Wall St edges up on strong retail sales, economic data
Retail sales rebounded more than expected in June, rising 0.6 per cent. Meanwhile, initial jobless claims for the last week came in at 221,000, below the anticipated 235,000, pointing to steady job growth in July.
"The fact that consumers are still buying is a strong vote of confidence for earnings going forward," said Adam Sarhan, chief executive of 50 Park Investments.
"However, things can change if the tariff situation comes in starting August 1. But for now, a stronger consumer is good for the market."
Investors already navigated a whirlwind of inflation signals this week - producer prices flatlined in June - but a jump in consumer inflation had already dashed hopes for more aggressive Fed rate cuts.
In early trading on Thursday, the Dow Jones Industrial Average rose 149.32 points, or 0.34 per cent, to 44,404.10, the S&P 500 gained 5.90 points, or 0.09 per cent, to 6,269.60 and the Nasdaq Composite gained 22.49 points, or 0.11 per cent, to 20,752.98.
PepsiCo jumped 6.6 per cent as upbeat forecasts - fueled by strong demand for energy drinks and healthier sodas - helped offset concerns about a dip in annual core profit.
Majority of S&P sectors logged gains. Consumer staples led the pack with a 0.6 per cent rise.
US chipmakers edged up after TSMC, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger.
US-listed shares of TSMC gained 3.2 per cent, Marvell inched up 0.2 per cent and Nvidia added 0.8 per cent.
Wall Street also watched Netflix ahead of its quarterly results after the market's close. Its shares were up 0.4 per cent.
United Airlines flagged a hit to its third-quarter earnings from operational snags at Newark airport. However, its shares were up three per cent.
Wall Street briefly experienced extreme volatility on Wednesday after reports surfaced that President Donald Trump was considering firing Federal Reserve Chair Jerome Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence.
Currently, traders see a 54.3 per cent chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool.
Fed Governor Adriana Kugler signaled that rate cuts are off the table for now, warning that Trump-era tariffs are starting to push up consumer prices - and that tight monetary policy is crucial to keep inflation fears from taking hold.
Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many US trading partners.
Trump told Real America's Voice on Wednesday that the US is closing in on a deal with India and may soon reach an agreement with Europe as well.
Advancing issues outnumbered decliners by a 1.49-to-1 ratio on the NYSE and by a 2.03-to-1 ratio on the Nasdaq.
The S&P 500 posted 13 new 52-week highs and two new lows, while the Nasdaq Composite recorded 38 new highs and 11 new lows.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
7NEWS
14 minutes ago
- 7NEWS
Stephen Colbert's ‘Late Show' axed by CBS
The Late Show with Stephen Colbert will broadcast its final show in May, CBS said on Thursday. The network, which has aired The Late Show with Colbert as its host since 2015, said it is ending the franchise after a 'historic run'. 'We consider Stephen Colbert irreplaceable and will retire 'THE LATE SHOW' franchise at that time,' CBS executives said in a joint statement. 'We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. 'This is purely a financial decision against a challenging backdrop in late night 'It is not related in any way to the show's performance, content or other matters happening at Paramount.' Colbert, who took over 'The Late Show' from David Letterman after having hosted Comedy Central's The Colbert Report for nearly a decade, announced the news on his show Thursday. He noted that he learned of the cancellation the previous night. 'It's not just the end of our show,' he said. 'I'm not being replaced. This is all just going away.' 'The folks at CBS have been great partners,' he said. Californian Democratic Senator Adam Schiff said Thursday that he had just finished recording a segment with Colbert, a vocal critic of the Trump administration, and questioned the network's explanation for cancelling the show. 'If Paramount and CBS ended the Late Show for political reasons, the public deserves to know,' he said on X. 'And deserves better.' CBS' parent company, Paramount, is in the midst of an $8 billion merger with Hollywood studio Skydance. But the deal has been delayed for months as talks with lawyers for President Donald Trump dragged on after he filed a lawsuit over an interview the CBS newsmagazine 60 Minutes aired with Vice President Kamala Harris last year. Paramount agreed in principle on July 2 to settle the suit by paying $16 million to Trump's future presidential library. However, Paramount Global said at the time, 'this lawsuit is completely separate from and unrelated to the Skydance transaction and the FCC approval process'. Trump's Federal Communications Commission chairman, Brendan Carr, is investigating the deal. Colbert recently criticised the settlement on The Late Show, calling it 'a big fat bribe'. 'Paramount knows they could have easily fought it, because in their own words, the lawsuit was completely without merit,' he said, referring to how Paramount described the suit before it settled. Among those criticising the decision was fellow late-night host Jimmy Kimmel of Jimmy Kimmel Live on ABC. 'Love you Stephen,' Kimmel wrote on Instagram, adding: '(Expletive) you and all your Sheldons CBS' — apparently referring to the CBS sitcom The Big Bang Theory and its follow-on, Young Sheldon. CBS said this year it wouldn't continue the other show in its late-night suite, After Midnight, after host Taylor Tomlinson announced she would be leaving. Colbert, an executive producer on the show, expressed his support for Tomlinson and CBS in a statement at the time. 'I want to thank CBS for their constant support and invaluable partnership on 'After Midnight,' and the whole staff for their amazing dedication,' he said in the statement, according to Variety.
West Australian
5 hours ago
- West Australian
Lithium Universe finalises deal to revolutionise solar PV recycling
Lithium Universe has secured the exclusive rights to a patented microwave technology for recycling silver and critical metals from solar photovoltaic panels by completing its acquisition of licensee New Age Minerals. The acquisition gives Lithium Universe access to Macquarie University's microwave joule heating technology, which efficiently recovers silver and other critical minerals from discarded photovoltaic panels. New Age Minerals has an exclusive licensing agreement with the Sydney-based university for the technology. The buy-out positions Lithium Universe to tap into a growing $154 billion silver recovery market, amid growing demand for the relatively rare and expensive metal. Each solar panel contains about 20 grams of silver on average, valued at $36 at current prices following a 126 per cent surge in prices since 2018. The silver is used to make a conductive paste for electrical contacts in the panels. Global demand for silver is projected to hit 680 million ounces in 2025, driven by photovoltaics and artificial intelligence systems, prompting an anticipated market deficit of 117.6 million ounces of silver. Macquarie's platform uses microwave technology to selectively heat silicon, softening the plastic encapsulant in solar panels for easy delamination at room temperature. This method avoids extreme temperatures - up to 1400°C - and hazardous chemicals required in traditional recycling. Traditional recycling also often requires mechanical crushing, leading to cross-contamination and lower recovery rates. The new technology enhances the extraction of valuable metals such as silver, silicon, gallium and indium from discarded PV panels. The International Energy Agency estimates there will be 60–78 million tonnes of solar waste globally by 2050, with about 1 million tonnes expected to have been created in Australia by 2035. It would be valued at more than $1 billion. Currently, only 15 per cent of solar PV panels are recycled due to the complex processes required and most end up in landfills. Lithium Universe is collaborating with Macquarie University to advance its microwave joule heating technology research and development, focusing on optimising silver and critical metal recovery. The company's board, comprising chemical extraction specialists, is evaluating high-yield recovery methods for end-of-life modules. The acquisition, completed after legal due diligence and licensing agreement amendments, strengthens Lithium Universe's position in the sustainable energy sector. Lithium Universe's strategic acquisition and cutting-edge technology signal a bright future for sustainable solar panel recycling, poising the company to help meet rising global demand for critical metals while reducing environmental waste. Is your ASX-listed company doing something interesting? Contact:
News.com.au
5 hours ago
- News.com.au
Lunch Wrap: ASX smashes 8700 for first time as BHP crushes records, Mesoblast soars
ASX smashes through 8700 as Wall Street rally lifts all boats
 BHP belts out record copper and iron ore Mesoblast soars after booking first Ryoncil sales in US At lunchtime in the east, the ASX 200 was up over 1% and trading above 8700 for the first time, with all 11 sectors in the green. Wall Street laid the groundwork overnight, notching up fresh records across the board. The rally came off stronger-than-expected US retail sales and a fifth straight week of falling jobless claims. Nvidia added more than 1%, pushing its market cap towards a gobsmacking US$4.25 trillion. "Right now, as long as the markets don't have a reason to sell off, they're going to go up," said Steve Sosnick of Interactive Brokers. Asian markets caught the Wall Street wave this morning, with TSMC jumping 2% in Taiwan on bullish AI vibes. Back home, this is where things stood at around 1pm AEST: BHP (ASX:BHP) was the main headline after reporting a massive annual ops review. Record copper. Record iron ore. And some of the best numbers BHP's ever put on the board. Iron ore out of WA smashed records, with South Flank running above nameplate in its first full year. Even the coal division chipped in, lifting output 5% despite getting slapped by wet weather and moody geology at Broadmeadow. Over in copper, BHP pumped out over 2 million tonnes group-wide, a record haul in a metal that's fast becoming the lifeblood of the clean energy boom. Escondida in Chile hit its highest production in 17 years, Spence broke records, and Copper SA wrapped the year with a strong June quarter. On the downside, costs and timelines have blown out at BHP's next growth project, the Jansen potash mine in Canada. BHP's shares were up 2%. Meanwhile another large cap, Mesoblast (ASX:MSB), was off the leash, up a scorching 29% after reporting its first quarter of revenue from the US launch of Ryoncil. The stem cell therapy, approved by the FDA in March for kids with steroid-resistant graft-versus-host disease, pulled in US$13.2 million in sales. Another US$1.6 million rolled in from royalties in Japan. Elsewhere, Fletcher Building (ASX:FBU) jumped up 3% despite warning that the construction market won't bounce back until at least 2027. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for July 18 : Security Description Last % Volume MktCap TR2 Tali Resources Ltd 0.430 115% 766,597 $7,501,000 AS2 Askari Metals 0.013 63% 32,662,215 $3,233,365 AUH Austchina Holdings 0.002 50% 250,100 $3,025,384 FAU First Au Ltd 0.004 33% 1,052,057 $6,228,874 HLX Helix Resources 0.002 33% 1,760,084 $5,046,291 SHP South Harz Potash 0.004 33% 741,773 $3,849,186 DTZ Dotz Nano Ltd 0.039 30% 957,221 $17,761,929 MSB Mesoblast Limited 2.305 29% 13,728,960 $2,291,141,265 KNG Kingsland Minerals 0.150 25% 296,220 $8,707,309 CTN Catalina Resources 0.005 25% 10,061,003 $9,704,076 PXX Polarx Limited 0.010 25% 3,526,872 $19,004,008 CNQ Clean Teq Water 0.255 24% 95,867 $14,809,672 PEC Perpetual Res Ltd 0.021 24% 8,903,926 $14,844,880 LSR Lodestar Minerals 0.018 20% 3,356,635 $5,963,857 CYP Cynata Therapeutics 0.180 20% 1,043,773 $33,893,155 TRI Trivarx Ltd 0.012 20% 2,843,773 $6,198,263 AI1 Adisyn Ltd 0.075 19% 5,838,920 $45,619,913 NVQ Noviqtech Limited 0.038 19% 351,275 $8,049,170 NVX Novonix Limited 0.555 18% 14,512,926 $299,013,652 MLS Metals Australia 0.020 18% 3,815,865 $12,388,232 SYR Syrah Resources 0.340 17% 13,844,584 $302,250,996 CDE Codeifai Limited 0.021 17% 2,945,529 $8,494,218 NAE New Age Exploration 0.004 17% 1,045,751 $8,117,734 MCP McPherson's Ltd 0.305 15% 627,213 $38,146,522 Askari Metals (ASX:AS2) has uncovered high-grade copper hits at its newly acquired Nejo Gold Project in Ethiopia, with historic drilling at the Katta Target returning standout intercepts like 14.3m at 3.2% copper. It's sitting on a district-scale 1,174km2 landholding in the heart of the Arabian-Nubian Shield, surrounded by multi-million-ounce gold deposits and barely scratched by modern exploration. Novonix (ASX:NVX) has welcomed a US move to slap 93.5% antidumping tariffs on Chinese graphite, lifting the total effective tariff rate to a whopping 160% when you stack on earlier duties and Trump's blanket tariffs. The decision backs Novonix's push to build a North American supply chain, with its Chattanooga site set to become the first large-scale synthetic graphite hub on the continent. Metals Australia (ASX:MLS) wrapped up a major drilling program at its Lac Carheil graphite project in Quebec, with assays confirming a 595% jump in graphite intercepts. now feeding into an updated mineral resource due this quarter. Over 9,500m of drilling was completed, with more than half delivering graphite, including standout grades of 12.4% TGC in the newly confirmed SE extension zone. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for July 18 : Code Name Price % Change Volume Market Cap VFX Visionflex Group Ltd 0.002 -33% 777,230 $10,103,581 EEL Enrg Elements Ltd 0.002 -25% 20,495,001 $6,507,557 BDM Burgundy D Mines Ltd 0.031 -21% 3,577,961 $55,431,959 BUY Bounty Oil & Gas NL 0.002 -20% 200,000 $3,903,680 MEL Metgasco Ltd 0.002 -20% 120,000 $4,581,467 SRI Sipa Resources Ltd 0.016 -20% 3,924,274 $8,327,966 TON Triton Min Ltd 0.004 -20% 82,000 $7,841,944 ICG Inca Minerals Ltd 0.013 -19% 9,013,545 $26,157,778 ADG Adelong Gold Limited 0.005 -17% 11,258,929 $13,492,060 HCD Hydrocarbon Dynamics 0.003 -17% 129,152 $3,234,328 PRM Prominence Energy 0.003 -17% 485,016 $1,459,411 MDI Middle Island Res 0.017 -15% 227,772 $5,864,679 FRM Farm Pride Foods 0.295 -14% 147,823 $79,622,983 ECT Env Clean Tech Ltd. 0.003 -14% 200,000 $14,054,024 GTR Gti Energy Ltd 0.003 -14% 9,000 $12,981,292 TMS Tennant Minerals Ltd 0.006 -14% 30,000 $7,461,233 TNY Tinybeans Group Ltd 0.120 -14% 39,935 $20,707,461 TYX Tyranna Res Ltd 0.003 -14% 79,120 $11,509,489 ATS Australis Oil & Gas 0.007 -13% 1,629,539 $10,544,500 AUZ Australian Mines Ltd 0.007 -13% 2,052,254 $13,688,097 CCO The Calmer Co Int 0.004 -13% 200,767 $12,045,413 EMT Emetals Limited 0.004 -13% 133,277 $3,400,000 M4M Macro Metals Limited 0.007 -13% 6,591,552 $31,819,340 OVT Ovanti Limited 0.007 -13% 2,109,831 $34,194,589 IN CASE YOU MISSED IT Pitt Street Research sees strong upside in Prescient Therapeutics (ASX:PTX) as one of the most advanced oncology companies on the ASX as it kicks off a phase 2a trial. Prospect Resources' (ASX:PSC) test results from Nyungu Central and Kabikupa samples indicate that Mumbezhi features a conventional copper processing profile suitable for low-cost treatment. It's been a promising start for Miramar Resources (ASX:M2R) at 8 Mile target within the Gidji JV, with the first drill hole hitting high-grade gold and ending in mineralisation. LAST ORDERS Axel REE (ASX:AXL) has dual listed to the Frankfurt exchange under the ticker The company also intends to list to the OTC markets in North America in a bid to capitalise on growing interest in REEs following deals between MP Materials, Apple and the US Department of Defense. Lithium Universe (ASX:LU7) has acquired New Age Minerals in a move the company calls 'transformational', gaining an exclusive licencing agreement with Macquarie University for a patented photovoltaic solar panel recycling technology known as Microwave Joule Heating Technology. Sipa Resources (ASX:SRI) has closed out a $1.61m placement at 1.4 cents each, having received strong support from both existing major shareholders and new investors. All four directors participated, with funds to go to a suite of drilling programs across Sipa's gold projects. At Stockhead, we tell it like it is. While Axel REE, Lithium Universe and Sipa Resources are Stockhead advertisers, they did not sponsor this article.
