Does a Mamdani Victory and Bezos Blowback Mean Billionaires Beware?
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Yahoo
13 minutes ago
- Yahoo
S&P 500, Nasdaq score record highs at open on trade deal optimism, tame inflation
U.S. stocks opened higher, with the broad S&P 500 and tech-heavy Nasdaq quickly scoring fresh all-time highs, on a final trade agreement with China and hopes for more with other countries to come. President Donald Trump said a deal had been signed with China, and Commerce Secretary Howard Lutnick said the U.S. was nearing agreements with ten other trading partners. The final China deal includes a commitment from China to deliver rare earths used in everything from wind turbines to jet planes, Lutnick told Bloomberg. It also includes easier tech restrictions, said China's Ministry of Commerce. Treasury Secretary Scott Bessent also said in an interview on Fox Business he expected trade deals with 18 key trading partners to be wrapped up by Labor Day in September, suggesting Trump's early July deadline would be extended. At 9:38 a.m. ET, the blue-chip Dow added 0.45%, or 193.88 points, to 43,580.72, while the S&P 500 gained 0.29%, or 17.93 points, to 6,158.95 and the Nasdaq rose 0.34%, or 67.63 points, to 20,235.55. The S&P 500 and Nasdaq had been within striking distance of their record highs for the past couple of days but hadn't mustered enough energy to hurdle them until now. The benchmark 10-year Treasury yield edged up to 4.285%. Before the opening bell, the Fed's preferred inflation gauge, or personal consumption expenditures (PCE) price index, rose 2.3% annually, as expected. The so-called core rate excluding food and energy, rose 2.7%, slightly higher than the 2.6% mean forecast. The "inflation report shouldn't be enough to give markets a significant scare, but it probably dashes the slim hopes investors had for a July rate cut," said Bret Kenwell, U.S. investment analyst at trading platform eToro. Meanwhile PCE, a measure of consumer spending, fell 0.3% in May from the prior month after adjusting for inflation, according to the Bureau of Economic Analysis. That was the first decline this year. "This weakness is probably primarily just payback from the jump in spending earlier this year as consumers tried to buy goods ahead of the tariffs," said Greg Wilensky, head of U.S. fixed income and portfolio manager at Janus Henderson. "The weakness in spending was on the goods side while spending on services increased." Nike's quarterly results topped analysts' expectations but the company warned tariffs are expected to increase its costs by $1 billion this fiscal year. It said it will pass some costs on to consumers and cut costs to deal with the added expense. Shares of the mega sportswear company jumped 15.65%. CorMedix plans to sell $85 million of stock in a public offering. Shares slumped 14.51%. Bakkt Holdings filed with the Securities and Exchange Commission to sell up to $1 billion in securities to potentially buy bitcoin and other digital assets. Bitcoin was last down 0.07% at $106,888.60. (This story was updated with new information.) Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: S&P 500, Nadsaq hit record highs at open on trade hopes, tame prices 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
Bloomberg
17 minutes ago
- Bloomberg
Bloomberg Invest Hong Kong Highlights
Held in Hong Kong, Bloomberg Invest convenes allocators, dealmakers, and investors from across Asia. Powered by one of the world's largest newsrooms, the 2025 event highlighted the most influential voices discussing the impact of tariffs on markets, opportunities across private assets, and tensions over US-China tech. (Source: Bloomberg)
27 minutes ago
Apple revamps EU App Store terms to avert more fines
LONDON -- Apple has revamped its app store policies in the European Union with hopes of fending off escalating fines under the 27-nation bloc's digital competition regulations. It's a last-minute bid by the iPhone maker to avoid further charges following a 500 million euro ($585 million) penalty in April. The bloc's executive Commission punished Apple for preventing app makers from pointing users to cheaper options outside its App Store, and gave it a 60-day deadline, which expired Thursday, to avoid additional, periodic fines. The changes made by Apple will make it easier for app makers to point users to better deals on digital products and options to pay for them outside of Apple's own App Store, including other websites, apps or alternative app stores. The California company is also rolling out a two-tier system of fees to accommodate app developers that want to use alternative payments. 'The European Commission is requiring Apple to make a series of additional changes to the App Store," Apple said in a statement. "We disagree with this outcome and plan to appeal.' The commission noted Apple's announcement and 'will now assess these new business terms for DMA compliance,' referring to the EU's Digital Markets Act. The rulebook was designed to rein in the power of big tech companies under threat of hefty fines worth up to 10% of a company's global annual revenue. Among the DMA's provisions are requirements that developers inform customers of cheaper purchasing options, and direct them to those offers. Apple's restrictions preventing developers from steering users to outside payment channels had been fiercely opposed by some companies. It's the reason, for example, Spotify removed the in-app payment option to avoid having to pay a commission of up to 30% on digital subscriptions bought through iOS.
