Nasdaq, S&P 500 hit fresh records as trade talks, tech earnings in focus
At 09:44 a.m., the S&P 500 (.SPX), opens new tab gained 18.34 points, or 0.29%, to 6,315.13 and the Nasdaq Composite (.IXIC), opens new tab gained 110.40 points, or 0.53%, to 21,006.05.
The Dow Jones Industrial Average (.DJI), opens new tab rose 38.06 points, or 0.09%, to 44,380.25, just 1.57% shy of its all-time high.
Investors were hoping for some progress in trade talks after U.S. Commerce Secretary Howard Lutnick on Sunday, who expressed confidence over striking a trade deal with the European Union.
However, EU diplomats said the 27-member bloc is exploring a broader set of possible counter-measures against the United States, as hopes for a breakthrough deal with Washington dwindled.
Trump has threatened to slap 30% tariffs on imports from Mexico and the EU, keeping markets on edge.
The president has also sent letters to other trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.
Despite Trump's persistent attacks and the August 1 tariff deadline, the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab reached new heights recently as investors believed that the economic fallout from tariffs might not be as dire as once feared.
All eyes are on marquee names such as Alphabet (GOOGL.O), opens new tab and Tesla (TSLA.O), opens new tab, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street.
Shares of Tesla and Alphabet were up 1.7% and 0.5%, respectively.
"There's still a ton of trade uncertainty, and so I think the focus on earnings has given investors some things to be excited about," said Ross Mayfield, investment strategy analyst at Baird.
"There's a lot of optimism around those big tech earnings and AI demand that should continue to help indexes."
On Monday, Verizon (VZ.N), opens new tab gained 2.2% after boosting its annual profit forecast. The stock also drove the communications sector (.SPLRCL), opens new tab, which emerged as the top gainer among other sectors.
Meanwhile, shares of Domino's Pizza (DPZ.O), opens new tab rose 2% after the world's largest pizza chain surpassed analysts' expectations for second-quarter U.S. same-store sales.
The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report expected on Thursday.
Investors will closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals.
Traders have largely ruled out a July rate cut, and are now pegging the odds at about 60% for a September reduction, according to CME Group's FedWatch tool.
Advancing issues outnumbered decliners by a 2.22-to-1 ratio on the NYSE and by a 2.33-to-1 ratio on the Nasdaq.
The S&P 500 posted seven new 52-week highs and four new lows, while the Nasdaq Composite recorded 41 new highs and 20 new lows.
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Trump administration recommends location verification for AI chips
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BBC News
17 minutes ago
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EU-China summit to kick off under shadow of fraught ties
A summit between China and the European Union (EU) will kick off in Beijing on Thursday, with leaders set to discuss issues ranging from trade conflict to the war in have been tempered however by uncertainty over global trade, politics and the attendance of Chinese President Xi Jinping, after he had earlier reportedly declined a visit to Brussels, where the summit was originally to be held. China confirmed this week that Xi would meet European Commission president Ursula von der Leyen and European Council president Antonio Costa in had surrounded EU-China relations at the start of the year, with hopes that a Donald Trump presidency in the US would bring the two economic powerhouses closer. But months on, EU-China ties are more fraught than before. Low expectations as meetings convene Ahead of the summit, EU officials had said that they were ready for frank conversations, while Chinese officials had framed it as a chance for greater collaboration. A Chinese foreign ministry spokesperson had told reporters on Tuesday that the bilateral relationship was at a "critical juncture of building on past achievements and opening up a new chapter".But despite this, there is little optimism in Brussels that anything significant will emerge from the summit, even though the EU's 27 member states are grappling with similar pressures to China, not least the tariffs imposed on their exports to the had been hope of finding common cause and European Commission President Ursula von der Leyen spoke earlier this month of the EU's relationship with Beijing as "one of the most defining and consequential for the rest of this century" and of the need to making progress on deadlocked President Xi's decision to reject an invitation to Brussels earlier this year, and then to show up in Moscow in May for Russia's annual World War Two victory parade, made for a poor Eroglu, who chairs the European Parliament's China delegation, believes that an already fragile trust between China and the EU has reached a new low: "In this atmosphere of strategic mistrust, the mood is clearly tense - if not frosty."One of the main things that has led to the deterioration of relations between the two giants is the issue of the Russia-Ukraine EU's decision to impose sanctions last week on two Chinese banks for their role in supplying Russia has annoyed Beijing in the run-up to this summit and made for an awkward climate. China said it had lodged "solemn representations" to the EU's trade chief ahead of the reports that Chinese foreign minister Wang Yi allegedly told EU foreign policy chief Kaja Kallas this month that Beijing did not want to see Russia lose the war in Ukraine - contradicting China's official position of neutrality - have also been circulating. Wang Yi reportedly said that the Russia-Ukraine war would keep the US distracted from its rivalry with China - something Beijing has denied. Kallas had earlier this year called China the "key enabler of Russia's war" in Ukraine, adding that "if China would want to really stop the support, then it would have an impact". Trade relations are also central to the EU's the EU imposed tariffs on Chinese-made electric vehicles last year, Beijing came up with retaliatory duties on European this month, Beijing restricted government purchases of EU medical devices - a response to the EU imposing similar limitations on Chinese medical equipment in perhaps more importantly, China also raised export controls on rare earths and critical minerals this year and the European Commission's von der Leyen has accused Beijing of using its "quasi-monopoly" on the global market in rare earths as a weapon to undermine competitors in key is already frustrated by seeing its industries threatened by cheap, subsidised Chinese goods. Last year's trade deficit with China was €305.8bn ($360bn; £265bn) and it has doubled in just nine an earlier interview with Chinese state-linked news outlet the Paper, China's ambassador to the European Union Cai Run took issue with the EU's positioning of China as a "partner for co-operation, economic competitor, and systemic rival"."The EU's threefold positioning of China is like a traffic light going green, amber and red lights all at once. Not only does it fail to direct traffic, it only creates difficulties and obstruction."
Daily Mail
30 minutes ago
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Surrogacy fixer 'took more than $16 million intended for mothers' and used it to launch her RAP CAREER
A Texas woman who allegedly stole $16 million from desperate couples in order to launch a rap career has been ordered to pay some of the cash back. Dominique Side, 45, was sued by 37 couples who had paid her to organize a surrogate so they could have children. They allegedly discovered that she had instead used their money to fund a lavish lifestyle of designer clothes, luxury vacations and a recording studio as she sought to become a music star. Side, the former owner of Houston-based Surrogacy Escrow Account Management (SEAM) failed to respond to a legal filing seeking damages, leading to a partial judgement signed last week by Judge Donna Roth. The affected families, some of whom can't have children because of cancer and autoimmune diseases, will now be rewarded $1,045,158 in damages, according to the lawsuit obtained by KTRK. Marianne Robak, the attorney representing the victims, said her clients are just some of the families from around the globe, as people in China, Egypt and France have also allegedly been scammed by Side. 'Some of them had surrogates that were currently at the time pregnant with their babies, and they had no way to pay for their medical care,' Robak told the outlet. Robak said that since Side's co-defendant and business partner, Anthony Hall, did respond to the lawsuit, the case will have to head to trial before the families are paid. Kelly Palladino, with husband Daniel, opted for surrogacy after struggling to conceive because of multiple autoimmune diseases but payments from her account stopped after a month She is confident she will get the full $1.7 million her clients are seeking when it's over. Other than the payout, Robak said she has also frozen Side's assets, including her music equipment and real estate. 'Once these judgments become final, we will be able to go after those assets, liquidate them, and help these families become whole,' the lawyer added. Robak anticipates a trial to kick off next summer as the FBI investigation into Side remains ongoing. A civil lawsuit against Side, her business partner and their production company claims a total of more than $16 million in escrow funds have disappeared, the Houston Chronicle reported. Heartbroken couples shared their anguish after claiming they were left high and dry by Side's alleged antics. Jenna and Roy Copeland, a Georgia based couple, told GMA that they lost approximately $40,000 with Surrogacy Escrow Account Management. 'We sent the money and she walked away with it,' said Chris Perkins Yans, who had to work overtime alongside his husband to pay their surrogate after they claimed $71,000 disappeared. 'It's devastating, it's terrifying, you start to feel even more hopeless than you did,' said SEAM client AnnaMaria Gallozzi who chose surrogacy after being diagnosed with stage four breast cancer in 2019. New York City mom Laura Daniels said she was left scrambling to find $10,000 to pay her surrogate after her funds vanished. 'It's just, it's been so awful and it was occupying so much of my time,' Daniels said. 'I think I smile to keep from crying.'| Kelly Palladino opted for surrogacy after struggling to conceive because of multiple autoimmune diseases. She and husband Daniel from Sarasota, Florida found a surrogate in fall 2023 and deposited $60,000 after arranging to pay her through Side's company. But it was little more than a month before the surrogate alerted them that the payments had stopped. Kelly said that Side repeatedly made excuses before refusing to take their calls. 'We thought this would be a great way to build our family,' Kelly told Fox13. 'She did this knowing what we go through. It's not an easy process and what's coming out is just – I never would have thought.' Shortly after her alleged lies were uncovered, people sending messages to her email address received automated responses telling them she is subject to an 'active investigation by federal authorities.' It went on to say that she is, on the advice of counsel, 'not permitted to respond to any inquiries.' Arielle Mitton from Bellingham, Washington, had $38,000 in the account when payments to her surrogate in Indiana stopped in May. 'When people come to surrogacy, it's not a choice,' she said. 'It's not like, 'Oh, this is my first choice. I want to do this.' It's like, 'I don't really have another option'.' 'It feels premeditated to me,' she told Click2Houston. 'How can someone have millions of dollars disappear without some sort of plan?' Not only did Side splurge on expensive trips, studio space and clothing, but she also launched a 'luxury, 100% vegan ready-to-wear apparel line for individuals seeking chic yet sustainable pieces,' Vwire reported. In the June 2023 release of her brand 'Nikki Green,' Side was described as a Sustainability Expert, Luxury Vegan Lifestyle Influencer and Serial Entrepreneur' as she laid across an emerald green couch while wearing a matching pants suit. 'I love luxury, I love designer, but I'm constantly searching for quality 100% vegan pieces,' the disgraced business owner said. The website for her clothing brand is no longer active. All of her social media accounts have since been deleted or made private. Side filed for bankruptcy in 2003, and a court seized and sold land owned by SEAM in 2022 over unpaid property taxes. Her mother, Caron Parks-Hinton, previously insisted her daughter 'has a conscience' while denying the allegations against her. In an interview last year with ABC13, her mother said Side was 'struggling' after her company shut down amid an FBI probe. 'She's having a very hard time,' Parks-Hinton told the outlet. 'Because of the type of person she is. She has a conscience.' When pressed on whether she believes her daughter deliberately funneled money out of the escrow account, she emphatically stated, 'No, I don't.'
