Philippines Eyes US Trade Deal as Marcos Set to Meet Trump
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The Philippines hopes to secure a trade agreement with the US when President Ferdinand Marcos Jr. discusses a planned US tariff during his meeting with President Donald Trump in Washington, according to a Manila official.
Marcos will also seek to bolster US-Philippine security ties during his July 20-22 visit, Foreign Affairs Assistant Secretary for American Affairs Raquel Solano said at a briefing on Friday.
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Yahoo
12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq steady after record-setting rally
US stocks steadied near all-time highs on Friday as investors assessed a packed week of major earnings, trade deals, and President Trump's unusual visit to the Federal Reserve. The Dow Jones Industrial Average (^DJI) ticked up around 0.15%, while the S&P 500 (^GSPC) rose just over 0.1% after the benchmark notched its fourth record close in a row. The tech-heavy Nasdaq Composite traded broadly flat. Markets are hitting pause on the recent risk-on rally that has seen the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) stack up records, setting the major gauges on track for weekly gains of around 1%. Spirits got a boost from a US-Japan trade pact that boosted optimism for more deals, while blue-chip and Big Tech results underpinned a solid start to earnings season. But some on Wall Street are questioning whether FOMO — "fear of missing out" — is driving gains, rather than fundamentals. Investors may now be locking in profits ahead of a big week bringing the Fed's two-day policy meeting, the monthly US jobs report, and a flood of quarterly results highlighted by Apple (AAPL), Meta (META), Microsoft (MSFT), and Meta (META). Most of all, it features the Aug. 1 deadline for countries to strike trade deals with the US or face "reciprocal" tariff hikes. Read more: The latest on Trump's tariffs But the pact with Japan may already be under pressure, even as the US reportedly closes in on a deal with the European Union. Reports suggest the two sides don't see eye-to-eye on how to share profits from a $550 billion fund for US investment planned as part of the deal. Meanwhile at home, Trump has downplayed the risk of Jerome Powell being ousted as Fed chair, easing market concerns about upheaval at the central bank. The president visited the Fed's headquarters on Thursday to tour its $2.5 billion renovation project. He has criticized the project as too expensive, sparking speculation he might use it as a pretext to try to fire Powell. However, Trump indicated he wasn't considering firing the Fed chair. "To do that is a big move, and I just don't think it's necessary," he said. Intel reported its earnings after the bell Thursday, beating Wall Street expectations on revenue. The chipmaker's stock turned negative as it revealed plans for layoffs and the cancelation of some factory projects. Read more: Full earnings coverage in our live blog Dollar gains steam after Trump downplays clash with Fed Chair Powell The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. Phillips 66 stock rises after beating profit estimates on higher refining margins Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. 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Economic data: Durable goods orders (June preliminary) Earnings: Charter Communications (CHTR) Here are some of the biggest stories you may have missed overnight and early this morning: Intel stock falls as chipmaker cuts jobs, drops factory plans Google Search is readying the next generation for AI Trump: Australia has agreed to accept American beef Who benefits if Trump drops capital gains tax on home sales Americans are struggling to pay bills and feeling anxious about it Japan pushes back against US view of trade-deal profit split Trump and Powell clash in public — then Trump takes softer tone Amazon scraps plans for $350M cloud facility in Ireland Health insurer Centene's stock falls after surprise Q2 loss Trending tickers: Deckers, Strategy and centene Here are some top stocks trending on Yahoo Finance in premarket trading: Deckers Outdoor corporation (DECK) stock rose 12% before the bell after reporting that its earnings had been boosted by Ugg boots and Hoka running shoes. Net sales for both brands surpassed analysts' estimates in the fiscal first quarter ended June 30. Strategy (MSTR) stock fell over 1% premarket today. Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Intel stock slides amid plans to cut 15% of workforce, cancel factories Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Oil steady as investors weigh trade optimism against potential Venezuelan supply increase Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Dollar gains steam after Trump downplays clash with Fed Chair Powell The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. The US dollar ( strengthened on Friday morning after President Trump downplayed a clash with Federal Reserve Chair Jerome Powell on Thursday that was part of an unusual visit to survey the Fed's building renovations. The visit came after several weeks of Trump criticizing Powell and, at one point, threatening to fire him. Trump told reporters on Friday, "I don't want to be personal" and said that the Fed visit was about helping finish the project. Later, Trump said of firing Powell: "To do that is a big move, and I just don't think it's necessary." Meanwhile, gold futures (GC=F) declined about 1% to trade at $3,341.90 per ounce as concerns about Fed independence eased. Phillips 66 stock rises after beating profit estimates on higher refining margins Phillips 66 (PSX) stock rose about 2.7% in premarket trading after the US refiner reported an adjusted profit of $2.38 per share, beating Wall Street EPS estimates of about $1.71. During the quarter, Phillips 66 returned $906 million to shareholders through dividends and share buybacks. Reuters reports that fuelmakers have seen an unexpected boost in profit from key products in recent months, offering relief as earnings retreated from 2022 highs, driven by a post-pandemic demand rebound and supply disruptions following Russia's invasion of Ukraine. The company's realized margin per barrel rose 12.4% to $11.25 in the quarter from a year ago. Its crude capacity utilization was 98%, while adjusted earnings from its refining segment rose about 30% at $392 million. 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Health insurer Centene reports surprise quarterly loss Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Centene's (CNC) stock fell 12% before the bell on Friday after the health insurance company reported a quarterly loss and warned of a revenue slump from government-backed plans. Read more here. Google Search is readying the next generation for AI Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. Yahoo Finance's Hamza Shaban lays it out in today's Morning Brief: Read more here. Alphabet (GOOG, GOOGL) not only posted a stellar quarter, it succeeded in advancing another urgent mission: convincing investors it can transition its search empire into an AI-infused one. 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Bloomberg reported on Friday how the company launched a new kind of preferred stock and upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. Centene (CNC) stock fell 10% in premarket trading after the health insurance company reported a quarterly loss. Intel stock slides amid plans to cut 15% of workforce, cancel factories Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Intel (INTC) shares slid almost 6% in premarket after the struggling chipmaker said it will cut its workforce and drop plans for factories in Europe as it pursues a comeback. While the company posted a second quarter revenue beat late Thursday, its earnings fell short. Its profit forecast for the current quarter was also more downbeat than hoped: It expects to break even, rather than deliver the $0.04 earnings per share estimated. Yahoo Finance's Daniel Howley reports: Read more here. Oil steady as investors weigh trade optimism against potential Venezuelan supply increase Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here. Oil prices climbed overnight Thursday, driven by renewed optimism over global trade negotiations, which bolstered confidence in economic growth and energy demand. The wave of positivity managing to overshadow concerns about a possible increase in Venezuelan oil supply. Reuters reports: Read more here.
San Francisco Chronicle
13 minutes ago
- San Francisco Chronicle
Netanyahu says Israel considering alternatives to ceasefire talks with Hamas, deepening uncertainty
CAIRO (AP) — Israeli Prime Minister Benjamin Netanyahu said Friday his government was considering 'alternative options' to ceasefire talks with Hamas after Israel and the U.S. recalled their negotiating teams, throwing the future of the negotiations into further uncertainty. Netanyahu's statement came as a Hamas official said negotiations were expected to resume next week and portrayed the recall of the Israeli and American delegations as a pressure tactic. The teams left Qatar on Thursday as President Donald Trump's special envoy, Steve Witkoff, said Hamas' latest response to proposals for a deal showed a 'lack of desire' to reach a truce. Witkoff said the U.S. will look at 'alternative options," without elaborating. In a statement released by his office, Netanyahu echoed Witkoff, saying, "Hamas is the obstacle to a hostage release deal.' 'Together with our U.S. allies, we are now considering alternative options to bring our hostages home, end Hamas's terror rule, and secure lasting peace for Israel and our region,' he said. He did not elaborate. Israel's government didn't immediately respond to whether negotiations would resume next week. A breakthrough on a ceasefire deal between Israel and Hamas has eluded the Trump administration as humanitarian conditions worsen in Gaza. Israel has come under mounting pressure as hunger among Gaza's more than 2 million people has worsened and deaths related to malnutrition have accelerated. In recent days more then two dozen Western-aligned countries and more than 100 charity and human rights groups have called for an end to the war, harshly criticizing Israel's blockade and a new aid delivery model it has rolled out. The charities and rights groups said even their own staff were struggling to get enough food. On Thursday, French President Emmanuel Macron announced that France would recognize Palestine as a state, saying, 'The urgent thing today is that the war in Gaza stops and the civilian population is saved.″ Hamas official Bassem Naim said Friday that he was told the Israeli delegation returned home for consultations and would return early next week to resume ceasefire negotiations. Hamas said that Witkoff's remarks were meant to pressure the group for Netanyahu's benefit during the next round of talks and that in recent days negotiations had made progress. Naim said several gaps had been nearly solved, such as the agenda of the ceasefire, guarantees to continue negotiating to reach a permanent agreement and how humanitarian aid would be delivered. The sides have held weeks of talks in Qatar, reporting small signs of progress but no major breakthroughs. Officials have said a main sticking point is the redeployment of Israeli troops after any ceasefire takes place. The deal under discussion is expected to include an initial 60-day ceasefire in which Hamas would release 10 living hostages and the remains of 18 others in phases in exchange for Palestinians imprisoned by Israel. Aid supplies would be ramped up, and the two sides would hold negotiations on a lasting ceasefire. The talks have been bogged down over competing demands for ending the war. Hamas says it will only release all hostages in exchange for a full Israeli withdrawal and end to the war. Israel says it will not agree to end the conflict until Hamas gives up power and disarms. The militant group says it is prepared to leave power but not surrender its weapons. Hamas is believed to be holding the hostages in different locations, including tunnels, and says it has ordered its guards to kill them if Israeli forces approach. Some 50 hostages remain in Gaza but fewer than half are believed to be alive. Their families say the start-stop talks are excruciating. 'I thought that maybe something will come from the time that the negotiation, Israeli team were in Doha," said Yehuda Cohen, whose son Nimrod is being held hostage. "And when I heard that they're coming back, I ask myself: When will this nightmare end?' At least 22 people were killed since Thursday night, according to hospital records at Nasser Hospital where the bodies arrived. Some were killed in strikes, others and others were killed while seeking aid, said the hospital. ——-
Fox News
16 minutes ago
- Fox News
Jets owner Woody Johnson's Crystal Palace Stake Gets Green Light
Crystal Palace confirmed Thursday that New York Jets owner Woody Johnson's purchase of Eagle Football's shareholding in the Premier League club has been completed. "I am honored and privileged to be joining the ownership group of Crystal Palace Football Club," Johnson told the club website. Palace announced last month that Johnson had signed "a legally binding contract" to buy the shares of fellow American John Textor, who had a 43% stake in the London club, with reports at the time placing the price between $220 million and $260 million. The latest club statement gave no financial details. Johnson joins chairman Steve Parish, Josh Harris and David Blitzer as a partner and director of the club, and has also signed the Premier League's Owners' Charter. "It is an organization with a proud history, tradition, and deep roots in English football in South London, which I came to admire during my time as US Ambassador to the United Kingdom," Johnson said. Palace finished 12th last season in the 20-team Premier League. Johnson's arrival at Palace comes with the club in dispute with UEFA over which European competition it will play in next season after winning the FA Cup in May — its first major trophy in 120 years of existence. Palace was demoted from the Europa League to the Conference League after falling foul of UEFA's rules governing multi-club ownership, but has submitted an appeal to the Court of Arbitration for Sport. UEFA determined that as of March 1, Textor had control or influence in Palace and French club Lyon. Textor said he had agreed to sell his stake in Palace to Johnson, but the move came too late to satisfy UEFA. Reporting by The Associated Press. Want great stories delivered right to your inbox? Create or log in to your FOX Sports account, and follow leagues, teams and players to receive a personalized newsletter daily!
