Wall Street today: S&P 500, Nasdaq hit record high on Fed rate cut optimism
At the open, the Dow Jones Industrial Average rose 112.9 points, or 0.25%, to 44571.53. The S&P 500 rose 16.9 points, or 0.26%, to 6462.67, while the Nasdaq Composite rose 82.6 points, or 0.38%, to 21764.548.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
22 minutes ago
- Time of India
US market in a Goldilocks scenario; 3 rate cuts are expected: Anurag Singh
Live Events You Might Also Like: S&P 500, Nasdaq hit record highs on September rate cut hopes You Might Also Like: US stocks tick higher as inflation rises moderately in July (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel , Managing Partner,, says US markets are exhibiting resilience amid anticipation for the US-Russia summit, buoyed by confidence in the current administration's tariff policies. Singh highlights that tariffs, now significantly higher, haven't fueled inflation. Solid earnings, potential rate cuts, paint a 'Goldilocks scenario' for the US, with markets potentially reaching new highs. Good rate cuts are expected this year. Goldman Sachs predicts three rate cuts. A 50 basis points cut is possible due to a weaker labour is a lot to unpack there. Let us focus on the US markets first. The US markets have really climbed the wall of worry on tariffs, now that broadly all the deals are behind us and the markets have gained confidence on the perspective of the current administration on tariffs, and eventually where we are ending up. Before this government took over, tariffs were around 3% of all the imports in the US, now they will end up at around 17-18%, which means some additional $350- 400 billion will go to the US government idea also is gaining ground is that the importers will be able to pass at least half of it to the suppliers. So that is some good news. It has not reflected in the inflation numbers for the past four months. So far, there was talk about how tariffs will result in inflation. Now, there are other theories coming up, but that is also good we are expecting good rate cuts this year. Goldman's view is pretty apt. Three rate cuts this year. It might be 50 basis points this time because the labour market turned out to be much weaker especially when the numbers were revised. In May and June, we barely added any jobs. And I doubt whether the 75,000 number for July is correct and that also might be revised later. So, overall earnings are solid; except for some fast food chains, earnings are broadly in line. A rate cut scenario is playing. The job market is still holding overall, it is pretty much a Goldilocks scenario for the US market. There's nothing wrong here. Do not forget tariff is one element of the government, low taxes, R&D write offs in the first year and lower regulation which is broadly deregulation across sectors. Those are the big impetus which broadly served very well for the market for at least two-three years until this administration is there, unless something unforeseen hits, so that is the markets look solid, good and will probably touch 6,600 or 6,800 or even maybe 7,000 by year end. In terms of the Russia discussion, I do not think it impacts the US market as much. It is more a solution for Europe and NATO going forward. I doubt something very consequential will come out. I do not understand geopolitics too much, but I am sure Putin would need some guarantees on NATO expansion, that Ukraine will not be included in NATO in the coming future which of course all the NATO members will have to agree to. The European Union members would not agree to that, so there is a stalemate there. But that is where we coming to metals and oil, we are in a regime for the next three-four years where oil will continue to be within the affordable range, which works good for India as well as all the emerging markets. Broadly between $65 and $85 is a good range, because the president is pro-drilling. I do not think there is a scarcity of oil unless a war comes up. On metals, I do not have a view. It all depends on how China behaves. That will decide the price of CPI number is stuck for the past 12 to 13 months within a 2.7 range and so that is the stickiness of the inflation. The change is that services, especially housing. is now pretty much at 0.2% month-on-month which is a good number. In fact, there are some other elements of insurance and healthcare which are killing it. Demand is slowing down a little bit with deregulation and low government spending. But, it should be under control. For the past four months, we have seen some inflation on the good side. Eventually it will be a one-time pass through of the prices and will not cause perpetual inflation. Why? Because everything depends on the labour '21-22 inflation was because the labour market and wages were pushing inflation, but that is not the case now. Wages are dropping to 3.9-3.8% annual increase which is still higher but it is dropping down consistently and it will drop down further. In terms of data, I am with President Trump on data revision. You cannot say that in June and July, 220,000 jobs were created and then suddenly reduce it to 75,000. Federal Reserve members have come out and said that had we seen this data revision, we would have cut the rates in the last meeting. So, some heads need to roll here.I do not know whether the data will improve so quickly, but I am sure somebody needs to own up the accountability if the numbers are revised that much. But in any case, we are getting at least two rate cuts or most likely three this year. I am reasonably confident, inflation will eventually be curtailed.
India Today
23 minutes ago
- India Today
Pakistan's credit rating gets a lift from Moody's. Here's why
US-based credit rating agency Moody's has upgraded Pakistan's credit rating by one notch to Caa1 from Caa2 and assigned a 'stable' agency cited an improving external financial position and steady progress under the IMF Extended Fund Facility (EFF) programme as the main reasons for the upgrade. The $7 billion, 37-month IMF programme, approved in September 2024, has played a key role in stabilising Pakistan's macroeconomic PAKISTAN'S RATING UPGRADEBoth Caa1 and Caa2 are considered low credit ratings, indicating high credit risk. However, Caa1 is one level higher than Caa2, suggesting a slightly lower risk of default. Countries in the Caa category are still vulnerable to economic shocks and face challenges in meeting their debt obligations, but a move from Caa2 to Caa1 signals improved financial decision follows similar actions by other agencies. On July 24, S&P Global Ratings raised Pakistan's rating to B- from CCC+, while Fitch Ratings did the same in April. Both agencies currently have a stable outlook on the RECOVERY SIGNSThe upgrade came just hours after Finance Minister Mohammed Aurangzeb said there was more room for the central bank to cutPakistan's key policy rate from 11%, given the positive economic indicators. Pakistan's foreign exchange reserves have grown from $9.4 billion in August 2024 to $14.3 billion by July 2025. Inflation has also fallen, from a peak of 37.97% in May 2023 to 4.1% in July 2025, hitting a low of 0.3% in April this inflation has moved steadily down:Q1 2023: 29.7% during a severe crisisQ4 2023: 28.3% during IMF bailoutQ2 2024: 20.7% as recovery startedQ4 2024: 11.1% with notable improvementQ2 2025: 0.7% nearing zero inflationGDP growth has also improved, from a contraction of -0.2% in FY2023 to 2.5% in FY2024 and an estimated 2.7% in Minister Shehbaz Sharif said the improved credit rating shows that 'economic policies are heading in the right direction'. Following the announcement, Pakistan's international bonds rose as much as 1 cent to trade between 90 and 100 cents on the dollar, their highest since early 2022, when fears of a debt crisis had pushed them down to about 30 its statement, Moody's said, 'The upgrade to Caa1 reflects Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility.' However, it said that debt affordability remains one of the weakest among rated countries and highlighted ongoing governance and political STILL REMAINPakistan currently faces a debt burden totalling approximately $267 billion as of May 2025, representing the highest debt level in the country's history. This debt burden continues to pose significant challenges despite recent economic stabilization efforts and credit rating the upgrade, Pakistan's economy continues to face hurdles. The central bank kept interest rates at 11% on July 30, surprising analysts who had expected a cut of up to 100 basis points. The bank cited rising energy prices as a reason for a less favourable inflation outlook, with July inflation climbing to 4.1% next monetary policy announcement is set for September 15.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- EndsMust Watch
Business Standard
28 minutes ago
- Business Standard
Nifty above 24,600 level; consumer durables shares climb
The key domestic indices traded with minor gains in mid-morning trade. Investors will track FII trends in the backdrop of the upcoming meeting between Donald Trump and Russian President Vladimir Putin later this week while awaiting WPI data due later today. The Nifty traded above the 24,600 level. Consumer durables shares witnessed buying demand for second consecutive trading session. At 11:25 IST, the barometer index, the S&P BSE Sensex advanced 94.66 points or 0.12% to 80,627.24. The Nifty 50 index added 21.95 points or 0.09% to 24,641.30. In the broader market, the S&P BSE Mid-Cap index shed 0.25% and the S&P BSE Small-Cap index fell 0.37%. The market breadth was negative. On the BSE 1,760 shares rose and 2,022 shares fell. A total of 182 shares were unchanged. The stock market will remain closed tomorrow, 15 August 2025 on account of Independence Day. Buzzing Index: The Nifty Consumer Durables index added 0.36% to 37,185.15. The index increased 0.41% for the two trading sessions. Kalyan Jewellers India (up 2.31%), Crompton Greaves Consumer Electricals (up 1.02%), Havells India (up 0.76%), Dixon Technologies (India) (up 0.62%) and Blue Star (up 0.51%) were the top gainers. Among the other gainers were Century Plyboards (India) (up 0.34%), Titan Company (up 0.28%). Stocks in Spotlight: Muthoot Finance rallied 9.79%. The companys consolidated net profit climbed 65% year-on-year to Rs 1,974.2 crore in Q1 FY26 from Rs 1,195.7 crore in Q1 FY25. Total income rose 44% YoY to Rs 6,485 crore in Q1 FY26 from Rs 4,492.4 crore a year ago. Rail Vikas Nigam (RVNL) shed 0.11%. The company said that it has received a letter of award (LoA) from Southern Railway to install video surveillance systems at 441 D and E category stations, and upgrade systems at 43 A1 to C category stations. Global Markets: Asian markets traded mixed Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month. On the data front, Australias unemployment rate eased to 4.2% on a seasonally-adjusted basis in July. The reading was lower than the 4.3% recorded in June, data released by the Australian Bureau of Statistics on Thursday showed. On Wall Street, both the S&P 500 and Nasdaq Composite climbed to new record closing highs on Wednesday. The Dow Jones Industrial Average added 463.66 points, or 1.04%, closing at 44,922.27. The S&P 500 rose 0.32% to settle at 6,466.58, while the Nasdaq Composite gained 0.14% and finished at 21,713.14.
