US stock market: Nvidia share price pushes Nasdaq to record high, 90 per cent of S&P 500 stocks fall, Dow Jones crashes
FAQs
(You can now subscribe to our
(You can now subscribe to our Economic Times WhatsApp channel
S&P 500 fell 0.4 per cent, though it's still near its all-time high set last week, as 90 per cent of the stocks within the index fell. The Dow Jones Industrial Average dropped 436 points, or 1 per cent. Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street's hopes for lower interest rates. Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2 per cent to set another record thanks to Nvidia, the market's most influential stock. S&P 500 fell 24.80 points to 6,243.76. The Dow Jones Industrial Average dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80.On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500.Earlier this year, Nvidia said that U.S. restrictions on the chips used in artificial-intelligence development chiseled billions of dollars off its results for the first quarter of the year.Stocks of big U.S. banks, meanwhile, were mixed following their latest profit reports. JPMorgan Chase slipped 0.7 per cent despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns.Citigroup rose 3.7 per cent following its better-than-expected profit report. But Wells Fargo fell 5.5 per cent following its own, as it trimmed its forecast for an important way that it makes money.In stock markets abroad, indexes slipped in Europe after a mixed session in Asia. Indexes rose 1.6 per cent in Hong Kong but fell 0.4 per cent in Shanghai after a report said China's economic growth slowed only slightly last quarter despite pressure from Trump's tariffs.A1. Key indexes of US Stock Market are S&P 500, Dow Jones, and Nasdaq.A2. On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia's 4 per cent gain was by far the strongest force pushing upward on the S&P 500.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Worcester spared education cuts as Trump releases $5.5 billion in frozen US school funding
Twenty Worcester Public School jobs have been secured following the Trump administration's decision to release $5.5 billion in previously frozen federal education funding. The school district is set to receive $3.5 million from the reinstated funds, which will support its existing budget and staffing plans. Tired of too many ads? go ad free now The funds were part of a nationwide education allocation frozen in June while the US Department of Education conducted a review to assess alignment with the Trump administration's priorities. The freeze affected public schools across the country, with Massachusetts set to receive $108 million. Worcester's share of the total was $3.5 million. Worcester receives full $3.5 million allocation after freeze reversed In a statement provided to MassLive, Worcester Public Schools confirmed that the $3.5 million in federal grant funding would be received in full. According to the statement, the funding supports 'instructional coaching, safety training and support for data analysis and technology.' Worcester Mayor Joseph Petty, who also serves as chairman of the School Committee, told MassLive that the district is no longer planning any cuts. 'They're safe,' Petty said in a phone call with MassLive. 'We're not planning on cutting.' Trump administration restores nationwide funding after pressure The Trump administration announced the release of the $5.5 billion on a Friday following pressure from several Republican lawmakers. According to The New York Times, 10 Senate Republicans signed a letter urging the administration to unfreeze the funds. Attorney General Andrea Campbell and 23 other attorneys general had previously filed a lawsuit in July against the administration, challenging the legality of the freeze. In a statement cited by MassLive, Campbell stated that although releasing the funds was the right decision, the freeze had 'caused chaos and confusion.' Tired of too many ads? go ad free now Massachusetts to receive $108 million through state education department Petty informed MassLive that Worcester's funds would be distributed via the Massachusetts Department of Elementary and Secondary Education. Governor Maura Healey also responded to the federal decision, stating that the earlier freeze had 'caused major disruptions for our schools,' as reported by MassLive. Federal funds protect 20 Worcester school positions If the funds had remained frozen, Worcester Public Schools would have faced the elimination of 20 administrative positions. With the release of the $3.5 million, those roles are now secured, according to district officials quoted by MassLive. TOI Education is on WhatsApp now. Follow us .
Time of India
an hour ago
- Time of India
Donald Trump's tariffs to hit less than expected! IMF raises global growth forecast to 3% for 2025; India, US, China see upgrades
AI image The International Monetary Fund (IMF) on Tuesday upgraded its global growth outlook for 2025, projecting a 3% expansion—up 0.2 percentage points from its April forecast—as early stockpiling ahead of US tariffs, a weaker dollar, and improved financial conditions help cushion the blow of American President Donald Trump's sweeping trade measures. Growth for 2026 was also raised marginally to 3.1%, according to the IMF's July update of the World Economic Outlook (WEO). 'This reflects stronger-than-expected front-loading in anticipation of higher tariffs; lower average effective US tariff rates than announced in April; an improvement in financial conditions, including due to a weaker US dollar; and fiscal expansion in some major jurisdictions,' the IMF said. US, China, India growth forecast raised The US economy is now expected to grow 1.9% in 2025 and 2% in 2026, bolstered in part by fiscal expansion, including the effects of Trump's tax cuts. China's forecast was revised up sharply to 4.8%, from 4% earlier, on the back of lower-than-expected US tariffs and higher public spending. India will likely retain its crown as the world's fastest-growing major economy, with projected growth of 6.4% in both 2025 and 2026, up 0.2% from the previous April estimates. Euro area growth is now seen at 1% in 2025, up from 0.8%, led by a surge in pharmaceutical exports from Ireland ahead of new US drug tariffs. Japan continues to lag with sub-1% growth expectations. Global inflation seen easing, but US could remain above target IMF expects global headline inflation to decline to 4.2% in 2025 and further to 3.6% in 2026, broadly in line with its April estimates. However, the IMF warned of diverging trends. 'The overall picture hides notable cross-country differences, with forecasts predicting inflation will remain above target in the United States and be more subdued in other large economies.' IMF flags downside risks if trade shocks worsen While the tone of the update was cautiously optimistic, the IMF flagged significant risks to the outlook. 'Risks to the outlook are tilted to the downside, as they were in the April 2025 WEO,' the report noted. 'A rebound in effective tariff rates could lead to weaker growth. Elevated uncertainty could start weighing more heavily on activity, also as deadlines for additional tariffs expire without progress on substantial, permanent agreements,' the IMF said, warning that geopolitical tensions may disrupt global supply chains and fuel commodity price spikes. Markets, central banks in spotlight The IMF cautioned that rising fiscal deficits or greater risk aversion could lift long-term interest rates and trigger financial volatility. 'Combined with fragmentation concerns, this could reignite volatility in financial markets,' it said. On the other hand, progress on the trade front could deliver upside surprises: 'Global growth could be lifted if trade negotiations lead to a predictable framework and to a decline in tariffs,' the IMF said. Calling for a coordinated global policy response, the Fund urged governments to ensure 'confidence, predictability, and sustainability by calming tensions, preserving price and financial stability, restoring fiscal buffers, and implementing much-needed structural reforms.' Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Economic Times
an hour ago
- Economic Times
S&P 500, Nasdaq tick at record highs with earnings, Fed meeting in focus
On Tuesday's opening bell, the S&P 500 and Nasdaq reached new record highs as investors analyzed earnings reports from major U.S. corporations. The market is also anticipating the Federal Reserve's upcoming two-day policy meeting. The Dow Jones experienced a slight decrease, while the S&P 500 and Nasdaq showed positive gains. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stock indexes are ticking higher on Tuesday as an incredibly busy week for Wall Street picks up S&P 500 was up 0.2% in early trading after setting an all-time high in six straight days. The Dow Jones Industrial Average was virtually unchanged as of 9:35 a.m. Eastern time, and the Nasdaq composite was adding 0.5% to its own Airways climbed 14.4%, and SoFi Technologies jumped 16.2%, but Merck dropped 7.8% following a growing torrent of profit reports from big U.S. companies. They're among the hundreds of companies telling investors this week how much they made during the spring, including nearly a third of the stocks in the S&P 500 index Treasury yields were easing a bit in the bond market as the Federal Reserve gets set to begin a two-day meeting where they will decide what to do with short-term interest rates. Despite angry lobbying from President Donald Trump for lower rates, which would give the economy a boost, the widespread expectation is that the Fed will wait for more data about how Trump's tariffs are affecting inflation and the economy before making its next stock indexes, meanwhile, were mixed as top trade officials from the world's two largest economies headed into a second day of talks about tariffs. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng were meeting in Sweden's capital and working against an Aug. 12 deadline. If they don't reach a deal or at least an extension on their truce by then, triple-digit tariffs are set to this week, another deadline is looming on Friday for many of Trump's proposed tariffs on other countries. And if that weren't enough, several highly anticipated economic reports are also on the way, including the latest monthly update on the job jam-packed week could prove pivotal in determining whether the U.S. stock market can keep climbing to more records or succumb to criticism that it's grown too expensive following its quick leap in recent way companies can tamp down such criticism is to deliver solid growth in helped Beyond, whose stock came into the day with a gain of nearly 109% for the year so far. The company, which owns Bed Bath & Beyond, Overstock and other brands, reported stronger results for the latest quarter than analysts expected. It lost $19 million during the quarter, but that was better than forecast, and its stock rose 3.4%.But investors have also been punishing stocks of companies that have failed to meet expectations so far this reporting Group dropped 5.1% after reporting a profit for the spring that fell short of analysts' expectations. It also gave a forecast for profit over all of 2025 that investors found disappointing. The health care giant said it expected to earn at least $16 per share, when analysts were looking for something close to $20, according to stock markets abroad, Japan's Nikkei fell 0.8%, but indexes elsewhere rose across much of Asia and the bond market, the yield on the 10-year U.S. Treasury eased to 4.39% from 4.42% late Monday.
