Hot Now: Meme Stocks Return to Burn the Short Sellers
It's the peak of earnings season for corporate America, when everyone involved in the stock market is hunkering down and sharpening their pencils to pore over the latest fundamental data presented to investors.
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CNBC
31 minutes ago
- CNBC
CNBC Daily Open: Is India is the first to face Trump's 'secondary' tariff on Russia?
In the frenzied run-up to Friday, Aug. 1 — the day when U.S. President Donald Trump's new tariffs come into effect (no more delays!) — America's major trading partners such as Japan, the European Union and now, South Korea, have come to an agreement with the country. All of them will be subject to 15% tariffs on U.S. imports of their goods. But India? Not only has there not been a deal yet, Trump unilaterally imposed a 25% tariff on the South Asian country — a higher-than-expected number, as analysts had widely expected India to secure a favorable deal with America. Worse, the tariff will exist alongside an additional "penalty," which Trump said is the price India has to pay for its military and energy transactions with Russia. That essentially sounds like the "secondary tariff" Trump had previously threatened to slap on Moscow. In doing so, Trump's actions seem to be suggesting that the White House's trade policies is not based simply on the balance of trade, as Trump is fond of bringing up, or even how much he likes you — see his admiration of the U.K.'s King Charles and the country's 10% tariff rate. It's also about who your friends are. Essentially, Trump appears to be implying that, even if you are an up-and-coming influential figure, if you hang out with the uncool kids (who buy Russian arms), you can't sit with us. Perhaps Trump can afford to alienate allies because the U.S. economy is still unexpectedly strong. It expanded 3% in the second quarter, much higher than the 2.3% Dow Jones estimate, and Magnificent Seven earnings are handily topping estimates. Much has been discussed about the decline of American exceptionalism, but, for now, the U.S. is still the queen bee. The Federal Reserve holds interest rates. The Federal Open Market Committee voted 9-2 on the decision — the first time since late 1993 that multiple governors cast "no" votes. Chair Jerome Powell said the Fed still needs to see the effects of tariffs on inflation. India to pay 25% tariffs on exports to the U.S. On top of that, Trump said Wednesday that the South Asian country will also face a "penalty" for dealing with Russia. Separately, South Korea has reached a deal with the U.S. that will see it subject to a 15% tariff rate, Trump announced. Meta Platforms and Microsoft beat earnings expectations. Year on year, Meta's revenue grew 22%, while that of Microsoft increased 18%. During extended trading, Microsoft shares jumped more than 8% to put the company's market cap above $4 trillion. U.S. stocks are weighed by Fed conference. The S&P 500 fell Wednesday. Asia-Pacific markets mostly declined Thursday. Shares of Samsung Electronics retreated after the firm reported a 93.8% year-over-year plunge in profit. Chinese markets fell on disappointing data on the country's manufacturing activity in July. [PRO] Investors are aggressively borrowing money to buy stocks. It's a sign of market exuberance, according to Jim Reid, head of macro and thematic research at Deutsche Bank, who added that this pace was last seen during market bubbles. Trump's tariff deadline is near. Here's a look at countries that have a deal — and those that don't Come Friday, the world will have to contend with higher tariff rates from the Trump administration, raising the specter of even more economic uncertainty. For most countries, that can of worms has been kicked twice down the road, from "Liberation Day" on April 2, to July 9, and now to Aug. 1. Here are where things stand in global trade. —
Business Insider
an hour ago
- Business Insider
U.S. Stock Futures Rise on Meta, Microsoft Earnings Beat
U.S. stock futures edged higher Wednesday night, lifted by strong earnings from tech giants Microsoft (MSFT) and Meta Platforms (META). Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were up 1.13%, 0.77%, and 0.18%, respectively, at 8:33 p.m. EDT on July 30. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Microsoft and Meta, both members of the 'Magnificent Seven,' saw their shares rise 8% and 12%, respectively, in after-hours trading. MSFT surpassed revenue and earnings estimates easily and said that its annual revenue from its cloud computing service, Azure, crossed $75 billion. Similarly, Meta topped estimates and provided an optimistic third-quarter sales outlook that exceeded Street estimates. This positive after-hours session contrasted with Wednesday's regular trading session, in which the S&P 500 and the Dow Jones fell 0.12% and 0.38%, respectively. The Nasdaq Composite, however, managed a 0.15% gain. The market sentiment was influenced by the Fed Chair Jerome Powell's indications that the central bank is not yet prepared to cut interest rates. Looking ahead, investors are awaiting the June personal consumption expenditures (PCE) price index report on Thursday. Also, several companies are scheduled to report earnings tomorrow, such as Comcast (CMCSA), Apple (AAPL), Amazon (AMZN), Cigna (CI), CVS Health (CVS), AbbVie (ABBV), and Mastercard (MA).
Business Insider
an hour ago
- Business Insider
Closing Bell Movers: Microsoft jumps 9%, Meta up 12% on earnings beats
In the opening 90 minutes of the evening session, U.S. equity futures are notably higher thanks to more positive earnings from mega-cap Tech. S&P500 futures are up 0.8% above 6,440 while Nasdaq is up 1.1% above 23,730 – suggesting an all-time high for the tech-heavy index. Dow Industrials are up a more modest 0.2% above 44,700. In commodities, WTI Crude Oil is up another 0.5% above $70 per barrel – a one-month high – while Metals are highlighted by volatility in Copper. The front-month contract was down nearly 20% today below $4.70 – a two-month low – after President Trump unveiled 50% tariffs on copper products but not on the raw material itself. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Strong earnings and all-time highs being made afterhours by Meta (META) and Microsoft (MSFT) following blowout Q2 results by both companies have more than made up for the late-session malaise on Wednesday following a non-committal outlook by Fed Chair Powell in terms of easing at the next FOMC policy meeting in September, even though today's decision contained two dissenting votes calling for a cut. CME Fed Funds futures projections for a September rate cut have risen sharply after the Fed Chair's presser from over 60% going into today's decision to just over 40%. Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGS – Impinj (PI) up 22.3% Alignment Healthcare (ALHC) up 16.9% Carvana (CVNA) up 15.4% Modine Manufacturing (MOD) up 11.8% Meta Platforms (META) up 11.5% eBay (EBAY) up 11.2% Aurora Innovation (AUR) up 11.2% Western Digital (WDC) up 9.3% Microsoft (MSFT) up 8.6% Tenable (TENB) up 8.6% Tyler Technologies (TYL) up 2.8% DOWN AFTER EARNINGS – Align Technology (ALGN) down 35.7% FormFactor, Inc. (FORM) down 14.3% Eos Energy Enterprises (EOSE) down 13.0% Arm Holdings plc (ARM) down 8.5% Lam Research (LRCX) down 5.8% Qualcomm (QCOM) down 5.4% Dexcom (DXCM) down 4.6% Glaukos (GKOS) down 2.5% Ford (F) down 1.8% Robinhood (HOOD) down 0.5%
