India markets regulator allows Jane Street to restart trading, sources say
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Reuters
27 minutes ago
- Reuters
Wall St mixed, chip majors wobble after China sales deal
Aug 11 (Reuters) - Wall Street's main indexes were choppy on Monday as investors prepared for a busy week and chip companies seesawed after agreeing to share a portion of revenue from China sales with the U.S. under a trade policy shift from the Trump administration. Nvidia (NVDA.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab reversed premarket losses and were last up 0.2% and 2.6%, respectively, in volatile trading. A U.S. official told Reuters the semiconductor majors had agreed to give the United States government 15% of revenue from sales of their advanced chips to China. Analysts said the levy could hit the chipmakers' margins and set a precedent for Washington to tax critical U.S. exports, potentially extending beyond semiconductors. "A lot of people are not sure what to make of that because this is the first time in history that it's ever happened where an administration wants a percentage of the profits from a publicly traded company," said Michael Matousek, head trader at U.S. Global Investors Inc. Enabling semiconductor sales to China was an integral issue in the agreement Washington and Beijing signed earlier this year, which expires on Tuesday. U.S. President Donald Trump lauded China's cooperation in talks at a White House news conference earlier on Monday. At 11:59 a.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab fell 91.43 points, or 0.21%, to 44,084.19, the S&P 500 (.SPX), opens new tab gained 6.87 points, or 0.11%, to 6,396.39, and the Nasdaq Composite (.IXIC), opens new tab rose 60.17 points, or 0.28%, to 21,510.19. Six of the 11 major S&P 500 sectors slipped, while healthcare (.SPXHC), opens new tab gained 0.4%, recovering some of the 5% declines it had logged so far this year. Traders took a step back after last week's rally helped the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab log their strongest weekly performance in more than a month. On Monday, the tech-heavy Nasdaq was on track for its third consecutive record closing high, if gains hold. Investors expect that the recent shakeup at the U.S. Federal Reserve and signs of labor market weakness could nudge the central bank into adopting a dovish monetary policy stance later this year, fueling much of the optimism. July's consumer inflation report is due on Tuesday and investors currently anticipate that the Fed will lower borrowing costs by about 60 basis points by December, according to data compiled by LSEG. Citigroup and UBS Global Research became the latest brokerages to raise their year-end targets for the benchmark S&P 500. Micron Technology (MU.O), opens new tab raised its forecast for fourth-quarter revenue and adjusted profit, sending its shares rising 3%. Intel (INTC.O), opens new tab was up 5.4% after a report said CEO Lip-Bu Tan was expected to visit the White House. Trump had called for his removal last week. TKO (TKO.N), opens new tab jumped 7.5% after Paramount (PSKY.O), opens new tab bought the rights from the live entertainment company to exclusively distribute UFC events for the next seven years in a deal valued at around $7.7 billion. Trump is expected to meet Russia's President Vladimir Putin on Friday to try and negotiate an end to the war on Ukraine. Declining issues outnumbered advancers by a 1-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.05-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and 14 new lows, while the Nasdaq Composite recorded 60 new highs and 82 new lows.
BBC News
29 minutes ago
- BBC News
Markets open flat as US-China deal approaches
As the markets open flat, Steven Schoenfeld, CEO of Market-Vector Indexes, explains that chip giants Nvidia and AMD are 'essentially becoming a business partner' with the Trump administration. Schoenfeld predicts that with the US-China trade deal deadline approaching, the market reaction will become clear in a few days.
Reuters
an hour ago
- Reuters
India pushes ahead with US trade talks despite tariff hike to 50%
NEW DELHI/MUMBAI, Aug 11 (Reuters) - India hopes trade talks with the U.S. will continue even as the U.S. hiked tariffs on its exports to 50% due to New Delhi's purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs. Last week, President Donald Trump imposed an additional 25% tariff on Indian goods due to Delhi's continued purchase of Russian oil, bringing the total duty on Indian exports to the U.S. to 50% - among the highest of any American trading partner. "Our relations with the U.S. are multi-dimensional, and should not be seen only through the prism of trade," one of the lawmakers said, citing the foreign secretary's briefing to the panel. Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue. "As of now, there is no change in the existing plans for the sixth round," he said, referring to a scheduled visit of a U.S. trade delegation to New Delhi from August 25. Earlier, junior finance minister, Pankaj Chaudhary told lawmakers that about 55% of India's merchandise exports to the United States would covered by the new tariff. His estimate factored in the initial 25% levy, he said in a written response to a lawmaker's query. "The Department of Commerce is engaged with all stakeholders" for their assessment of the situation, Chaudhary added. Goods trade between the United States and India - the world's biggest and fifth-largest economies, respectively - was worth about $87 billion in the last fiscal year, according to Indian government estimates. The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir's reported remarks on nuclear threats in South Asia during a visit to the U.S. "Nuclear blackmail will not work with India, and no party, or representative disagrees with this view," Tharoor said, adding the external affairs ministry had condemned the comments.
