Gold Holds Drop as Haven Demand Eases on US Trade Deals Optimism
Bullion traded near $3,390 an ounce — following a 1.3% loss in the previous session — after Bloomberg News reported the European Union could be ready to accept a 15% tariff on most of its goods going to the US. That followed a similar agreement with Japan that included a $550 billion investment pledge by the Asian country.
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Yahoo
3 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise as earnings flood in, jobs data on deck
US stock futures moved higher on Tuesday, eyeing a bid for more records as investors combed through a fresh rush of corporate earnings and waited for key economic data in a big week on Wall Street. S&P 500 futures (ES=F) rose 0.3% on the heels of narrowly notching a sixth all-time closing high in a row. Dow Jones Industrial Average futures (YM=F) also edged up 0.2%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) led the way higher with a 0.5% gain. The mood is modestly upbeat as a blockbuster week for markets gets into full swing. The Federal Reserve kicks off its two-day policy meeting on Tuesday, while the JOLTS job openings update for June due later ushers in a series of crucial labor data culminating in Friday's nonfarm payrolls report. Meanwhile, earnings take center stage as before-the-bell reports from Spotify (SPOT) and UnitedHealth (UNH) disappointed Wall Street. Results from Boeing (BA) and Starbucks (SBUX) will be scrutinized for signs of turnaround progress and of the impact of tariffs on outlooks. That sets the tone for this week's highlights, results from tech giants Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META). Read more: Full earnings coverage in our live blog Also looming large is President Trump's deadline Friday for trading partners to strike deals or face blanket tariff rates. Hopes for an extension to the US-China trade truce are buoying the likes of AI chipmaker Nvidia's (NVDA) stock. Read more: The latest on Trump's tariffs Trade war fears may have lost their grip on markets, given the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) only barely managed new records on Monday despite a new US-EU trade deal. On Tuesday's economic docket, Conference Board's July reading on consumer confidence and a S&P CoreLogic print on home prices in May provide a health check on the economy ahead of an update on second quarter GDP later this week, Nvidia leads Mag 7 premarket amid sign of 'enormous pent-up demand' from China Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher Tuesday before the market open, climbing 1.4% after Reuters reported that the AI chipmaker ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," wrote Hedgeye Risk Management analyst Felix Wang in a note to clients Tuesday morning. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Good morning. Here's what's happening today. Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Trending tickers: UPS, Whilepool and Royal Caribbean Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. The market is finally getting what it wants Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Spotify stock sinks after Q2 earnings miss Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Nvidia leads Mag 7 premarket amid sign of 'enormous pent-up demand' from China Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher Tuesday before the market open, climbing 1.4% after Reuters reported that the AI chipmaker ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," wrote Hedgeye Risk Management analyst Felix Wang in a note to clients Tuesday morning. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Nvidia (NVDA) led the Big Tech "Magnificent Seven" stocks higher Tuesday before the market open, climbing 1.4% after Reuters reported that the AI chipmaker ordered 300,000 H20 chips from its contract manufacturer TSMC. "This supports our theory that there is enormous pent-up demand for NVDA chips from China right now," wrote Hedgeye Risk Management analyst Felix Wang in a note to clients Tuesday morning. Meanwhile, Microsoft (MSFT), Meta (META), and Amazon (AMZN) rose fractionally ahead of their quarterly earnings reports later this week. Apple (AAPL), Google (GOOG), and Tesla (TSLA) traded down less than 1%. Good morning. Here's what's happening today. Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July) Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V) Here are some of the biggest stories you may have missed overnight and early this morning: The market is finally getting what it wants 35 charts explain markets and the economy right now UnitedHealth stock falls after reporting mixed Q2 earnings Sarepta stock soars as FDA reverses course on gene therapy pause Spotify stock slides after Q2 earnings and revenue miss Trump's DOJ puts companies on notice on tariffs US, EU rush to clinch final details and lock in trade deal Apple to Shutter a Retail Store in China for the First Time Ever Stellantis faces $1.7B hit from US tariffs this year Trending tickers: UPS, Whilepool and Royal Caribbean Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. Here are some top stocks trending on Yahoo Finance in premarket trading: UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new "de minimis" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies. Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior. Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings. The market is finally getting what it wants Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Wall Street's busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief: Read more here. Spotify stock sinks after Q2 earnings miss Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations. The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising. Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results. Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year. The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024. "Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance," the company said in the earnings release. Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected. Spotify's massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity. After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper. Read more here. UnitedHealth stock slips after mixed Q2 results Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture. Yahoo Finance's Anjalee Khemlani reports: Read more here. Sarepta stock rockets higher after FDA greenlight Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy. The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt. Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product. AP reports: Read more here. Nvidia orders 300,000 H20 chips from TSMC to satiate Chinese demand Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Reuters reports: Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile. Read more here. Oil maintains gains with tariffs and OPEC+ supply in sight Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table. Bloomberg reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
4 minutes ago
- The Hill
Netherlands bans far-right Israeli ministers as EU considers sanctions over Gaza
THE HAGUE, Netherlands (AP) — The Netherlands has banned two far-right Israeli ministers from entering the country and the European Union has proposed suspending Israel from a lucrative tech investment program as frustration mounts over worsening conditions in Gaza. The ban targets hard-line National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich, key partners in Prime Minister Benjamin Netanyahu's coalition. It was announced in a letter sent late Monday by Dutch Foreign Minister Caspar Veldkamp to lawmakers along with other measures, declaring 'The war in Gaza must stop.' The pair are champions of the Israeli settlement movement that supports continuing the war in Gaza, facilitating what they call the voluntary emigration of its Palestinian population and building Jewish settlements. Britain, Australia, Canada, New Zealand and Norway imposed financial sanctions on the two men last month. EU considers sanctions on Israel's science and tech access The European Commission on Monday proposed partially suspending Israel's access to a lucrative science and technology program. The European Parliament could call a vote to cut off Israel's access to the investment arm of the European Innovation Council. To pass, the vote would need 55% of the bloc's 27-member nations. The €900 million investment program is focused on small businesses and 'disruptive innovations' that have 'potential dual-use applications, such as in cybersecurity, drones, and artificial intelligence,' the commission said in a statement. It said the partial suspension of Israeli companies from applying for grants or equity investments worth €200 million annually is a targeted and reversible action and keeps intact Israel's access to roughly two-thirds of the program that is for civilian use. The commission found Israel's military campaign in Gaza breached terms of a bilateral deal between Brussels and Israel known as an Association Agreement, according to senior officials tasked with communicating for the commission who were not authorized to speak publicly. European countries pressure Israel to let in more aid Europe has widely soured on Israel over Gaza. Countries including Ireland, Spain and the Netherlands have sought to aggressively pressure Israel to let in more aid and cease military operations. Israel has yet to reach the six points agreed in a new aid deal with the EU, which include adequate amounts of daily trucks allowed or newly opened border crossings, according to senior officials. EU aid teams have been prevented from entering Gaza despite recent humanitarian pauses. The suspension is one of 10 options presented by the commission to member states. Other steps could be suspending an aviation agreement, blocking imports from settlements and curtailing travel for Israelis in the visa-free zone known as Schengen, according to a leaked document seen by The Associated Press and verified by two EU diplomats. Like the Netherlands, other nations could act on their own to sanction specific companies or individuals in Israel or the occupied West Bank. Pressure has been mounting on the Dutch government, which is gearing up for elections in October, to change course on Israeli policy. Last week, thousands demonstrated at train stations across the country, carrying pots and pans to signify the food shortage in Gaza. The government also will summon the Israeli ambassador to the Netherlands to urge Netanyahu to change course and 'immediately take measures that lead to a substantial and rapid improvement in the humanitarian situation throughout the Gaza Strip,' Veldkamp wrote. Ben-Gvir and Smotrich remained defiant. In a statement on social media, Smotrich said European leaders were surrendering to 'the lies of radical Islam' and Jews may not be able to live safely in Europe in the future. Ben-Gvir said in Europe 'a Jewish minister from Israel is unwanted, terrorists are free, and Jews are boycotted,' but he will continue to act. Israel says Hamas is the reason aid isn't reaching Gaza After international pressure, Israel over the weekend announced humanitarian pauses, airdrops and other measures meant to allow more aid to Gaza, but Palestinians say little or nothing has changed on the ground. The U.N. has described it as a one-week scale-up of aid and Israel has not said how long the latest measures would last. Israel asserts Hamas is the reason aid isn't reaching Palestinians in Gaza and accuses its militants of siphoning aid to support its rule in the territory. The U.N. denies aid looting is systematic and says it lessens or ends entirely when enough aid is allowed to enter Gaza. Netanyahu and his former defense minister, Yoav Gallant, are wanted by the International Criminal Court over allegations of crimes against humanity. They are accused of using 'starvation as a method of warfare' by restricting humanitarian aid and of intentionally targeting civilians in Israel's campaign against Hamas in Gaza. Member states of the ICC are obliged to arrest the men if they arrive on their territory. ___
Bloomberg
5 minutes ago
- Bloomberg
Harsh Reality of US Deal Stirs EU Soul-Searching Over Lost Clout
As European Union leaders work through the consequences of their new trading arrangement with the US, they are confronting the bitter reality of just how far they have fallen. Donald Trump held court on Sunday at one of the golf courses he owns on the Scottish coast, touting the new ballroom he'd had built at the clubhouse and delivering a lengthy tirade on the problems with wind turbines. European Commission chief Ursula von der Leyen had to wait until the US president had finished his round for the day before she got her chance to discuss the transatlantic trade relationship.
