Why the market is exploding higher on the trade news
This may be just what the market needed to get over the "liberation day" hump. Stock futures roared higher Monday after the U.S. and China agreed to cut tariffs targeting their goods for 90 days. Contracts tied to the Dow Jones Industrial Average rallied more than 1,000 points, or 2.4%. S & P 500 and Nasdaq-100 futures popped 2.9% and 3.8%, respectively. The reduction brings the effective U.S. tariff on Chinese imports to 30%, while China lowered its levy on American products to 10%. Treasury Secretary Scott Bessent also told CNBC's " Squawk Box " on Monday that he expects to meet with Chinese officials again in the " next few weeks " to discuss further trade deal details. "While the lower tariffs are technically only in place for 90 days, and 30% is still quite large on an absolute basis, the news is clearly an upside positive surprise," wrote Adam Crisafulli, founder of Vital Knowledge. @SP.1 5D mountain S & P 500 futures rally Crisafulli pointed out that this reduction is steeper than traders anticipated. At one point, Trump teased a possible 80% tariff rate on Chinese imports. Bloomberg News had also reported that the administration was mulling over a levy below 60%. Should Monday's strong gains hold, the S & P 500 will have erased its post-April 2 losses and get loser to erasing its year-to-date losses. Traditional safe havens such as gold and Treasurys sold off as investors moved into equities Monday. Gold futures dropped almost 3% to around $3,200 per ounce. The benchmark 10-year Treasury note yield surged about 8 basis points to 4.467% (yields move inversely to prices). Tech and retailers vulnerable to higher tariffs on China soared. Best Buy traded 10% higher, while Apple and Nvidia gained 6% and 4%, respectively. But Crisafull warned investors should remain cautious. "The trade détente between Washington and Beijing is clearly an upside surprise, but we continue to think the overall tariff burden will be significantly higher going forward than it was in January, placing stagflationary pressures on the domestic economy," he said. He added that the S & P 500 could surge back above 6,000 if the White House "simply imposes a 10% reciprocal tariff on the world and moves on from its trade war by July," but added that seems unlikely.
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Yahoo
16 minutes ago
- Yahoo
MarketAxess Announces Trading Volume Statistics for May 2025
44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV Record Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV NEW YORK, June 05, 2025--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for May 2025.1 Select May 2025 Highlights* (See tables 1-1C and table 2) The MarketAxess platform's strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading. We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May. Client-Initiated Strong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May. Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.7 billion and $2.7 billion, respectively, since launch. Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $28.3 billion with estimated market share of 2.6% in May. Portfolio Trading Year-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.2 90% of all portfolio trading ADV was executed over X-Pro in May. Dealer-Initiated Dealer-initiated ADV increased 41% to $1.8 billion. May 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix. Total credit FPM was flat month-over-month. The decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month. *All comparisons versus May 2024 unless noted. Table 1: MarketAxess ADV3 Month % Change May-25 Apr-25 May-24 YoY MoM MKTX ADV ($ millions) Credit U.S. High-Grade $ 7,649 $ 8,595 $ 6,122 25 % (11 ) % U.S. High-Yield 1,602 1,968 1,320 21 (19 ) Emerging Markets 3,615 4,273 3,074 18 (15 ) Eurobonds 2,870 2,785 2,274 26 3 Other Credit Products3 612 739 582 5 (17 ) Municipal Bonds 611 737 577 6 (17 ) Total MKTX Credit ADV $ 16,348 $ 18,360 $ 13,372 22 (11 ) Rates U.S. Government Bonds $ 28,293 $ 37,935 $ 18,072 57 % (25 ) % Agencies and Other Government Bonds 1,589 1,141 728 118 39 Total MKTX Rates ADV $ 29,882 $ 39,076 $ 18,800 59 (24 ) Total MKTX Trading ADV $ 46,230 $ 57,436 $ 32,172 44 (20 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1A: Market ADV Month % Change May-25 Apr-25 May-24 YoY MoM MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 39,652 $ 44,647 $ 32,864 21 % (11 ) % U.S. High-Yield TRACE 13,171 14,565 10,313 28 (10 ) Total U.S. Credit TRACE 52,823 59,212 43,177 22 (11 ) Municipal Bonds MSRB 10,306 15,427 7,123 45 (33 ) Rates U.S. Government Bonds TRACE $ 1,106,252 $ 1,354,981 $ 830,586 33 % (18 ) % Agency TRACE 4,032 4,064 2,982 35 (1 ) U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1B: Estimated Market Share5 Month Bps Change May-25 Apr-25 May-24 YoY MoM MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)5 19.9% 19.4% 19.2% +70 bps +50 bps % of U.S. High-Grade TRACE (excl. SD PT)5 19.3% 19.3% 18.6% +70 bps – bps U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)5 12.4% 14.1% 13.1% (70) bps (170) bps % of U.S. High-Yield TRACE (excl. SD PT)5 12.2% 13.5% 12.8% (60) bps (130) bps Other Credit Products % of Municipal Bonds MSRB 5.9% 4.8% 8.1% (220) bps +110 bps Rates % of U.S. Government Bonds TRACE 2.6% 2.8% 2.2% +40 bps (20) bps Table 1C: Strategic Priorities ADV2 Month % Change May-25 Apr-25 May-24 YoY MoM STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,070 $ 3,751 $ 2,182 41 % (18 ) % Emerging Markets Block Trading 1,451 1,579 1,173 24 (8 ) Eurobonds Block Trading 637 497 294 116 28 Portfolio Trading Channel Total MKTX Portfolio Trading2 $ 1,455 $ 1,790 $ 853 71 % (19 ) % Total MKTX U.S. Credit Portfolio Trading2 1,014 1,441 734 38 (30 ) Total U.S. Credit TRACE Portfolio Trading2 6,041 7,349 4,164 45 (18 ) Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,781 $ 1,916 $ 1,260 41 % (7 ) % Other Open Trading $ 4,777 $ 5,739 $ 3,924 22 % (17 ) % AxessIQ 189 181 138 37 4 U.S. Trading Days4 21 21 22 U.K. Trading Days4 19 20 20 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change May-25 Apr-25 May-24 YoY MoM AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 138 $ 138 $ 148 (7 ) % 0 % Total Rates 3.75 3.76 4.40 (15 ) (0 ) 1 The FPM for total credit and total rates for May 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE "flag," the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share. 3 "Other Credit Products" includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 5 "SD PT" is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company's website at Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess. Table 2: Trading Volume Detail Month Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 160,636 $ 7,649 $ 134,675 $ 6,122 19 % 25 % High-yield 33,636 1,602 29,044 1,320 16 21 Emerging markets 75,925 3,615 67,625 3,074 12 18 Eurobonds 54,538 2,870 45,471 2,274 20 26 Other credit 12,850 612 12,836 582 - 5 Total credit trading1 337,585 16,348 289,651 13,372 17 22 Rates U.S. government bonds2 594,163 28,293 397,586 18,072 49 57 Agency and other government bonds1 30,329 1,589 14,744 728 106 118 Total rates trading 624,492 29,882 412,330 18,800 51 59 Total trading $ 962,077 $ 46,230 $ 701,981 $ 32,172 37 44 Number of U.S. Trading Days3 21 22 Number of U.K. Trading Days4 19 20 Year-to-Date Ended May 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 802,448 $ 7,791 $ 735,624 $ 7,006 9 % 11 % High-yield 164,952 1,601 145,839 1,389 13 15 Emerging markets 405,938 3,941 363,206 3,459 12 14 Eurobonds 258,158 2,531 216,884 2,085 19 21 Other credit 64,848 630 49,097 467 32 35 Total credit trading1 1,696,344 16,494 1,510,650 14,406 12 14 Rates U.S. government bonds2 2,972,889 28,863 1,873,806 17,846 59 62 Agency and other government bonds1 119,090 1,167 61,582 591 93 97 Total rates trading 3,091,979 30,030 1,935,388 18,437 60 63 Total trading $ 4,788,323 $ 46,524 $ 3,446,038 $ 32,843 39 42 Number of U.S. Trading Days3 103 105 Number of U.K. Trading Days4 102 104 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. View source version on Contacts INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc.+1 212 813 6313sdavidson2@ MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc.+1 917 267 1232mmistry@ Sign in to access your portfolio
Newsweek
17 minutes ago
- Newsweek
Want to Improve Employee Financial Health? Pay Them More Often
Spain and Portugal top the list of desired destinations for digital nomads and aspiring expats for more than a few good reasons. They have delicious food, temperate climates, fascinating art and architecture, and relatively low costs of living compared to much of the continent. Their worker-friendly employment policies include over a month of paid time off for vacation and public holidays, as well as four months of paid parental leave for both mothers and fathers. Particularly enticing may be the bonus paychecks for employees in both June and December to help families enjoy the summer and winter holidays. But that's not the only payroll quirk that makes these countries unique, and the other one might make some wannabe Madrileños or Lisboetas think twice. If you work for an employer based in either country, you will only be paid once every month. It's a legal requirement that's common not only throughout much of Europe, but also Central and South America. An angled view of a new $100 bill laying on a bed of cash. An angled view of a new $100 bill laying on a bed of cash. Getty Images For those of us accustomed to the more common biweekly pay cycle in the U.S., it's easy to imagine the challenges this may present for family budgets—especially for workers on the lower end of the income spectrum. But monthly pay is more common in the U.S. than you might think. Nearly 11 million American full-time workers still get paid this way, including many public sector employees. But whether you're in Porto or Pittsburgh, there's little reason for unnecessary delays in giving people money they've already earned. Academic research has shown how longer waiting periods for payment hurt workers and shorter ones help them. For example, one study found that retired couples who receive their individual monthly Social Security payments on staggered weeks fare better economically than those who get them at the same time. Another study found that higher pay frequency not only improves household financial liquidity, but it can even reduce credit card borrowing between pay days. There's little doubt that higher inflation, increased housing costs, and other economic factors have exacerbated these problems for many families. All this raises an important question: in an era in which transactions occur instantly, why should one's pay be different? Frankly, why should workers have to wait at all? We recently conducted survey research to better understand the current frequency of pay for full-time workers in the U.S., as well as how decreasing waiting periods between paychecks might help them and their families. We found that over three-quarters of people are paid only once or twice a month, and 8 percent of workers are still being paid monthly. There's a strong sense that this system isn't working for workers and their families. More than half would like to be paid at least once a week. Roughly 7-in-10 individuals in households making less than $75,000 said the same, as did a similar proportion of those in families enduring challenging financial circumstances. Half of workers under 30, and nearly two-thirds of Black and Latino workers, said that increasing their pay frequency would be very or extremely beneficial to their mental wellness. Broad cross-sections also felt that more frequent pay would help them better manage their bills and expenses. To anyone who has worked for a paycheck, none of these findings should be a shock. But what might surprise you is that it's quite easy for companies to pay their people more frequently. It's an outdated mindset, not technology, that keeps paychecks tied to antiquated pay cycles. For example, my company continuously calculates take-home pay, taxes, health care premiums, retirement contributions, and other withholdings for our customers and their employees, regardless of the duration between pay cycles. We also give our customers the ability to offer their employees in U.S., Canada, and the U.K. the option to get paid at the end of every day or shift worked. The argument that more frequent paychecks can help workers isn't new. In 1886, former Governor George Robinson signed the groundbreaking Massachusetts Wage Payment Act, which required employers to pay workers at least once a week. Today, there are pay frequency laws in every state except Florida and Alabama. This includes a requirement in Michigan, New York, and seven other states for workers in certain industries to be paid weekly. At a moment when workers face higher costs of living and other economic struggles are real and rising, it's time for a new paradigm shift. This is especially true for the 44 percent of workers in the U.S. who don't make a living wage. Increasing pay frequency can't solve every ill, but it is a fast and free way to give them greater agency, choice, and flexibility in managing their family's every day and unplanned expenses. It's their money, they've earned it, and they shouldn't have to wait. Jason Rahlan is the global head of sustainability and impact at Dayforce. He has previously held a number of roles in the public, nonprofit, and private sectors. This includes time at Chobani, the Human Rights Campaign (HRC), the U.S. Department of State, and the U.S. House of Representatives. He is currently a member of the New York Stock Exchange (NYSE) Sustainability Advisory Council as well as a board member for the Center for Family Support (CFS) Foundation. The views expressed in this article are the writer's own.
Yahoo
18 minutes ago
- Yahoo
Jim Cramer Says, 'Jensen Makes a Very Compelling Case When He Argues That We Should Let NVIDIA (NVDA) Sell Those Chips to the Chinese'
We recently published a list of . In this article, we are going to take a look at where NVIDIA Corporation (NASDAQ:NVDA) stands against other stocks that Jim Cramer discussed recently. A caller inquired about Cramer's thoughts on NVIDIA Corporation (NASDAQ:NVDA). Here is what he said: 'I think Jensen makes a very compelling case when he argues that we should let NVIDIA sell those chips to the Chinese because otherwise China will indeed invest much more heavily in their own semiconductor industry. Wouldn't it be better to blunt China's efforts to leapfrog us and keep them dependent on our chips, the same way we're depending on their rare earth minerals? Sadly, the White House says no. I think it makes a ton of sense.' NVIDIA (NASDAQ:NVDA) develops advanced computing, graphics, and networking solutions, offering products and software for AI, gaming, data centers, robotics, and automotive technologies. On May 13, Cramer said that President Trump's policy shift initially hurt the company, but later boosted its stock by opening up major new markets, as he said: 'As those who shorted the market now realize, the President's pivot was wildly bullish for the very companies that had previously been hit the hardest. Take NVIDIA. On the one hand, Trump effectively forced NVIDIA to take a $5.5 billion charge for chips it could no longer sell to China. On the other hand, he's now out there helping NVIDIA sell chips to some of the biggest clients in the world, the Gulf monarchies. NVIDIA stock has made a historic comeback [buy, buy, buy]… It's a big deal for the Saudis because they weren't on the arbitrary, capricious list of 18 friendly countries that President Biden approved to buy NVIDIA's best technology. Now, instead of 18 friends, we got a whole bunch of friends that can buy NVIDIA's top chips. I see many new mini hyperscale or sovereign AI countries developing.' READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
