Bitcoin zooms past $120,000 to reach all-time high. Here's why
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Economic Times
11 minutes ago
- Economic Times
S&P 500, Nasdaq open at record high after inflation data; focus on bank earnings
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stocks are drifting mostly higher following some mixed data on inflation and profits at some of the biggest U.S. banks. The S&P 500 was up 0.4% in early trading Tuesday and sitting a bit above its all-time high set on Thursday. The Dow Jones Industrial Average was down 42 points, and the Nasdaq composite was up 0.8%.Nvidia helped lead tech stocks higher after the chip giant won approval from the U.S. government to sell its advanced H20 computer chips used for artificial intelligence to China. Citigroup rose after reporting profits that beat were mostly higher in Europe on Monday following gains in Asian markets despite lingering worries about President Donald Trump's latest updates to his in tech giant Nvidia jumped 5.2% in pre-market trading after its CEO said the Trump administration will let it sell to China its advanced H20 chips used to develop artificial DAX gained 0.3% to 24,222.95 and the CAC 40 in Paris was up less than 0.1% at 7,812.14. Britain's FTSE 100 was nearly unchanged at 8, future for the S&P 500 gained 0.4% while that for the Dow Jones Industrial Average slipped 0.1%.In Asian trading, Japan's benchmark Nikkei 225 rose 0.6% to finish at 39,678.02.A nationwide election for the upper house of Japan's Parliament, set for Sunday, also added to the wait-and-see attitude among market players. Analysts say the ruling pro-business Liberal Democratic Party may face an uphill battle and will likely need coalition partners, including possibly new ones, to keep its grip on S&P/ASX 200 added 0.7% to 8,630.30. South Korea's Kospi edged up 0.4% to 3,215.28. Hong Kong's Hang Seng rose 1.6% to 24,590.12, while the Shanghai Composite dipped 0.4% to 3,505.00, after the government reported that China's economy slowed in the last quarter as Trump's trade war data showed the economy expanded at a robust 5.2% annual pace, compared with 5.4% annual growth in January-March. In quarterly terms, the world's second-largest economy expanded by 1.1%, according to government worries about the damage Trump's tariffs may have on the region's exporters, speculation continues that he may ultimately back down on them. They don't take effect until Aug. 1, which leaves time for more Wall Street Monday, the S&P 500 edged up by 0.1%, the Dow added 0.2% and the Nasdaq composite rose 0.3%.If Trump were to enact all his proposed tariffs on Aug. 1, they would raise the risk of a recession. That would not only hurt American consumers but also raise the pressure on the U.S. government's debt level relative to the economy's size, particularly after Washington approved big tax cuts that will add to the the time being, the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things latest reading on inflation across the U.S. comes Tuesday, with economists expecting it to show inflation accelerated to 2.6% last month from 2.4% in are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on a distributor of industrial and construction supplies, reported Monday a stronger profit for the latest quarter than analysts expected. Its stock rose 2.9%, though it also said that market conditions remain of Kenvue rose 2.3% in shaky trading after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, 'including ways to simplify the company's portfolio and how it operates,' according to board chair Larry of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is Crypto Week in Washington, where Congress will consider several bills to 'make America the crypto capital of the world.'In energy trading, benchmark U.S. crude fell 18 cents to $66.80 a barrel. Brent crude, the international standard, declined 9 cents to $69.12 a currency trading, the U.S. dollar inched up to 147.73 Japanese yen from 147.72 yen. The euro cost $1.1685, up from $1.1666.
India Today
12 minutes ago
- India Today
Can you hit Moscow? Trump urged Zelenskyy to strike deep inside Russia: Report
US President Donald Trump privately urged Ukraine to ramp up attacks deep inside Russian territory and even asked President Volodymyr Zelenskyy if Kyiv could strike Moscow if supplied with long-range made the comments during a call with Zelenskyy on July 4, a day after he spoke with Russian President Vladimir Putin, Financial Times reported, citing two sources familiar with the also reportedly discussed the potential delivery of US-made ATACMS missiles to Ukraine. Trump later expressed disappointment with his conversation with Putin, saying the Russian leader did not seem interested in ending the war in comes weeks after the Pentagon halted arms deliveries to from the Oval Office alongside NATO Secretary-General Mark Rutte, Trump confirmed that billions of dollars' worth of US-made weapons would soon be sent to NATO allies."We are going to produce top-of-the-line weapons, and they will go to NATO," Trump told has also been putting pressure on Russia to end its war on Ukraine and issued a warning to Putin, threatening "severe" tariffs if a ceasefire is not reached within the next 50 days."If there's no deal in 50 days, we'll impose secondary tariffs - 100 percent. That's how it's going to be," he the military aid being considered is a set of Patriot air defence systems that Ukraine has been urgently requesting. Trump said a full package, including the missile batteries, would be sent shortly."There's one country with 17 Patriots ready for shipment," he said. "We're working on a deal to send those - either all or a significant portion - to the war zone in Ukraine," Trump added.- EndsTune InMust Watch
Mint
13 minutes ago
- Mint
BlackRock's assets hit record $12.53 trillion: What's fuelling the surge?
BlackRock, the world's largest asset manager, announced a significant surge in its assets under management (AUM), reaching a new high of $12.53 trillion in the second quarter of 2025. This AUM growth, up from $10.65 trillion last year, is primarily driven by a global market rally, fuelled by the prospect of trade deals and interest-rate cuts from the US Federal Reserve, brushing aside earlier tariff-related jitters. The shares of the company rose 1.1 per cent in premarket trading after the announcement, reported Bloomberg. The second quarter witnessed a sharp reversal from early April's market turbulence, led by the US trade and geopolitical policy concerns that battered confidence and fuelled recession fears. A strong labour market, healthy consumer spending and hopes for an easing of trade tensions by President Donald Trump pushed major US indices to all-time highs through the end of June. The benchmark S&P 500 index rose 10.57 per cent during this period after escaping bear market territory. BlackRock's assets under management rose to $12.53 trillion in the quarter ended June 30, from $10.65 trillion last year. Despite the overall AUM growth, the company's long-term net inflows fell to $46 billion in the quarter, down by 9.8 per cent. As equities rallied, fixed-income products saw outflows of $4.66 billion, BlackRock told Bloomberg. The company's total revenue, most of which is earned as a percentage of assets under management, rose to $5.42 billion from $4.81 billion a year ago. The quarter also saw an increased scrutiny of US treasuries. The benchmark 10-year yield recorded one of its biggest weekly increases since 2001 following the "Liberation Day" shock. BlackRock's fixed-income executives expressed concerns about the potential impact of ballooning US debt on appetite for longer-dated treasuries and the dollar, which recorded its worst first-half performance this year since 1973. However, a weaker dollar tends to boost returns from foreign-currency assets, contributing a positive foreign exchange impact of $171.52 billion in the quarter, compared with a $35.45 billion downward revision in the prior year. The "Big Beautiful Bill" recently passed by the Trump administration is projected to add over $3 trillion to the country's $36.2 trillion debt, putting more pressure on treasuries and the dollar. The low-cost investments leader is actively pivoting towards private markets and tech-enabled portfolio solutions to offset slowing growth in exchange-traded funds caused by intense competition and fee compression as the market matures. Private markets saw inflows of $6.82 billion in the quarter. The New York-based firm aims for its private markets and technology businesses to account for 30 per cent or more of its total revenue by 2030, up from 15 per cent in 2024. As part of this push, BlackRock last month announced plans to include private assets in its retirement plans, a segment that manages over half of the company's total money. This move mirrors similar initiatives taken by its peer, State Street, which also launched a similar offering along with alternative asset manager Apollo in April, the news agency reported. Technology services revenue rose 26.3 per cent to $499 million, reflecting the first full quarter of data provider Preqin, which BlackRock bought in a $3.2 billion deal last year. The deal closed on March 3, 2025.
