US: Stocks end mostly up as markets eye trade talks
[NEW YORK] Wall Street stocks edged higher on Monday as US and Chinese representatives held high-stakes trade talks and markets looked ahead to key economic data.
Trade representatives for the world's two biggest economies plan a second day of talks on Tuesday following an opening round on Monday. Although there were no breakthroughs, the market has welcomed the negotiations.
'There's hopes that they're inching closer to some sort of a deal,' said Peter Cardillo of Spartan Capital Securities.
The Dow Jones Industrial Average finished flat at 42,761.76.
The broad-based S&P 500 climbed 0.1 per cent to 6,005.88, while the tech-rich Nasdaq Composite Index added 0.3 per cent at 19,591.24.
Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer are leading the US delegation, while China's team included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
Among individual companies, Apple fell 1.2 per cent after company executives emphasised its artificial intelligence efforts at the tech giant's annual developers conference, including allowing app makers to directly access a device's AI capabilities.
Apple has lagged some rivals in introducing AI-advancing updates to its Siri voice assistant and other programs.
Warner Brothers Discovery finished down 3.0 per cent after unveiling a plan to split itself into two companies to better position for the streaming era.
The entertainment giant will break itself into two publicly traded companies: one covering 'Streaming & Studios' and the other 'Global Networks.' The shift, designed to enable each venture to 'maximise its potential,' is expected to be completed by mid-2026, the company said.
This week's agenda includes releases on consumer and producer prices, key benchmarks on inflation. AFP
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Asia: Markets extend gains as China-US talks head into second day
[HONG KONG] Asian stocks squeezed out more gains on Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected 'a big, strong handshake'. There is optimism the negotiations - which come after the US president spoke to Chinese counterpart Xi Jinping last week - will bring some much-needed calm to markets and ease tensions between the economic superpowers. The advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the year. This week's meeting in London will look to smooth relations after Trump accused Beijing of violating an agreement made at a meeting of top officials last month in Geneva that ended with the two sides slashing tit-for-tat tariffs. The key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries. 'In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy,' Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up But even though Beijing was releasing some supplies, 'it was going a lot slower than some companies believed was optimal', he added. Still, he said he expected 'a big, strong handshake' at the end of the talks. 'Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume,' Hassett added. He also said the Trump administration might be willing to ease some recent curbs on tech exports. The president told reporters at the White House: 'We are doing well with China. China's not easy. 'I'm only getting good reports.' Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up. 'The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table,' said Pepperstone's Chris Weston. 'And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly.' Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on hold. However, it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. 'Tariffs are likely to remain a feature of US trade policy under President Trump,' said Matthias Scheiber and John Hockers at Allspring Global Investments. 'A strong US consumer base was helping buoy the global economy and avoid a global recession.' However, they also warned: 'The current global trade war coupled with big spending cuts by the US government and possibly higher US inflation could derail US consumer spending to the point that the global economy contracts for multiple quarters.' AFP

Straits Times
an hour ago
- Straits Times
Huawei founder waves off US chip curbs while trade talks proceed
BEIJING - Huawei Technologies founder and chief executive Ren Zhengfei dismissed the impact of US export restrictions on China in a front-page People's Daily article, wading into one of the key topics dogging Washington-Beijing trade negotiations. Mr Ren, one of the country's most recognisable business figures, told the Communist Party's official newspaper he wasn't worried about Washington's efforts to cut off the flow of US technology to China's chip sector. Domestic firms could resort to means such as chip packaging or stacking to achieve results similar to that from advanced semiconductor technology. Mr Ren also expressed confidence in the interview that China can make breakthroughs in AI and software, particularly in an increasingly open-source environment. The US has put restrictions on chip design programs for Chinese firms, though Washington could also remove those pending the outcome of talks. The prominently placed article appears timed to coincide with a second day of sensitive negotiations between the US and China, which are seeking to ease tensions over shipments of technology and rare earth elements. US Commerce Secretary Howard Lutnick's presence at the talks underscore the importance that export controls are playing in these discussions. Mr Lutnick has said China isn't capable of producing high volumes of sophisticated semiconductors, a sign American export controls are limiting its progress. Semiconductor packaging or stacking refers to the techniques of bundling chips together to make them more powerful - Huawei has been relying on this method to make its most powerful AI chips at Semiconductor Manufacturing International Corp., aiming to develop silicon as sophisticated as what Nvidia offers. Huawei has in past years evolved from a telecom gear and smartphone maker into one of China's national tech champions, making advances in semiconductors, EVs and AI. It's also one of Washington's biggest targets, given persistent accusations of its ties to Beijing. The company has repeatedly stressed it's an employee-run company. Mr Ren, a former People's Liberation Army officer, has emerged as one of the tech sector's most prominent voices since the first Trump administration added the company to the so-called Entity List. That move significantly curtailed Huawei's access to US technologies, initially walloped the business and sped its exit from several major markets. But Huawei has since regained market share in smartphones, developed a more advanced process than the US thought possible, and is now making inroads into the AI and EV software markets. In May, Nvidia CEO Jensen Huang said that Chinese AI rivals are filling the void left by the departure of US companies from that market, and their technology is becoming more powerful. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 hours ago
- Business Times
Gold falls as traders watch US-China trade talks in London
GOLD declined on Tuesday as market participants awaited further developments from ongoing US-China trade talks in London, with negotiations extending into a second day. Spot gold fell 0.5 per cent to US$3,311.16 an ounce, as of 0125 GMT. US gold futures also fell 0.7 per cent to US$3,330.90. High-level trade talks between the US and Chinese officials are extending into a second day, with discussions encompassing issues ranging from tariffs to rare earth restrictions. 'With these key the US-China trade talks still in the works, gold is trading reservedly until we see what if any progress is made between the two global superpowers,' said Tim Waterer, chief market analyst at KCM Trade. US President Donald Trump said his administration was 'doing well' in the negotiations and noted positive reports from the talks. Last month, both sides agreed to a temporary pause tariffs, offering some relief to financial markets. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'If traders come away from the US-China talks this week thinking that the two nations remain on track to achieve a broader trade deal, safe-haven demand for assets such as gold could ease.' Data from China showed export growth slowed to a three-month low in May as US tariffs impacted shipments, while factory-gate deflation worsened to its deepest level in two years. Meanwhile, investors are now awaiting US inflation data on Wednesday for more cues on the Federal Reserve's monetary policy path. 'If CPI has ticked marginally higher that would be an expected result, but if it jumps then that could raise some alarm bells for investors, and any resulting flight to safety could help the gold price,' Waterer said. Gold gains appeal during uncertain geopolitical and economic times and tends to do well when interest rates are low. Elsewhere, spot silver was down 0.6 per cent to US$36.51 per ounce, platinum dropped 0.8 per cent to US$1,210.46, while palladium fell 0.2 per cent to US$1,071.75. REUTERS