Wall Street Live: S&P 500, Dow Jones, Nasdaq gain after retail sales data, solid earnings
In the early trading, the Dow Jones Industrial Average was up 0.5% at 44,459.85. The broad-based S&P 500 gained 0.2% to 6,277.12, while the tech-rich Nasdaq Composite Index advanced 0.3% to 20,784.75.
Retail sales rose 0.6% in June to $720.1 billion as compared to a 0.9% decline in May.
Besides the retail sales, modest weekly US jobless claims also provided reassurance on the economy.
United Airlines stock jumped 5.8%, PepsiCo surged 5.9% and Abbott Laboratories slumped 7.3%.
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Indian Express
2 hours ago
- Indian Express
Amid trade talks with US, India dismisses sanctions threats; thaw in Delhi-Beijing ties; Russia terms EU sanctions ‘unlawful'
As Indian negotiators are in the US to secure a trade deal before the August 1 deadline, New Delhi refutes sanctions threats and cautioned against 'double standards'; thaw in India-China ties but some key issues remain unresolved; EU's sanctions against Russia could affect India's fuel exports to Europe; Hamas claims Israel rejected ceasefire proposal that would have seen the release of all remaining captives held in Gaza – here is weekly roundup of key global news. As Indian negotiators hold talks with their US counterparts in Washington to secure a deal before the August 1 tariff deadline, few developments appear to complicate the trajectory of India-US trade negotiations, including: — A Bill in the US Congress – the Sanctioning Russia Act of 2025 – that proposes to impose 500 per cent tariffs on buyers of Russian energy; — US President Donald Trump warning of 100 per cent tariffs against Russia's trading partners if the Kremlin does not agree to end the war within 50 days; — North Atlantic Treaty Organization (NATO) chief Mark Rutte doubling down on Trump's threat and warning of similar secondary sanctions against countries doing business with Russia, including India and China. Nonetheless, India gave a firm reply to Rutte's warning and asserted that 'securing the energy needs of our people is understandably an overriding priority for us.' New Delhi also cautioned against any 'double standards' on the matter. India's energy imports from Russia shot up following the country's February 2022 invasion of Ukraine, which prompted much of the West to ban Russian crude. In the 2024-25 financial year, oil imports from Russia accounted for almost 36 per cent of India's total oil imports. Notably, India exported a substantial volume of refined fuel, derived from the imported Russian oil, to Europe. But as part of the latest sanctions announced on Friday (July 18), the European Union (EU) even banned the import of fuels made from Russian crude and coming from third countries. This latest sanction could have serious repercussions for India's fuel exports to Europe. In addition, new tariffs on metals, a likely 10 per cent additional tariffs on countries in the BRICS bloc, and delayed tariffs on pharmaceutical drugs are other thorny issues that have emerged around the India-US trade deal negotiations. Two episodes from the recent past To put things in perspective, two episodes from the recent past can be recalled here. One, a few years ago, India acquired the S-400 missile system – which formed the outermost layer of India's air defence during Operation Sindoor – despite the US threatening sanctions. India made it clear that it would proceed with the S-400 deal anyway. Eventually, the US House carved out an India-specific waiver. Two, New Delhi stopped importing oil from Iran in mid-2019 after sanctions on the Islamic Republic by the Trump administration. However, in the latest episode, it is yet to be seen if the recent tariff threats made against countries like India and China for their energy imports from Russia will translate into tangible tariff action. Nonetheless, Petroleum Minister Hardeep Singh Puri said, '…if something happens, we will deal with it… There is sufficient supply available.' In recent years, India has expanded its crude sourcing slate from 27 countries to around 40 countries, he added. Agriculture and dairy All the while, agriculture and dairy continue to remain a major sticking point in the ongoing talks. A farmers' body in India has urged the government to exclude all aspects of agriculture from the US trade deal to protect the interests of farmers. The Indian Coordination Committee of Farmers' Movements (ICCFM), a network of farmers' organisations across 11 states, expressed hope that the same sentiment which led India to wisely withdraw from the Regional Comprehensive Economic Partnership (RCEP) trade negotiations will prevail in this case as well. The US government is among the world's largest agricultural subsidisers, which not only restrict agricultural imports into the US but also enable American products to enter export markets at artificially low prices. A recent report by the State Bank of India (SBI) warned that opening India's dairy sector to US imports could result in an annual loss of Rs 1.03 lakh crore to Indian dairy farmers. Such concerns gathered ground as Trump claimed that a trade deal with Indonesia would open the country's entire market for the US, and cited some of the deals as a potential template to reiterate his previous claims of gaining 'access' to India. In the meantime, India and the European Union (EU) continue to differ on Sanitary and Phytosanitary Measures (SPS), which govern food and animal safety rules and are key to India's agricultural and processed food exports to the EU, according to a status report released by the EU on Thursday (July 17). Five years after the Galwan Valley clashes, External Affairs Minister (EAM) S Jaishankar visited China this week, where he underlined that 'an open exchange of views and perspectives between India and China is very important' in the given international context. Jaishankar's visit to attend the Shanghai Cooperation Organisation's (SCO) Council of Foreign Ministers meeting in China comes against the backdrop of a few notable geopolitical developments, including the US and NATO upping their ante against countries doing business with Russia. With reference to the April 22 Pahalgam terror attack in Jammu and Kashmir, the EAM called for the SCO to take an 'uncompromising position' on the challenge of terrorism. He also underlined that the SCO was founded to combat the three evils – 'terrorism, separatism and extremism'. It must be recalled here that the SCO Defence Ministers' meeting last month failed to issue a joint statement after Defence Minister Rajnath Singh declined to sign the draft statement which omitted a reference to the Pahalgam attack. Notably, even the Foreign Ministers' meeting did not issue a separate joint statement. Meanwhile, China's state-run news agency Xinhua reported that Chinese President Xi Jinping stressed that in the face of a 'turbulent and changing international landscape', the SCO must play a more 'proactive role' to ensure greater stability. That apart, Jaishankar's visit to China, where he met with President Xi, Foreign Minister Wang Yi, and Liu Jianchao (head of the International Department of the Chinese Communist Party) is largely seen in the context of the recent thaw in India-China ties. The resumption of the Kailash Mansarovar Yatra, and an understanding to resume direct flights and ease visa restrictions are among the noted developments, hinting at the rebuilding of cross-border ties. However, while Jaishankar pointed out that 'a far-seeing lens' should be used for rebuilding relations, analysts have drawn attention to some key issues that remain unresolved: — Although a disengagement agreement was finalised in October 2024, the de-escalation process, the withdrawal of troops from forward positions, has not begun at the border; — China continues to view its relationship with India primarily through a lens of competition, not cooperation. It continues to scale up its defence budget and capabilities; — China's growing military cooperation with Pakistan during Operation Sindoor, its expanding footprints across South Asia, and drawing strategically important countries for India, like Bangladesh, into its fold. — While India runs a trade deficit of over $100 billion with China, Beijing has placed restrictions on the export of rare earth magnets for EVs to India, wind turbines and electronics, besides tunnel boring machines and certain high-value fertilisers. — China's export restrictions on key fertilisers like di-ammonium phosphate (DAP) and urea in part contributed to their shortages at the time of favourable monsoon when Kharif crop sowing gathers pace. While some of these concerns were conveyed by Jaishankar to Wang Yi during the SCO meet, India's widening engagement across the neighbourhood and beyond is seen as the need of the hour to prevent Beijing from gaining a decisive upper hand in the region. Prime Minister Narendra Modi is expected to travel to China for the SCO Summit on August 31-September 1, which would be his first such visit since the Galwan clashes in 2020. Russia launched over 30 missiles and 300 drones in an overnight attack on Ukraine, following the European Union's (EU) announcement of its latest sanctions targeting Moscow's oil and energy industry – the lifeblood of its state finances – over the ongoing war which is now in its fourth year. The EU's 18th package of sanctions also bans the import of Russian fuels made from Russian crude and coming from third countries, except Canada, Norway, Switzerland, the UK and the US. The move could severely affect India's fuel exports to Europe and deals a blow to Gujarat-based Nayara Energy's Vadinar Refinery in which Russian oil giant Rosneft holds 49.13 per cent stake. However, India brushed aside the sanctions, saying it does not subscribe to any unilateral sanction measures. The sanctions also include blacklisting the 'shadow fleet' (a term used by Western officials for ships that Russia uses to circumvent oil sanctions), capping Russian crude at $47.60 per barrel, tightening banking rules, and banning transactions related to Russia's Nord Stream gas pipelines under the Baltic Sea. However, Russia has so far managed to sell most of its oil above the previous price cap $60 as the current mechanism makes it unclear who must police its implementation. Traders doubt the new EU sanctions will significantly disrupt Russian oil exports, Reuters reported. Responding to the latest sanctions, Kremlin spokesman Dmitry Peskov said, 'We consider such unilateral restrictions unlawful'. He was cited by The Associated Press as saying, 'At the same time, we have acquired certain immunity from sanctions. We have adapted to living under sanctions.' Alongside the EU, the US has also threatened Russia with steep tariffs and revealed its plan to send weapons to the embattled Ukraine. In addition to supplying Patriot air defence systems via NATO, the US is also engaged in detailed talks with Ukraine on a deal involving American investment in Kyiv's domestic drone production, Reuters reported. Meanwhile, Ukrainian President Volodymyr Zelenskiy said on Saturday (July 19) that Russia launched over 30 missiles and 300 drones in an overnight attack, damaging critical infrastructure in Sumy, where several thousand families suffered power cuts. Russia's intransigence, evident in its ongoing attacks, casts a shadow over the prospect of peace in the near future. 'Determined to win whatever the cost, he [President Putin] has chosen to subordinate the Russian economy to the war,' writes Michael Kimmage and Maria Lipman in Foreign Affairs. Meanwhile, Palestinians continue to grapple for food in what is described as 'the hungriest place on Earth' – Gaza – as Israel killed over 50 people, including 32 people near food aid sites in Rafah, on Saturday (July 19). 'With one in three people in the enclave not eating for days at a time', thousands of Palestinians in Gaza are on the 'verge of catastrophic hunger,' said the World Food Programme (WFP). While orchestrating the diabolical killings of war-stricken Palestinians through the Gaza Humanitarian Foundation (GHF), Israel, Hamas said, rejected a ceasefire proposal that would have seen the release of all remaining captives held in Gaza, Al Jazeera reported. Israel's war on Gaza has killed at least 58,667 people and wounded 139,974. An estimated 1,139 people were killed in Israel during the October 7 attacks, and more than 200 were taken captive. Qatar and Egypt, backed by the US, have hosted more than 10 days of talks on a US-backed proposal for a 60-day truce in the war. As part of the potential deal, 10 hostages held in Gaza would be returned along with the bodies of 18 others, spread out over 60 days. In exchange, Israel would release several detained Palestinians. However, the two sides have yet to come to terms on a core impasse – while Hamas demands a permanent ceasefire and full withdrawal, Netanyahu insists on the militant group's unconditional surrender and removal. In the meantime, Israel's military intervention compounded a fighting between Druze and Bedouin armed groups and government forces in Syria's southern province of Suwayda, leaving hundreds dead, according to Al Jazeera. Later on, the US announced that Israel and Syria agreed to a ceasefire, following which Syria's security forces were deployed in the restive province. Muddassir Quamar, an expert on West Asia, pointed out that following the end of the 24-year rule of Bashar al-Assad's rule in Syria, a number of factors, such as deep societal divisions, polarisation, and the collapse of both political framework and security institutions, demand a commitment by all groups, factions and communities to work together and avoid violence and appropriation of power as the first step towards a brighter future for the country. Send your feedback and ideas to Ashiya Parveen is working as Commissioning Editor for the UPSC Section at The Indian Express. She also writes a weekly round up of global news, The World This Week. Ashiya has more than 10 years of experience in editing and writing spanning media and academics, and has both academic and journalistic publications to her credit. She has previously worked with The Pioneer and Press Trust of India (PTI). She also holds a PhD in international studies from Centre for West Asian Studies, JNU. ... Read More
United News of India
9 hours ago
- United News of India
Trump signs GENIUS Act into Law, declares US ‘Crypto Capital of the World'
Washington July 19 (UNI) US President Donald Trump today signed into law the GENIUS Act, a landmark bill that establishes a regulatory framework for payment stablecoins, marking a pivotal moment in America's digital currency policy. Formally titled the Guiding and Establishing National Innovation for US Stablecoins Act, the legislation is designed to regulate dollar-backed stablecoins and bolster the US position in the global crypto economy. 'I pledged that we would bring back American liberty and leadership and make the U.S. the crypto capital of the world,' Trump said at the signing ceremony. 'The GENIUS Act creates a clear and simple regulatory framework to unleash the immense promise of dollar-backed stablecoins.' Flanked by crypto industry leaders and Republican lawmakers who sponsored the bill, Trump used the occasion to tout America's return to financial and technological dominance. 'They named it after me,' he said. "This could be perhaps the greatest revolution in financial technology since the birth of the internet itself. A lot of people are saying that," Trump said. "What do you guys think? If you say yes, I'm saying yes." "Nobody's gained the respect in such a short period of time," Trump said. "This signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up." The White House, in an official statement, confirmed: 'On Friday, July 18, 2025, the President signed into law S.1582, the GENIUS Act, which provides for the regulation of payment stablecoins, and for other purposes.' The law's passage follows a bipartisan 308–122 vote in the House, overcoming earlier opposition from a bloc of Republicans over policy disagreements. It is the first US legislation of its kind focused solely on the stablecoin sector, which has grown rapidly in recent years, CNN reported. Some Democrats, however, like Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, have argued that the bill does not contain sufficient safeguards for consumers, national security, or financial stability, while also criticizing the Trump family's ties to crypto, CNN reported. UNI AAB
Time of India
9 hours ago
- Time of India
How Volatility Index (VIX) empowers traders with forward-looking view of risk
Tired of too many ads? Remove Ads What is India VIX and why Is it Important? Tired of too many ads? Remove Ads How is India VIX calculated? Interpreting VIX Levels: What Does a Number Mean? Historical Levels of VIX since May 2008 Tired of too many ads? Remove Ads India VIX and Nifty: A Negative Correlation Correlation of VIX with Nifty since May 2008 How VIX Moves Differently During Nifty's Gains and Losses Average Movement in VIX Levels in relation to Nifty since May 2008 Average Daily Change in Nifty Relative Average Daily Change in VIX < -5% 9.30% -5% to -3% 9.61% -3% to 0% 2.03% 0% to 3% -1.67% 3% to 5% -3.61% > 5% -1.46% Don't Ignore Volatility (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) The concept of a Volatility Index (VIX) was first introduced by the Chicago Board Options Exchange (CBOE) in 1993. Originally, based on the S&P 100 index, it was revised in 2003 to track the S&P 500 options, and soon gained popularity as the market's "Fear Gauge." It provided investors with a real-time estimate of expected market volatility derived from option the utility of this indicator, the National Stock Exchange (NSE) of India launched its own version called the India VIX in 2008, using the methodology licensed from the CBOE. The India VIX is based on the Nifty 50 Index options and represents the market's expectation of volatility over the next 30 calendar launch was driven by the increasing complexity in Indian capital markets, the rise in derivatives trading, and the need for a standardized metric to measure implied volatility, thereby empowering investors with a forward-looking view of VIX is a measure of implied volatility derived from option prices, which captures the market's collective expectation of near-term volatility. Unlike traditional equity indices that measure price levels, the VIX reflects sentiment and anticipated market fluctuations. Specifically, India VIX uses order book data from near and next-month Nifty 50 index options traded on the NSE.A VIX reading of 15, for instance, implies an annualized expected volatility of 15% over the next 30 days. The importance of VIX lies in its ability to serve as an indicator of expected market volatility. Higher VIX values correspond with greater uncertainty, while lower readings may imply market stability. Market participants, including institutional investors and asset managers, often monitor the VIX as one of several indicators to perform risk management, hedging strategies, and tactical asset allocation decisions. India VIX is one of many tools that can provide context on changing market calculation of India VIX is rooted in a methodology adopted from the CBOE, tailored to suit the Indian derivatives market. It involves using bid-ask quotes of out-of-the-money (OTM) call and put options from the near and next-month expiry contracts of the Nifty 50 index. These OTM options are chosen because they are more sensitive to volatility expectations and provide a clearer picture of anticipated market movements. For each selected option strike, the midpoint of the bid and ask price is computed. These midpoints are then weighted based on strike intervals, adjusted for the risk-free interest rate, and aggregated to calculate the variance. Finally, the result is annualized to yield the India simpler terms, India VIX quantifies the level of implied volatility embedded in the premiums of Nifty options. When traders expect high volatility, they are willing to pay more for protection, which in turn raises the VIX value.: NSE, MO AMC. Data as on 17th June VIX values can be interpreted to understand prevailing market sentiment. Generally, a VIX reading below 13 signifies a calm market with low expected volatility, while a range of 13 to 17 is considered normal. Values between 17 and 25 suggest increasing nervousness among investors, and a VIX above 25 indicates elevated volatility and potential market turbulence. These levels act as critical signals for asset managers and retail investors researchers have also explored how VIX can be used for timing strategies between large-cap and mid-cap segments. A rising VIX typically favors a shift towards large-cap exposure, while a falling VIX can encourage allocation to mid-caps and lowest India VIX level was recorded in July 2023 at around 10.14, during a period of market consolidation. In the following 12 months, the Nifty delivered a strong return of approximately 26.4%, reflecting investor confidence during low volatility. In contrast, the highest VIX levels were seen during major global shocks – above 85 in November 2008 during the Global Financial Crisis, and over 80 in March 2020 during the COVID-19 these periods of elevated volatility, markets rebounded sharply. After the 2008 spike, the Nifty returned about 80.8% over the next year. Similarly, after the COVID-induced VIX surge, the Nifty posted a strong recovery of nearly 83.6%. These patterns show that extreme volatility often precedes strong market rallies.: NSE, MO AMC. Data as on 17th June India VIX has exhibited a strong negative correlation with the Nifty 50 Index. When the Nifty experiences a sharp decline, the VIX typically spikes, reflecting heightened uncertainty fear and increased demand for protective derivatives. Conversely, during market rallies, VIX tends to fall, indicating reduced average correlation between Nifty and India VIX is -0.41 based on the data analysed since 2008. This inverse relationship makes India VIX a valuable tool for hedging, especially for passive and index investors who seek to protect portfolios from adverse studies have also emphasized the asymmetrical nature of VIX's relationship with market returns – it reacts more sharply to market downturns than to example, on 7th April 2025, India VIX surged by 65% when the Nifty dropped 3.24% due to global uncertainties. In contrast, on 28th October 2008, even as the Nifty jumped 6.35%, VIX fell by around 33%. This pattern illustrates that VIX reacts more aggressively to market declines than to market gains.: NSE, MO AMC. Data as on 17th June asymmetrical relationship between Nifty and VIX is evident in how VIX levels respond across different ranges of Nifty's average daily the Nifty falls, especially during sharp declines, VIX tends to rise significantly. For instance, if Nifty drops by more than 5%, the VIX shoots up by an average of 9.3%. Similarly, for a fall between 3% and 5%, the VIX still increases by around 9.6%. This indicates a strong spike in market uncertainty during negative events. On the other hand, when the Nifty rises, the VIX does not drop as sharply. For example, in cases where the Nifty gains more than 5%, the VIX decreases only by about 1.5%. Even for gains between 3% and 5%, VIX drops by just 3.6%.This pattern highlights that VIX is considerably more sensitive to market declines than to rallies. The market tends to react more strongly to downside risk than to upward movements. This imbalance reinforces why volatility indices are seen as early warnings for downside risk and not for upside is not merely a risk factor but a dimension of the market that holds valuable insights. The India VIX serves as a transparent, real-time indicator of investor sentiment and expected market fluctuation. For index fund investors, ETF product managers, and mutual fund professionals, integrating VIX into investment frameworks can offer a strategic advantage. Whether it is used for hedging, asset allocation, or sentiment monitoring, the importance of VIX cannot be India's financial markets evolve, the inclusion of volatility-linked products like a VIX ETF could deepen the passive investment landscape and provide new tools for portfolio resilience. While challenges remain, the foundation is already in place. With thoughtful design and education, volatility could indeed become a tradable and manageable asset class.
