOne. Shares have gained 40% year to date, outperforming the S&P 500.
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Business Insider
31 minutes ago
- Business Insider
Stock Futures Slip as S&P 500 (SPX) Snaps Three-Day Rally
U.S. stock futures edged down on Wednesday evening after the S&P 500 (SPX) snapped a three-day winning streak. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were down 0.25%, 0.21%, and 0.2%, respectively, at 8:35 p.m. EST, June 11. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Wednesday marked a losing session on Wall Street, with the S&P 500 closing down by 0.27%. The Nasdaq Composite closed lower by 0.5%, while the Dow Jones remained flat. Those moves came after the May consumer price index (CPI) rose less than expected. The report showed inflation rising by 0.1% month-over-month (MoM) and 2.4% year-over-year. That was less than the Dow Jones forecast of 0.2%. Meanwhile, core CPI, which excludes the often-volatile food and energy prices, rose 0.1% MoM.
36 minutes ago
Asian shares are mixed as markets shrug at latest China-US trade deal
TOKYO -- Asian shares were trading mixed early Thursday after Wall Street's rally stalled as investors appeared not to react much to the results of the latest round of China-U.S. trade talks. U.S. futures slipped and oil prices slipped. Japan's Nikkei 225 lost 0.5% to 38,213.20. Hong Kong's Hang Seng sank 0.5% to 24,234.80, while the Shanghai Composite index edged 0.1% lower to 3,404.66. In South Korea, the Kospi gained 0.8% to 2,929.94, while Australia's S&P/ASX 200 edged 0.1% higher to 8,604.50. Taiwan's Taiex lost 0.8%. On Wednesday, the S&P 500 fell 0.3% to 6,022.24 for its first loss in four days. The Dow Jones Industrial Average was virtually unchanged at 42,865.77 after edging down by 1 point. The Nasdaq composite slipped 0.5% to 3,400.30. All told, the S&P 500 fell 16.57 points to 6,022.24. The Dow Jones Industrial Average slipped 1.10 to 42,865.77, and the Nasdaq composite sank 99.11 to 19,615.88. Several Big Tech stocks led the way lower, and a 1.9% drop for Apple was the heaviest weight on the market. It's been listless this week after unveiling several modest upcoming changes to the software that runs its devices. The action was stronger in the bond market, where Treasury yields eased after a report suggested President Donald Trump's tariffs are not pushing inflation much higher, at least not yet. U.S. consumers had to pay prices for food, gasoline and other costs of living that were 2.4% higher overall in May than a year earlier. That was up from April's 2.3% inflation rate, but it wasn't as bad as the 2.5% that Wall Street was expecting. A fear has been that Trump's wide-ranging tariffs could ignite an acceleration in inflation, just when it had seemed to get nearly all the way back to the Federal Reserve's 2% target from more than 9% three summers ago. It hasn't happened, though economists warn it may take months more to feel the full effect of Trump's tariffs. Trump said Wednesday that China will supply rare-earth minerals and magnets to the United States, while his government will allow Chinese students into U.S. universities in a deal that still needs an agreement by him and by China's leader. Trump also said that 'President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!' Investors are still hoping for a more sweeping trade deal that would ease tensions between the world's two largest economies. Hopes for such deals between the United States and countries around the world have been one of the main reasons the S&P 500 has charged nearly all the way back to its all-time high after dropping roughly 20% below a couple months ago. Without them, the fear is that Trump's high tariffs could drive the economy into a recession while pushing inflation higher. The S&P 500 is now sitting 2% below its record. Tesla swung between gains and losses before finishing with a rise of 0.1% to continue its shaky run. It's been recovering much of its big losses taken last week after Elon Musk's relationship with Trump imploded, which in turn raised fears about a loss of business for the electric-vehicle company. Musk on Wednesday backed away from some of his earlier comments and said they went 'too far.' In the bond market, the yield on the 10-year Treasury eased to 4.41% from 4.47% late Tuesday. Shorter-term yields, which more closely track expectations for what the Fed will do with overnight interest rates, fell more. Wednesday's better-than-expected reading on inflation raised expectations along Wall Street that the Fed could cut its main interest rate at least twice by the end of the year. In other dealings early Thursday, U.S. benchmark crude oil lost 33 cents to $67.82 per barrel. Brent crude, the international standard, shed 37 cents to $69.40 per barrel. The U.S. dollar slipped to 143.89 Japanese yen from 144.60 yen. The euro rose to $1.1520 from $1.1487.
CNBC
41 minutes ago
- CNBC
CNBC Daily Open: Good news on U.S. trade and inflation isn't lifting markets
Consumer prices in the U.S. have been benign since February, and the May reading continues that trend, according to the Bureau of Labor Statistics' consumer price index report released Wednesday. Meanwhile, the May jobs report, while better than expected, revised downward the figures for March and April, exposing some weaknesses in the labor market. In ordinary times, the scenario of muted inflation and a job market that's starting to wobble would make cutting interest rates — a move that tends to boost the economy, sending prices and job openings higher — an easy decision for any central bank. But we aren't living in ordinary times, as CNBC's Jeff Cox pointed out. Global trade is still snarled by U.S. President Donald Trump's tariffs. Even though the United States and China seem to have reached an agreement on upholding their earlier trade pact in Geneva, there's no telling if tariff numbers will change, despite reassurances from the White House that they wouldn't. Besides, the current 55% tariff rate is still too heavy to bear for many U.S. importers. The fact that the S&P 500 fell despite the reaffirmed framework between U.S. and China is another sign investors are growing wary of taking trade pronouncements at face value. The volatile tariff situation also means that data since April, and for the foreseeable future, could be fuzzy. "Today's below forecast inflation print is reassuring – but only to an extent," said Seema Shah, chief global strategist at Principal Asset Management. "Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialize." When it's hard to rely on official communication and hard numbers, the U.S. Federal Reserve — and investors everywhere — have to navigate the path ahead a little blinder than usual. S&P breaks streak while Kospi extends gainsU.S. stocks fell Wednesday despite positive news on trade and inflation. The S&P 500 lost 0.27% and the Nasdaq Composite retreated 0.5%, with both snapping a three-day win streak. The Dow Jones Industrial Average was flat. Asia-Pacific markets were mostly down Thursday. Japan's Nikkei 225 slid 0.61% at 1:20 p.m. Singapore time, but South Korea's Kospi added 0.68%, on track for a seven-day winning streak. Potential extension on tariff pauseU.S. Treasury Secretary Scott Bessent said Wednesday the Trump administration is open to extending the 90-day tariff pause beyond July 9 for the U.S.′ top trading partners, as long as they show "good faith" in ongoing trade negotiations. The White House is "working toward deals" with 18 "important trading partners," Bessent said in a congressional hearing. U.S. tariffs on China won't change again: LutnickTrump said in a Truth Social post Wednesday that U.S. duties on China will total 55% — but a White House official clarified with CNBC that the figure comprises the existing 30% blanket tariffs and an additional 25% on specific products. Asked on CNBC's "Money Movers" if the current U.S. tariffs on China are not going to shift again, Commerce Secretary Howard Lutnick replied, "You can definitely say that." Budget deficit in the U.S. growingThe U.S. government debt in May was $316 billion, reversing a surplus in April from tax season receipts. Year-to-date deficit ballooned to $1.36 trillion, 14% higher than a year ago, though the May 2025 total was 9% less than the May 2024 shortfall. Surging financing costs were again a major contributor to fiscal issues, with interest on the $36.2 trillion debt topping $92 billion. Consumer prices in U.S. muted in May The U.S. consumer price index for May came in at 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%. Excluding food and energy, the core CPI was 0.1% and 2.8% respectively, compared with forecasts for 0.3% and 2.9%. Following the release, U.S. Vice President JD Vance wrote on X that "the refusal by the Fed to cut rates is monetary malpractice." Jamie Dimon sees U.S. economy decliningThe impacts of the pandemic-era government spending and monetary policy that helped support the U.S. economy have faded, and that makes the country vulnerable to a downturn in the coming months, according to JPMorgan Chase CEO Jamie Dimon. "I think there's a chance real numbers will deteriorate soon," Dimon said at a Morgan Stanley conference Tuesday, according to a transcript from FactSet. [PRO] Who could a 'shadow' Fed chair be?Trump may already be eyeing a replacement for the chair of the Fed. That said, Jerome Powell's term doesn't end until May 2026, so any pick would serve as a "shadow" chair who watches over the central bank and telegraphs the moves that the White House wants regarding monetary policy. CNBC's Jeff Cox breaks down the possible candidates and how they might influence markets. China's racing to build its AI ecosystem as U.S. tech curbs bite. Here's how its supply chain stacks up Beijing has mobilized tens of billions of dollars to counter the U.S.' curbs on its purchase of advanced semiconductors used in artificial intelligence development. While China has been able to "brute force" its way into some breakthroughs, it still has a long way to go, according to experts. The task has been made more challenging by the fact that U.S. curbs not only restrict China's access to the world's most advanced chips, but also technology vital for creating an AI chip ecosystem. Those constraints span the entire semiconductor value chain, ranging from design and manufacturing equipment used to produce AI chips to supporting elements such as memory chips.
