US: Stocks rise, S&P 500 ends just shy of record
[NEW YORK] Wall Street stocks rose on Thursday with tech equities leading, after the White House signalled President Donald Trump could extend a July tariff deadline.
The shift shows 'unexpected flexibility from the US president,' said FHN Financial's Chris Low, who also attributed some of the market's strength to some strong economic indicators.
The broad-based S&P 500 gained 0.8 per cent to 6,141.02, about three points shy of an all-time record.
The Dow Jones Industrial Average climbed 0.9 per cent to 43,386.84, while the tech-rich Nasdaq Composite Index jumped 1.0 per cent to 20,167.91.
The latest Trump indications on trade talks followed solid earnings from chip company Micron that helped add to the market's gains this week following the Iran-Israel ceasefire.
While Micron itself finished lower, large tech names such as Google parent Alphabet, Netflix and artificial intelligence player Nvidia advanced.
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
Data released on Thursday meanwhile showed the US economy decreased at an annual rate of 0.5 per cent in the first quarter, a bigger fall than in the previous GDP estimate.
But on the positive side, US durable goods orders for May topped estimates while labour market data was mixed.
Markets are looking ahead to key US inflation data on Friday, expected to guide future Federal Reserve decisions.
Among individual companies, McCormick & Company shot up 5.3 per cent with analysts pointing to a strong performance in its consumer business due to more dining at home. 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
Japan's Nikkei ends at 6-month high, tracking Wall Street rally
[TOKYO] Japan's Nikkei share average closed at a six-month high on Friday (Jun 27), as technology stocks tracked Wall Street's robust finish overnight. The Nikkei jumped 1.43 per cent to 40,150.79, its highest closing level since Dec 27. The index rose 4.6 per cent for the week, its sharpest weekly gain since the week of Sep 23, 2024. The broader Topix rose 1.28 per cent to 2,840.54, gaining 2.5 per cent for the week. 'Investors finally became willing to make long positions on US stocks, underpinned by positive news around easing tensions in the Middle East and expectations for the interest rate cut,' said Takamasa Ikeda, senior portfolio manager at GCI Asset Management. 'Japanese equities mirrored the US trend, led by stocks which are popular among foreign investors.' Overnight, Wall Street finished higher, with the S&P 500 and the Nasdaq just shy of record closing highs as the Israel-Iran ceasefire continued to hold and a raft of economic indicators appeared to support the case for the Federal Reserve lowering borrowing costs this year. 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 In Japan, technology stocks rose, with chip-making equipment maker Tokyo Electron jumping 4.3 per cent to boost the Nikkei the most. Tech start-up investor SoftBank Group rose 2.54 per cent. Defence-related stocks Kawasaki Heavy Industries and Mitsubishi Heavy Industries rose 6.15 per cent and 2.71 per cent, respectively, on expectations of increased defence spending in Japan. Bucking the trend, chip-testing equipment maker Advantest lost 1.07 per cent, weighing the most on the index, as investors booked profits from its more than 40 per cent rise this month. 'Still, the rally on overall IT-related shares will continue. The market is just relocating their targets,' Ikeda said. Of the more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 72 per cent rose, 24 per cent fell and 2 per cent traded flat. REUTERS
Business Times
an hour ago
- Business Times
Singapore's job vacancies, unemployment up in Q1, with US tariff impact yet to be seen: MOM
[SINGAPORE] Both job vacancies and unemployment rose in the first quarter of 2025, causing the ratio to stay unchanged, according to the Ministry of Manpower's (MOM) Labour Market Report on Friday (Jun 27). Resident and non-resident employment grew at a slower pace than in the previous quarter, said the report, in an update to the Apr 28 advance release. But MOM noted that Q1's rise in job vacancies has yet to reflect the impact of US President Donald Trump's tariff announcement on Apr 2. In polls conducted after the announcement, firms 'remained measured in their outlook for manpower planning', said MOM. Manpower Minister Tan See Leng said in a media briefing that the slight rise in the unemployment rate suggests that employers remain cautious in hiring amid heightened global uncertainty. 'We expect this caution to continue and hiring demand to moderate further, especially with the impact of the US Liberation Day tariffs,' he said. But he reassured Singaporeans that there are 'still good job opportunities available', especially in growth sectors. 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 The government will continue monitoring the tariff situation, and – with other members of the Singapore Economic Resilience Taskforce – is reviewing further measures to help businesses and workers navigate the uncertainties, he said. The government is also working with institutes of higher learning to increase access to job opportunities for fresh graduates, he added. Slower employment growth In Q1, resident employment edged up by 300, and non-resident employment rose by 2,000 – in contrast to increases of 1,400 and 6,300 respectively in Q4. The rise in non-resident employment was driven by work permit holders, mainly in jobs such as driving buses or trucks, 'which residents were less likely to take up', said MOM. Total employment growth eased to 2,400, down from 7,700 in Q4, with MOM noting that figures may not add up due to rounding. The fall is due to both seasonal and structural factors, said Ang Boon Heng, director of MOM's manpower research and statistics department. Singapore should not expect 'very large' increases in employment, as its labour force participation rate is already high, he added. Wait and see Any impact from Trump's tariffs will likely show up in Q2 or Q3, 'depending on how the situation evolves', said Ang. As the labour market typically responds with a lag, firms are 'waiting for greater clarity' before making adjustments to their workforce, he added. He expects 'a slight softening' of the labour market – especially for trade-reliant sectors, as firms stay cautious – but not a 'big correction', as business sentiments have held steady so far. In the longer term, uncertainty will weigh on business sentiments, he added, noting that the unemployment rate rose in Q1. Labour market still tight There were 81,100 job vacancies in March, up from 77,500 in December 2024. But as unemployment also rose, job vacancies per unemployed persons held steady at 1.64, with MOM describing this as the labour market staying tight. The increase in job vacancies was broad-based across sectors, but MOM noted signs of slowing demand in manufacturing: 8,000 vacancies in March, down from 8,200 in December. Vacancies 'likely to be filled by residents' rose to 59,400 from 53,800 before, continuing to account for about 70 per cent of all vacancies. These were concentrated in growth sectors such as health and social services, professional services, information and communications, and financial and insurance services. Unemployment rates as of March were higher across the board: 2 per cent overall, up from 1.9 per cent; 2.9 per cent for residents, up from 2.8 per cent; and 3.1 per cent for citizens, up from 2.9 per cent. The resident long-term unemployment rate edged up to 0.9 per cent, from 0.8 per cent before, but was comparable to non-recessionary norms, said MOM. But resident and citizen unemployment rates improved marginally in April, edging down to 2.8 per cent for residents and 3 per cent for citizens. No deep cuts yet In Q1, retrenchments declined slightly to 3,590 – higher than the advance release's estimate of 3,300 – from 3,680 in the preceding quarter. This was driven mainly by fewer retrenchments in wholesale trade, as well as community, social and personal services. Retrenchments rose in sectors such as manufacturing, construction, as well as transportation and storage. The incidence of retrenchment remained unchanged at 1.5 retrenched per 1,000 employees, which MOM described as 'well within non-recessionary norms'. Retrenched residents also got back into jobs more quickly. The resident re-entry rate into employment within six months of retrenchment improved to 60.6 per cent, from 58.1 per cent in Q4. Fewer employees were placed on short work-week or temporary layoff: 570, down from 660 in Q4. 'Together, these suggest that while firms are exercising caution in hiring, they are also holding back from deeper workforce cuts, reflecting a measured approach in workforce management amid ongoing economic uncertainty,' said MOM. However, while Singapore's external demand outlook has 'improved slightly' with the de-escalation of global trade tensions, 'the near-term global economic outlook remains uncertain'. Polls in April and May found a modest rise in hiring intentions, with 42.2 per cent of firms planning to hire for Q3 – up from 40.5 per cent of firms planning to hire for Q2, when polled between January to March. But this was driven only by a few sectors – including professional services and financial services – while hiring sentiments softened in most other sectors. Wage expectations remained stable, with 21.2 per cent of firms indicating plans to raise wages in Q3. This was comparable to 21.7 per cent of firms planning to raise wages in Q2, in the last survey.
Business Times
3 hours ago
- Business Times
AEM, UMS, Frencken lead semiconductor stock surge; robust weekly gains ride on domestic, global tailwinds
[SINGAPORE] Semiconductor listcos were trading higher on Friday (Jun 27) morning, notching double-digit gains over the week as a slew of domestic and global developments spelt potential tailwinds for the chip industry. A buoyant sector outlook, pushback against tariff threats and the opening of a S$123 million facility enabling Singapore to produce the chips were among the developments that could prove favourable for semiconductors. By late morning, AEM , UMS and Frencken were among the most heavily traded counters on the Singapore Exchange (SGX). As at 11.21 am, UMS was up 7.9 per cent at S$1.36 with 12.6 million shares having changed hands, as AEM climbed 9.9 per cent to S$1.56 and Frencken advanced 5.7 per cent to S$1.29. Grand Venture Technology was up by 1.6 per cent at S$0.95 and Venture rose 1.4 per cent to S$11.50. On a weekly basis, AEM surged 26.8 per cent from its closing price of S$1.23 on Jun 20. UMS was up 12.4 per cent from S$1.21, while Frencken gained 12.2 per cent from S$1.15. 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 The launch of the National Semiconductor Translation and Innovation Centre for Gallium Nitride – dubbed NSTIC (GaN) – on Thursday is set to give local semiconductor firms a leg-up. It comes as part of a broader national plan to uplift the semiconductor sector, which currently accounts for nearly 6 per cent of Singapore's gross domestic product. At the launch of NSTIC (GaN), Minister-in-charge of Energy and Science & Technology Tan See Leng highlighted that the domestic semiconductor sector has potential to be more competitive globally. For the month of May, semiconductors recorded the second-largest jump in factory output among segments under the linchpin electronics sector, at 3.4 per cent, behind the infocomms and consumer electronics segment which recorded the largest jump of 42.6 per cent. Earlier in June, semiconductor maker Frencken announced plans to build a new S$63 million manufacturing facility in Kaki Bukit to scale up its business in Singapore. On Thursday, semiconductor test solutions provider AEM lifted its revenue guidance for its first half ending June to between S$185 million and S$195 million, from an earlier range of S$155 million to S$170 million, following an unexpected pull-in of orders into FY2025. Beyond Singapore, semiconductors also look set to see tailwinds. A Morningstar Equity research report on Friday noted the global semiconductor sector's upbeat outlook, on the back of booming artificial intelligence demand and recovery from 2024's cyclical downturn. These factors could offset any tariff-related headwinds that semiconductors face, the report said, as it pointed to chip orders having rebounded from the 'tariff tantrum'. Moreover, US President Donald Trump's threats to lay tariffs on imported semiconductors have drawn far-reaching blowbacks from across the globe. Stakeholders protested the potential move, which threatens to snarl supply lines and raise costs for consumers, given the ubiquity of the chips which are now found in nearly everything from microwaves to smartphones.
