Stock Movers: Apple, Nike, Wayfair
On this episode of Stock Movers: - Apple (APPL) shares dipped after the company lost over $300 billion yesterday, second largest drop in market cap for any company ever. The drop comes as the company has moved its supply chain away from China but to countries that face high tariffs. - Nike (NKE) is continuing its slide as shoe and garment makers extended their selloff as they face tariffs on their Asian-made products. Apparel and footwear companies that shifted manufacturing from China to avoid tariffs are now being targeted by Trump's tariffs on Vietnam, Cambodia, Indonesia, and Thailand. - Wayfair (W) shares are sliding 11% in premarket trading putting the stock on track to extend declines after Citi downgraded the online furniture retailer to neutral from buy. Analyst Ygal Arounian said President Donald Trump's tariff announcement 'created significant exposure' to the supplier base of Wayfair, and sees eBay as better positioned. - Stellantis (STLA) shares are lower after about 6,000 workers in Canada were idled by day 1 of US tariffs. It comes along with reports of 900 US jobs cuts and Fitch downgrading the company's debt from BBB+ to BBB.
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Hamilton Spectator
27 minutes ago
- Hamilton Spectator
Canadian premiers turn to New England governors for support on Trump tariffs
FREDERICTON - A group of Canadian premiers appear to be setting high expectations as they pursue negotiations with American governors to mitigate the impacts of United States-imposed tariffs on their economies. Premiers from New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Ontario, and Quebec's economic minister are scheduled to meet with New England governors on Monday in Boston. New Brunswick Premier Susan Holt said the premiers look to the New England governors for insights on how to deal with the White House and U.S. President Donald Trump. 'I mean, ideally, what we would get is every governor ... agreeing to articulate in loud and formal terms their objection to the tariffs to their administration,' Holt told reporters Thursday. 'If we can get everyone agreeing that the tariffs are negatively impacting Americans and passing that message on to the White House, that would be a win.' Holt also said she plans on raising 'critical' energy and infrastructure files. Massachusetts Gov. Maura Healey said last month that the leaders hope to discuss how they can work together and maintain economic relationships in the face of Trump's tariffs. 'Canada is Massachusetts' No. 1 trading partner,' she said in a May 5 statement. 'For generations, we have enjoyed a strong partnership and a healthy exchange of energy, lumber, dairy, cars and car parts, seafood and more. Our businesses and our residents all benefit from this relationship. But President Trump's tariffs are undermining this partnership, making it harder for businesses to keep their doors open, and increasing the cost of everything that the New England and Canadian people rely on.' Holt said New Brunswick supplies a lot of energy products to New England. 'I think 90 per cent of the cars in Boston are driving with gas that comes from the Irving refinery and us. They are keen to make sure we will continue to be a reliable supplier of energy to them,' she said. 'We see the U.S. as a market to sell energy in a way that is profitable and beneficial to New Brunswick.' Healey said an analysis showed that tariffs on Canadian energy would raise gas and heating oil prices by over 30 cents a gallon and could cost nearly $1.4 billion a year for people in Massachusetts, and $3.4 billion for those in the New England area. Ontario is also looking to discuss energy and minerals with the U.S., said Grace Lee, spokeswoman for Premier Doug Ford. 'Ontario is proud to have one of the cleanest and most reliable energy grids, alongside mineral rich areas ready for development and a highly skilled workforce that the U.S. needs and relies on,' she said in a statement. 'Premier Ford will advocate for his vision of Fortress Am-Can, a renewed strategic alliance that makes Canada and the U.S. the richest, most prosperous, safest and most secure two countries on the planet.' Prince Edward Island Premier Rob Lantz's office did not respond to a request for comment. Léa Fortin, spokeswoman for Quebec's economic minister Christopher Skeete, said the meeting is a chance to reiterate ties between Quebec and the United States, as well as the Atlantic provinces. Sonja Pomeroy, spokeswoman for Premier John Hogan said Newfoundland and Labrador exported approximately $4.5 billion of goods to the United States in 2023, representing 37 per cent of the province's total exports. For example, she said in any given year, 60 to 80 per cent of Newfoundland and Labrador's seafood exports go to the United States. So the meeting is an opportunity to reinforce the social and economic value of Canada's long relationship with the United States, she explained. 'Barriers to trade are bad for both national economies,' Pomeroy said. This report by The Canadian Press was first published June 13, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
San Francisco Chronicle
29 minutes ago
- San Francisco Chronicle
Oil prices surge and markets retreat after Israel's strike on Iran
HONG KONG (AP) — Oil prices surged and Asian shares were lower Friday after Israel struck Iranian nuclear and military targets in an attack that raised the risk of all-out war between them. U.S. benchmark crude oil rose by $3.93, or 5.8%, to $71.97 per barrel. Brent crude, the international standard, increased by $3.82 to $73.18 per barrel. In share trading, Tokyo's Nikkei 225 fell 0.9% to 37,834.25 while the Kospi in Seoul edged 0.9% lower to 2,894.62. Hong Kong's Hang Seng retreated 0.9% to 23,831.48 and the Shanghai Composite Index lost 0.7% to 3,378.76. Australia's S&P/ASX 200 drifted 0.2% lower to 8,547.40. 'An Israeli attack on Iran poses a top ten of our global risk, but Asian markets are expected to recover quickly as they have relatively limited exposure to the conflict and growing ties to unaffected Saudi Arabia and the UAE,' said Xu Tiachen of The Economist Intelligence. On Thursday, U.S. stock indexes ticked higher following another encouraging update on inflation across the country. The S&P 500 rose 0.4% to 6,045.26. The Dow Jones Industrial Average added 0.2% to 42,967.62, and the Nasdaq composite gained 0.2% to 19,662.48. Oracle jumped 13.3% after reporting stronger profit and revenue for the latest quarter than analysts expected. That helped markets offset a 4.8% loss for Boeing after an Air India plane crashed Thursday, killing more than 240 people. It was the first crash of a Boeing 787 Dreamliner, and the cause wasn't immediately known. Stocks broadly got some help from easing Treasury yields in the bond market following the latest update on inflation. Thursday's update said inflation at the wholesale level wasn't as bad last month as economists expected, and it followed a report on Wednesday saying something similar about the inflation that U.S. consumers are feeling. Wall Street took it as a signal that the Federal Reserve will have more leeway to cut interest rates later this year in order to give the economy a boost. The Federal Reserve has been hesitant to lower interest rates, and it's been on hold this year after cutting at the end of last year, because it's waiting to see how much President Donald Trump's tariffs will hurt the economy and raise inflation. While lower rates can goose the economy by encouraging businesses and households to borrow, they can also accelerate inflation. The yield on the 10-year Treasury fell to 4.35% from 4.41% late Wednesday and from roughly 4.80% early this year. Besides the inflation data, a separate report on jobless claims also helped to weigh on Treasury yields. It said slightly more U.S. workers applied for unemployment benefits last week than economists expected, and the total number remained at the highest level in eight months. That could be an indication of a rise in layoffs. The Fed's next meeting on interest rates is scheduled for next week, but the nearly unanimous expectation on Wall Street is that it will stand pat again. Traders are betting it's likely to begin cutting in September, according to data from CME Group. Trump's on-and-off tariffs have raised worries about higher inflation and a possible recession, which had sent the S&P 500 roughly 20% below its record a couple months ago. But stocks have since rallied nearly all the way back on hopes that Trump will lower his tariffs after reaching trade deals with other countries. Many of Trump's tariffs are on hold at the moment to give time for negotiations, but Trump added to the uncertainty late Wednesday when he suggested the United States could send letters to other countries at some point 'saying this is the deal. You can take it or you can leave it.'
CNET
41 minutes ago
- CNET
Refinance Rates Slide Down Again: Mortgage Refinance Rates for June 13, 2025
Average mortgage refinance rates have been volleying between 6.5% and 7% as fears of both higher inflation and an economic slowdown play tug-of-war with financial markets. Overall, rates are too high for most homeowners to save money from refinancing. After three interest rate cuts last year, the Federal Reserve has left rates unchanged in 2025 to assess the economic fallout from President Trump's policies on trade, immigration and government spending. While the Fed is expected to resume lowering interest rates this summer, a major refinancing boom is unlikely if average rates stay above 6% — which most economists and housing market experts predict. However, if you're looking to change the length of your loan or switch to a different type of mortgage, refinancing might still be something to consider. Keep in mind that mortgage refinance rates change daily based on a range of economic and political factors. For expert predictions on where rates might be headed, check out our weekly mortgage rate forecast. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. Refinance rate news At the start of 2025, many expected inflation to keep cooling down and the Fed to cut interest rates, which would have gradually lowered mortgage refinance rates. However, stronger-than-expected inflation and uncertainty about Trump's economic policies have changed those predictions. Even with some brief dips, mortgage rates and overall financing costs have remained stubbornly high. Investors are concerned that the president's plans for widespread tariffs, mass deportations and tax cuts could significantly increase the government's debt and fuel inflation while also driving up unemployment. Where refinance rates are headed in 2025 Most housing forecasts still call for a modest decline in mortgage rates by the end of the year, with average 30-year fixed rates potentially edging below 6.5%. But even when the central bank resumes policy easing, experts say homeowners shouldn't expect rates to fall in tandem with the Fed's benchmark federal funds rate. While the central bank's policy decisions influence how much consumers pay to borrow, the Fed doesn't directly control the mortgage market. For refinance rates to fall meaningfully, we'd likely need to see several Fed cuts coupled with clearer signs of a slowing economy, like cooler inflation or higher unemployment. It usually takes time for these broader interest rate adjustments to show up in the rates lenders then offer to consumers. Refinancing 101 When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you'll tap into your equity with a new loan that's bigger than your existing mortgage balance, allowing you to pocket the difference in cash. Refinancing can be a great financial move if you score a low rate or can pay off your home loan in less time, but consider whether it's the right choice for you. Reducing your interest rate by 1% or more is an incentive to refinance, allowing you to cut your monthly payment significantly. But refinancing your mortgage isn't free. Since you're taking out a whole new home loan, you'll need to pay another set of closing costs. If you fall into that pool of homeowners who purchased property when rates were high, consider reaching out to your lender and running the numbers to see whether a mortgage refinance makes sense for your budget, said Logan Mohtashami, lead analyst at HousingWire. Choosing the right refinance type and term The rates advertised online often require specific conditions for eligibility. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates. 30-year fixed-rate refinance The average rate for a 30-year fixed refinance loan is currently 6.83%, a decrease of 2 basis points over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance, but it will take you longer to pay off and typically cost you more in interest over the long term. 15-year fixed-rate refinance The average 15-year fixed refinance rate right now is 6.14%, a decrease of 1 basis point compared to one week ago. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you'll save more money over time because you're paying off your loan quicker. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run. 10-year fixed-rate refinance The current average interest rate for a 10-year refinance is 6.10%, a decrease of 2 basis points over last week. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment. To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don't forget to speak with multiple lenders and shop around. Reasons to refinance Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance: To get a lower interest rate: If you can secure a rate that's at least 1% lower than the one on your current mortgage, it could make sense to refinance. If you can secure a rate that's at least 1% lower than the one on your current mortgage, it could make sense to refinance. To switch the type of mortgage: If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage. If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage. To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity. If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity. To change the length of a loan term: Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run. Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run. To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense. If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense. To take someone off the mortgage: In case of divorce, you can apply for a new home loan in just your name and use the funds to pay off your existing mortgage.
