Chinese Shares Fall in Hong Kong on New Trade Frictions With US
Chinese shares traded in Hong Kong fell on Monday, as heightened US-China trade tensions jolted market sentiment.
The Hang Seng China Enterprises Index dropped as much as 2%, after a gauge of Chinese stocks traded in the US fell 2.7% on Friday. The onshore market is closed for holiday on Monday.
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Yahoo
25 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise as labor data offsets OECD's tariff warning
US stocks rose higher on Tuesday as positive economic data offset the OECD warned of economic damage from President Trump's tariffs. The S&P 500 (^GSPC) rose 0.4% in mid-morning trade, while the Dow Jones Industrial Average (^DJI) moved about 0.3% higher. The tech-heavy Nasdaq Composite (^IXIC) gained around 0.8% on the heels of an upbeat start to the week for the major gauges. Small caps also saw a boost with the Russell 2000 (^RUT) climbing over 1%. A JOLTS update showed that job openings unexpectedly rose in April as tariff hikes took effect. The hiring rate also rose, signaling the jobs market remains in a stable position. With 7.39 million jobs open at the end of the month, the report sets the stage for the all-important May jobs report, which is set for release on Friday. Earlier on Tuesday, OECD slashed its outlook for global economic growth, citing the impact of Trump's trade policy on investment and confidence. The US economy will slow particularly sharply, the OECD forecast, going from 2.8% growth last year to only 1.6% this year and 1.5% in 2026. In another sign of trade war taking a toll, China's manufacturers suffered their worst slump since 2022 in May. Tariff hikes had an impact on smaller exporters despite the US-China trade truce, a private survey found. Countries need to act fast to seal deals to lower trade barriers, the OECD urged. Trump is reportedly pushing trade partners for their "best offers" by Wednesday, as deadlines for the implementation of "reciprocal" tariffs loom. But progress in trade talks with key nations seems to have stalled as US-China tensions simmer amid hopes for a call between Trump and President Xi as soon as this week. Read more: The latest on Trump's tariffs Meanwhile, with nearly all of the S&P 500 companies having finished reporting their results, earnings season is coming to an end. On Tuesday, CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. Sign in to access your portfolio
Travel Weekly
28 minutes ago
- Travel Weekly
Aircraft delivery delays are stunting growth, but there's a silver lining
NEW DELHI, India -- The backlog for commercial airline orders is currently more than 17,000 planes, according to IATA, as aircraft makers continue to fall short of production targets. It's a backlog of 14 years at current production rates. The backlog is constraining industry growth and increasing the age of fleets, officials said during IATA's Annual General Meeting here. The industry's average aircraft age has increased from 13 years in 2015 to 15 years currently. This year, Boeing and Airbus had forecast 1,430 deliveries, according to airline industry data company Cirium, but through the first four months of the year they had delivered just 359 planes. "It's very unpredictable. You order an aircraft today, your guess is as good as mine when you're going to receive it," said Nick Careen, IATA's senior vice president of operations, safety and security. The industry's annual fleet replacement rate is just half of the 5% to 6% that it was in 2020, IATA director general Willie Walsh said. Walsh criticized manufacturers for not making faster progress on supply chain problems that he said could last until the end of the decade. A variety of issues have contributed to supply challenges, including a shortage of skilled labor and titanium sourcing problems, Careen added. A shortage of spare parts and aircraft grounded for inspections of Pratt & Whitney GTF engines have exacerbated the shortfall. IndiGo CEO Peter Elbers, whose airline currently has a narrowbody order book of nearly 1,000 Airbus planes plus 60 widebody orders, said delivery delays and shortfalls are hurting the airline industry. "I would say it's a missed opportunity in terms of addressing the market demand," he said. But not everybody agrees. Steve Saxon, a partner and aviation industry analyst for the consulting firm McKinsey, said delivery delays have been a blessing for airlines, driving up yields and profitability by preventing them from growing too fast. Last year, the airline industry recorded a net profit of $32.4 billion, according to IATA. Walsh, too, acknowledged that the slow delivery pipeline has a silver lining. Last year, airlines filled 84% of their seats, a record. "I didn't think I'd ever see load factors at that level," he said.
Yahoo
44 minutes ago
- Yahoo
Job openings rise more than expected in April despite tariff escalation
Job openings unexpectedly rose in the first month that a wide swath of President Trump's tariffs went into effect. After hovering near a four-year low in March, new data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from the 7.2 million seen the month prior. The data comes as investors closely watch for signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in April. The April survey included data from the period immediately following Trump's announcement of steep reciprocal tariffs for a host of countries. Those were put on a 90-day pause on April 9, with 10% baseline tariffs remaining in effect. The data doesn't include any reaction to the US-China tariff pause in May. "A rise in job openings at the end of April shows labor demand is far from collapsing in the wake of policy uncertainty, but the modest gain still leaves openings declining on trend," Wells Fargo senior economist Sarah House wrote in a note to clients on Tuesday. "Turnover remains subdued as businesses await more clarity on the outlook and workers await more job opportunities." The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4%. In one sign that workers may be getting more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. Both the hiring and quits rates are hovering near decade lows, reflecting what economists have described as a labor market in "stasis." Wolfe Research chief economist Stephanie Roth told Yahoo Finance that the slight tick down in quits in April shows "at the margin, a cooling off economy." The latest JOLTs data comes as market participants continue to closely watch economic data for any signs that Trump's tariff escalation is weighing on growth data. In April, tariffs appeared to have minimal impact on the headline labor market numbers as the US economy added 177,000 nonfarm payrolls while the unemployment rate held flat at 4.2%. Economists don't expect Friday's May jobs report to show significant signs of cooling either. Consensus expects a modest higher slowdown with nonfarm payroll additions projected to fall to 130,000 in May while the unemployment rate once again held flat at 4.2%. Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
