Oil Futures Consolidate Amid Mixed Signals
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Tech shares lift Wall St futures on tariff exemption hopes
(Reuters) -U.S. stock index futures rose on Thursday, pointing to fresh gains on Wall Street, on signs that major technology companies will avoid President Donald Trump's latest tariffs on chip imports. Apple's shares climbed 3.2% in premarket trading, having risen 5.1% and led gains on Wall Street in the prior session, after Trump said the iPhone maker will invest an additional $100 billion in the U.S., bringing its total commitment to $600 billion over the next four years. Trump also announced a tariff of about 100% on imports of semiconductors but said it would not apply to companies that are manufacturing in the U.S. or have committed to do so. Shares of chipmakers including Nvidia, Advanced Micro Devices and Intel rose in the range of 1.2% to 2.5%. At 06:16 a.m. ET, S&P 500 E-minis were up 53.75 points, or 0.84%, Nasdaq 100 E-minis were up 197 points, or 0.84%, and Dow E-minis were up 274 points, or 0.62%. The president's higher tariffs of 10% to 50% on dozens of trading partners took effect on Thursday. Still, expectations of policy easing by the Federal Reserve - sparked by some disappointing economic data, particularly the July payrolls report - as well as optimism around AI spending by companies have kept markets near record highs. Following the latest jobs data, traders have almost fully priced in a 25 basis point rate cut in September and expect at least two rate cuts this year, according to the CME Group's FedWatch tool. Weekly jobless claims data, due at 08:30 a.m. ET, could offer fresh clues on the health of the labor market and shift rate cut expectations. Investors are also watching for Trump's interim replacement for Fed Governor Adriana Kugler in the coming days, amid expectations that the nominee would be a policy dove who will likely favor bringing interest rates lower. Kugler's resignation leaves an opening at the seven-member Fed Board led by Chair Jerome Powell, who Trump has repeatedly criticized for not cutting borrowing costs. Powell's tenure is due to end in May 2025. Second-quarter earnings barrage continued at full throttle. DoorDash topped revenue estimates and forecasted a stronger-than-expected gross merchandise value for the current quarter. Its shares jumped 8.6%. Lyft's quarterly revenue miss took its stock down 2.3%, even as the ride-hailing firm gave an upbeat gross bookings forecast for the September quarter. Sign in to access your portfolio
Yahoo
20 minutes ago
- Yahoo
Singapore's Keppel raises $4.9 billion in private funds for education and data centre assets
(Reuters) -Singapore's Keppel has secured S$6.3 billion ($4.91 billion) in funds under management so far this year for its private fund strategies, including education assets and data centres, the global asset manager and operator said on Thursday. The company said the raising includes around S$907 million in capital commitments from global institutional investors for its Keppel Education Asset Fund II and Keppel Data Centre Fund III. The company aims to oversee $150 billion of funds by 2030. Christina Tan, CEO of fund management and also its chief investment officer said, "Keppel's private funds continue to attract robust investor interest, underscoring the strength of our platform and the appeal of strategies aligned with transformative megatrends". The Singapore-based asset manager last week reported net profit of S$431 million for the six months ended June, while also announcing a S$500 million buyback programme. ($1 = 1.2835 Singapore dollars) Sign in to access your portfolio
Yahoo
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Eli Lilly beats earnings for second quarter on strong GLP-1 sales, but stock dives on GLP-1 pill trial results
Eli Lilly (LLY) reported better than expected earnings for the second quarter Thursday. But disappointing results of its much-awaited oral pill GLP-1 sent its stock down in early trading. The stock is down 4% year-to-date, even as the sales of its blockbuster GLP-1s drive growth. Lilly reported $15.56 billion in revenues, beating Wall Street estimates of $14.69 billion. And earnings per share came in at $6.31 compared to Street expectations of $5.56. Revenue in the US alone was $10.81 billion, driven by a 46% increase in volume of sales of GLP-1s, Mounjaro and Zepbound, but the potential revenues could have been higher if not for an 8% decline in prices, according to Lilly. Though the pharma giant has a diverse portfolio of sales drivers, attention has been placed on the competitive GLP-1 space, as its weight loss drug Zepbound has overtaken competitor and first-mover, Novo Nordisk's (NVO) Wegovy. The latest GLP-1 prescription data tracked by JPM analysts shows Zepbound up 225% year over year, with total weekly prescriptions, as of the end of July, at more than 418,000 — compared to Wegovy's 35% year over year growth and 281,000 total weekly prescriptions. Meanwhile, what investors had viewed as the next ace in its pipeline, a GLP-1 pill, orforglipron, disappointed in late-stage trials Thursday. The company reported a 25% patient drop-out at the highest dose. "The discontinuation rate on the placebo was also quite high (press release says 29%), which makes us think there was something about the study that is odd/unique and will need to get some clarity here. To have this many patients drop out across arms is surprising and almost does not compute," said Mizuho's healthcare expert Jared Holz. The pill has been inching towards an FDA decision. The data for the pill will be filed with the FDA this year, and Lilly expects it could get to market by next year. Lilly's results come a day after disappointing results from Novo, which has faced pressure from compounders as well as the competition from Lilly. Novo revised its 2025 outlook down, to account for slower US sales. Lilly, meanwhile, has seen strong growth. Especially with new prescriptions of GLP-1s in the US moving more favorably toward Lilly — more than 60% of new weight loss prescriptions are for Zepbound, according to the latest data tracked by analysts. CEO Dave Ricks said in a statement, "Lilly delivered another quarter of strong performance, achieving 38% year-over-year revenue growth driven by robust sales of Zepbound and Mounjaro and sustained momentum across our key medicines." Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, provider services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem. 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
