Alphabet results take S&P 500, Nasdaq to record highs
At 11:33 a.m. ET, the S&P 500 gained 15.92 points, or 0.25%, to 6,374.83 and the Nasdaq Composite gained 53.37 points, or 0.25%, to 21,072.20.
Alphabet rose 1.9% after the Google parent raised its 2025 capital spending forecast by $10 billion to $85 billion, shrugging off trade jitters, and reinforcing investors' confidence in AI investments and returns.
Shares of Microsoft, Nvidia and Amazon were up between 0.9% and 1.7%.
Losses in UnitedHealth, IBM and Honeywell weighed on the blue-chip Dow, which fell 0.33% - though it remained close to its December 4 record high.
UnitedHealth lost 3.7%. The insurer revealed it's cooperating with a Department of Justice probe into its Medicare practices, following reports of both criminal and civil investigations.
IBM dropped 8% as its second-quarter results fell flat with investors, hampered by disappointing sales in its core software division.
Honeywell, meanwhile, dipped 4.6% despite topping Wall Street's expectations and raising its annual outlook.
Electric vehicle maker Tesla tumbled 9%, as CEO Elon Musk warned of 'a few rough quarters' due to cuts in EV incentives. The stock has fallen about 25% for the year so far.
'Tesla was declining in terms of its core business, which is automobiles, prior to his (Elon Musk) political involvement,' said Thomas Hayes, chairman at Great Hill Capital.
'Deliveries were going down, demand was going down and he took his eye off the ball and now it's gone down a lot.'
On the trade front, an EU spokesperson hinted that a deal was 'within reach'—one that could slap a broad 15% tariff on imports across the 27-member bloc, according to diplomats.
Meanwhile, fresh signs of progress emerged after President Donald Trump struck an agreement with Japan, slicing tariffs on Japanese goods to 15%. China and South Korea are also scrambling to clinch their own deals and sidestep Trump's hefty duties.
Some of Wall Street's heavyweights were starting to feel the sting of Trump's sweeping tariffs. American Airlines fell 9.2% after forecasting a bigger-than-expected third-quarter loss, hurt by sluggish domestic travel demand.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Trump sets new Ukraine deadline
US President Donald Trump set a new deadline on Monday of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with Russian President Vladimir Putin for the 3-1/2-year-old conflict. Trump has threatened both sanctions on Russia and buyers of its exports unless progress is made. The fresh deadline suggests the US president is prepared to move forward on those threats after previous hesitation to do so. Speaking in Scotland, where he is holding meetings with European leaders and playing golf, Trump said he was disappointed in Putin and shortening a 50-day deadline he had set on the issue earlier this month. "I'm going to make a new deadline of about ... 10 or 12 days from today," Trump told reporters during a meeting with British Prime Minister Keir Starmer. "There's no reason in waiting... We just don't see any progress being made." There was no immediate comment from the Kremlin. In a post on X, former Russian president Dmitry Medvedev, a close ally of Putin, said Trump was playing "a game of ultimatums" that could lead to a war involving the US. Medvedev wrote: "Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with (Trump's) own country." Ukraine welcomed Trump's statement. Andriy Yermak, President Volodymyr Zelenskiy's chief of staff, thanked Trump in a social media post for "standing firm and delivering a clear message of peace through strength." Trump, who has expressed annoyance also with Zelenskiy, has not always followed tough talk about Putin with action, citing what he deems a good relationship that the two men have had previously. On Monday, Trump indicated he was not interested in more talks with Putin. He said sanctions and tariffs would be used as penalties for Moscow if it did not meet Trump's demands. "There's no reason to wait. If you know what the answer is going to be, why wait? And it would be sanctions and maybe tariffs, secondary tariffs," Trump said. "I don't want to do that to Russia. I love the Russian people." Ukraine had proposed a summit between Putin and Zelenskiy before the end of August, but the Kremlin has said that timeline was unlikely and that a meeting could only happen as a final step to clinch peace. Reuters
Express Tribune
an hour ago
- Express Tribune
OPEC+ for compliance with output deals
An OPEC+ panel on Monday stressed the need for full compliance with oil production agreements, ahead of Sunday's separate gathering of eight OPEC+ members to decide on increasing oil output for September. Ministers from the Joint Ministerial Monitoring Committee (JMMC), which includes top energy ministers from the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, convened online for brief talks. The JMMC meets every two months and has the power to call for a full meeting of OPEC+ to address market developments if deemed necessary. "The committee reiterated the critical importance of achieving full conformity and compensation," OPEC said in a statement after the meeting. Compensation cuts are those that some countries, such as Iraq and Kazakhstan, are being asked to carry out to make up for earlier overproduction. The JMMC asked countries that are not fully compliant to submit updated compensation plans by August 18. Meanwhile, oil prices rose 2% on Monday after a trade deal between the US and the EU, and President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in Ukraine or face sanctions. Brent crude futures were up $1.42, or 2.1%, at $69.86 a barrel by 1658 GMT, while US WTI crude rose $1.40, or 2.2%, to $66.56. Brent touched its highest price in 10 days after Trump said he was reducing the 50-day deadline he gave Russia over Ukraine to 10-12 days. OPEC, in a post on X on Friday, said the committee does not hold decision-making authority over production levels, and "its role is limited to monitoring conformity with production adjustments and reviewing overall market conditions".
Business Recorder
2 hours ago
- Business Recorder
Trump sets new deadline of 10 or 12 days for Russia to act on Ukraine
TURNBERRY: U.S. President Donald Trump set a new deadline on Monday of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face consequences, underscoring frustration with Russian President Vladimir Putin for the 3-1/2-year-old conflict. Trump has threatened both sanctions on Russia and buyers of its exports unless progress is made. The fresh deadline suggests the U.S. president is prepared to move forward on those threats after previous hesitation to do so. Speaking in Scotland, where he is holding meetings with European leaders and playing golf, Trump said he was disappointed in Putin and shortening a 50-day deadline he had set on the issue earlier this month. 'I'm going to make a new deadline of about … 10 or 12 days from today,' Trump told reporters during a meeting with British Prime Minister Keir Starmer. 'There's no reason in waiting… We just don't see any progress being made.' There was no immediate comment from the Kremlin. In a post on X, former Russian president Dmitry Medvedev, a close ally of Putin, said Trump was playing 'a game of ultimatums' that could lead to a war involving the U.S. Medvedev wrote: 'Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with (Trump's) own country.' Zelenskiyy says Ukraine, Russia to hold peace talks in Turkey on Wednesday Ukraine welcomed Trump's statement. Andriy Yermak, President Volodymyr Zelenskiy's chief of staff, thanked Trump in a social media post for 'standing firm and delivering a clear message of peace through strength.' Trump, who has expressed annoyance also with Zelenskiy, has not always followed tough talk about Putin with action, citing what he deems a good relationship that the two men have had previously. On Monday, Trump indicated he was not interested in more talks with Putin. He said sanctions and tariffs would be used as penalties for Moscow if it did not meet Trump's demands. 'There's no reason to wait. If you know what the answer is going to be, why wait? And it would be sanctions and maybe tariffs, secondary tariffs,' Trump said. 'I don't want to do that to Russia. I love the Russian people.' Ukraine had proposed a summit between Putin and Zelenskiy before the end of August, but the Kremlin has said that timeline was unlikely and that a meeting could only happen as a final step to clinch peace. Russia's foreign ministry said on Saturday that if the West wanted real peace with Ukraine, it would stop supplying Kyiv with weapons. Trump has repeatedly voiced exasperation with Putin for pursuing attacks on Ukraine despite U.S. efforts to end the war. Trump has played up successes in other parts of the world where the United States has helped to broker peace agreements and has been flattered by some leaders who suggest he should be given the Nobel Peace Prize. 'I'm disappointed in President Putin,' Trump said on Monday. 'I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer what's going to happen.' Trump, who is also struggling to achieve a peace deal in Gaza, has touted his role in ending conflicts between India and Pakistan as well as Rwanda and Congo. Before returning to the White House in January, Trump campaigned on a promise to end Russia's conflict with Ukraine in a day. 'We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city like Kyiv and kills a lot of people in a nursing home or whatever,' Trump said. 'And I say that's not the way to do it.'
