S&P 500, Nasdaq close at records on jobs data
Chip-maker Nvidia also rose closer to a $US4 trillion ($A6.1 trillion) valuation on Thursday.
The S&P 500 and Nasdaq closed at record highs, notching a third week of gains. The Dow closed up 0.77 per cent, near its own record.
Chipmaker Nvidia rose 1.3 per cent, putting its market capitalisation at $US3.89 trillion ($A5.92 trillion). The company is close to overtaking Apple and becoming the world's most valuable company in history.
Trading volume was light in a shorter session on the eve of Friday's US Independence Day holiday.
"We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper, Chief Market Strategist at Man Group in New York.
"But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."
The rally has been fueled by retail investors, who are largely ignoring the inflationary pressure on the horizon, uncertainty around tariffs and "are focused on the tangible, which is today's jobs report," she said.
The S&P 500 gained 51.94 points, or 0.83 per cent, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02 per cent, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77 per cent, to 44,828.53.
Data showed nonfarm payrolls increased by 147,000 jobs last month, 33 per cent more than the 110,000 jobs forecasted by economists polled by Reuters. Unemployment fell to 4.1 per cent last month, a better result than the 4.3 per cent expected.
Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68 per cent, according to CME Group's Fedwatch tool, down from 74 per cent a week ago.
Republicans in the US House of Representatives advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
The legislation is expected to add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion ($A55.1 trillion) debt over the next decade, according to nonpartisan analysts.
Large tax cuts and increased government spending can boost demand in the economy. This can add inflationary pressure, especially when the economy shows signs of strength such as the latest job report.
"Some data points like the job report are positive and charming, but if we just take a step back, the picture is not that great," said Alex Morris, CEO of F/m Investments, which manages $US18 billion ($A27 billion) in Washington, D.C.
For the week, the S&P 500 gained 1.72 per cent, the Nasdaq rose 1.62 per cent, and the Dow climbed 2.3 per cent. The Russell 2000 Small Cap index rose 3.41 per cent.
"It's kind of perplexing," Morris said. "This feels like that last bull rush before all of the data really comes together."
Tripadvisor climbed 16.7 per cent after the Wall Street Journal reported activist investor Starboard Value had built a more than nine per cent stake in the online travel company.
Datadog jumped 14.9 per cent after the cloud security firm was set to replace Juniper Networks on the S&P 500.
When markets closed at the earlier time of 1pm (local time), trading volume on US exchanges was 10.85 billion shares, much lighter than the 17.82 billion average for the full session over the last 20 trading days.
Wall Street has rallied to record highs after a surprisingly strong US jobs report cheered investors, who shrugged off dimming chances for a US interest rate cut this month.
Chip-maker Nvidia also rose closer to a $US4 trillion ($A6.1 trillion) valuation on Thursday.
The S&P 500 and Nasdaq closed at record highs, notching a third week of gains. The Dow closed up 0.77 per cent, near its own record.
Chipmaker Nvidia rose 1.3 per cent, putting its market capitalisation at $US3.89 trillion ($A5.92 trillion). The company is close to overtaking Apple and becoming the world's most valuable company in history.
Trading volume was light in a shorter session on the eve of Friday's US Independence Day holiday.
"We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper, Chief Market Strategist at Man Group in New York.
"But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."
The rally has been fueled by retail investors, who are largely ignoring the inflationary pressure on the horizon, uncertainty around tariffs and "are focused on the tangible, which is today's jobs report," she said.
The S&P 500 gained 51.94 points, or 0.83 per cent, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02 per cent, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77 per cent, to 44,828.53.
Data showed nonfarm payrolls increased by 147,000 jobs last month, 33 per cent more than the 110,000 jobs forecasted by economists polled by Reuters. Unemployment fell to 4.1 per cent last month, a better result than the 4.3 per cent expected.
Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68 per cent, according to CME Group's Fedwatch tool, down from 74 per cent a week ago.
Republicans in the US House of Representatives advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
The legislation is expected to add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion ($A55.1 trillion) debt over the next decade, according to nonpartisan analysts.
Large tax cuts and increased government spending can boost demand in the economy. This can add inflationary pressure, especially when the economy shows signs of strength such as the latest job report.
"Some data points like the job report are positive and charming, but if we just take a step back, the picture is not that great," said Alex Morris, CEO of F/m Investments, which manages $US18 billion ($A27 billion) in Washington, D.C.
For the week, the S&P 500 gained 1.72 per cent, the Nasdaq rose 1.62 per cent, and the Dow climbed 2.3 per cent. The Russell 2000 Small Cap index rose 3.41 per cent.
"It's kind of perplexing," Morris said. "This feels like that last bull rush before all of the data really comes together."
Tripadvisor climbed 16.7 per cent after the Wall Street Journal reported activist investor Starboard Value had built a more than nine per cent stake in the online travel company.
Datadog jumped 14.9 per cent after the cloud security firm was set to replace Juniper Networks on the S&P 500.
When markets closed at the earlier time of 1pm (local time), trading volume on US exchanges was 10.85 billion shares, much lighter than the 17.82 billion average for the full session over the last 20 trading days.
Wall Street has rallied to record highs after a surprisingly strong US jobs report cheered investors, who shrugged off dimming chances for a US interest rate cut this month.
Chip-maker Nvidia also rose closer to a $US4 trillion ($A6.1 trillion) valuation on Thursday.
The S&P 500 and Nasdaq closed at record highs, notching a third week of gains. The Dow closed up 0.77 per cent, near its own record.
Chipmaker Nvidia rose 1.3 per cent, putting its market capitalisation at $US3.89 trillion ($A5.92 trillion). The company is close to overtaking Apple and becoming the world's most valuable company in history.
Trading volume was light in a shorter session on the eve of Friday's US Independence Day holiday.
"We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper, Chief Market Strategist at Man Group in New York.
"But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."
The rally has been fueled by retail investors, who are largely ignoring the inflationary pressure on the horizon, uncertainty around tariffs and "are focused on the tangible, which is today's jobs report," she said.
The S&P 500 gained 51.94 points, or 0.83 per cent, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02 per cent, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77 per cent, to 44,828.53.
Data showed nonfarm payrolls increased by 147,000 jobs last month, 33 per cent more than the 110,000 jobs forecasted by economists polled by Reuters. Unemployment fell to 4.1 per cent last month, a better result than the 4.3 per cent expected.
Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68 per cent, according to CME Group's Fedwatch tool, down from 74 per cent a week ago.
Republicans in the US House of Representatives advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
The legislation is expected to add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion ($A55.1 trillion) debt over the next decade, according to nonpartisan analysts.
Large tax cuts and increased government spending can boost demand in the economy. This can add inflationary pressure, especially when the economy shows signs of strength such as the latest job report.
"Some data points like the job report are positive and charming, but if we just take a step back, the picture is not that great," said Alex Morris, CEO of F/m Investments, which manages $US18 billion ($A27 billion) in Washington, D.C.
For the week, the S&P 500 gained 1.72 per cent, the Nasdaq rose 1.62 per cent, and the Dow climbed 2.3 per cent. The Russell 2000 Small Cap index rose 3.41 per cent.
"It's kind of perplexing," Morris said. "This feels like that last bull rush before all of the data really comes together."
Tripadvisor climbed 16.7 per cent after the Wall Street Journal reported activist investor Starboard Value had built a more than nine per cent stake in the online travel company.
Datadog jumped 14.9 per cent after the cloud security firm was set to replace Juniper Networks on the S&P 500.
When markets closed at the earlier time of 1pm (local time), trading volume on US exchanges was 10.85 billion shares, much lighter than the 17.82 billion average for the full session over the last 20 trading days.
Wall Street has rallied to record highs after a surprisingly strong US jobs report cheered investors, who shrugged off dimming chances for a US interest rate cut this month.
Chip-maker Nvidia also rose closer to a $US4 trillion ($A6.1 trillion) valuation on Thursday.
The S&P 500 and Nasdaq closed at record highs, notching a third week of gains. The Dow closed up 0.77 per cent, near its own record.
Chipmaker Nvidia rose 1.3 per cent, putting its market capitalisation at $US3.89 trillion ($A5.92 trillion). The company is close to overtaking Apple and becoming the world's most valuable company in history.
Trading volume was light in a shorter session on the eve of Friday's US Independence Day holiday.
"We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper, Chief Market Strategist at Man Group in New York.
"But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."
The rally has been fueled by retail investors, who are largely ignoring the inflationary pressure on the horizon, uncertainty around tariffs and "are focused on the tangible, which is today's jobs report," she said.
The S&P 500 gained 51.94 points, or 0.83 per cent, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02 per cent, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77 per cent, to 44,828.53.
Data showed nonfarm payrolls increased by 147,000 jobs last month, 33 per cent more than the 110,000 jobs forecasted by economists polled by Reuters. Unemployment fell to 4.1 per cent last month, a better result than the 4.3 per cent expected.
Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68 per cent, according to CME Group's Fedwatch tool, down from 74 per cent a week ago.
Republicans in the US House of Representatives advanced President Donald Trump's massive tax-cut and spending bill toward a final yes-or-no vote, appearing to overcome internal party divisions over its cost.
The legislation is expected to add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion ($A55.1 trillion) debt over the next decade, according to nonpartisan analysts.
Large tax cuts and increased government spending can boost demand in the economy. This can add inflationary pressure, especially when the economy shows signs of strength such as the latest job report.
"Some data points like the job report are positive and charming, but if we just take a step back, the picture is not that great," said Alex Morris, CEO of F/m Investments, which manages $US18 billion ($A27 billion) in Washington, D.C.
For the week, the S&P 500 gained 1.72 per cent, the Nasdaq rose 1.62 per cent, and the Dow climbed 2.3 per cent. The Russell 2000 Small Cap index rose 3.41 per cent.
"It's kind of perplexing," Morris said. "This feels like that last bull rush before all of the data really comes together."
Tripadvisor climbed 16.7 per cent after the Wall Street Journal reported activist investor Starboard Value had built a more than nine per cent stake in the online travel company.
Datadog jumped 14.9 per cent after the cloud security firm was set to replace Juniper Networks on the S&P 500.
When markets closed at the earlier time of 1pm (local time), trading volume on US exchanges was 10.85 billion shares, much lighter than the 17.82 billion average for the full session over the last 20 trading days.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Advertiser
an hour ago
- The Advertiser
'Cruel' Trump move to shake Aussies' trust in US
Increasingly US-sceptic Australians might further question their nation's ties to the superpower as the impacts of Donald Trump's signature bill sweep through vulnerable communities. The US president's One Big Beautiful Bill Act cleared Congress on Friday, Australian time, enshrining significant cuts to health programs while funding income tax breaks and adding trillions of dollars to debt. America's wealthiest will benefit most from the bill while almost 12 million low-income Americans would be left uninsured, according to the Congressional Budget Office, and many could see their pay drop due to safety-net cuts. While the bill did not directly impact Australians, it would affect their perceptions of the US, according to Cory Alpert, an ex-staffer to former president Joe Biden. "This bill is going to hurt a lot of marginalised people," the Melbourne University researcher told AAP. "Australians are going to look at this and see the cruelty in it, and I think it's going to further drive this conversation about how close Australia is to the United States. "Where do Australians belong in the global conversation: as a floating aircraft carrier in the south Pacific, or as a more independent nation? How aligned do you want to be with Trump's America?" While Australia has positioned itself as a key US ally, cracks have also begun to show in the relationship. When asked recently if the US remained a reliable partner under Mr Trump's leadership, Foreign Minister Penny Wong said Australia understood he had a "different view of how America is to be in the world". Australians' trust in the United States has already dropped by 20 points since 2024, hitting a new low with just 36 per cent of the public expressing any level of trust according to an April poll published by the Lowy Institute. In a speech to be delivered on Saturday, Prime Minister Anthony Albanese will reassert Australia's independence in foreign policy while dismissing Trump-style isolationist policies. "Choosing our own way doesn't mean going it alone," he will tell an audience in Sydney to mark the 80th anniversary of the death of former Labor prime minister John Curtin. "Australia did not just join the institutions which created the international rules based order, we helped shape them." The prime minister will draw comparisons between himself and the ex-wartime leader, saying Curtin did not just look to the US but spoke for Australia. The government has already rebuffed calls from Washington to dramatically increase its defence spending by tens of billions of dollars a year. Many analysts believe the Labor government's landslide election win in May was at least partly fuelled by voters' growing discomfort with the US president at a time when some of the coalition's talking points echoed Mr Trump's platforms. "(Australians) don't want to live in a country that espouses those same types of cruelties," Mr Alpert said. The size of Mr Albanese's victory meant he did not face significant pressure to shift his position towards the US president. But Mr Alpert said he would not be surprised if the government publicly supports some aspects of Mr Trump's latest measures, especially as it tries to negotiate an exemption from US tariffs. "We've already seen examples of that in Australia where leaders are trying to come up with positions where they can go to Trump and say, 'look, we're supporting your position, you should give us a better deal'," he said, pointing to Labor's decision to support US strikes on Iran. "That is probably the more dangerous aspect." Increasingly US-sceptic Australians might further question their nation's ties to the superpower as the impacts of Donald Trump's signature bill sweep through vulnerable communities. The US president's One Big Beautiful Bill Act cleared Congress on Friday, Australian time, enshrining significant cuts to health programs while funding income tax breaks and adding trillions of dollars to debt. America's wealthiest will benefit most from the bill while almost 12 million low-income Americans would be left uninsured, according to the Congressional Budget Office, and many could see their pay drop due to safety-net cuts. While the bill did not directly impact Australians, it would affect their perceptions of the US, according to Cory Alpert, an ex-staffer to former president Joe Biden. "This bill is going to hurt a lot of marginalised people," the Melbourne University researcher told AAP. "Australians are going to look at this and see the cruelty in it, and I think it's going to further drive this conversation about how close Australia is to the United States. "Where do Australians belong in the global conversation: as a floating aircraft carrier in the south Pacific, or as a more independent nation? How aligned do you want to be with Trump's America?" While Australia has positioned itself as a key US ally, cracks have also begun to show in the relationship. When asked recently if the US remained a reliable partner under Mr Trump's leadership, Foreign Minister Penny Wong said Australia understood he had a "different view of how America is to be in the world". Australians' trust in the United States has already dropped by 20 points since 2024, hitting a new low with just 36 per cent of the public expressing any level of trust according to an April poll published by the Lowy Institute. In a speech to be delivered on Saturday, Prime Minister Anthony Albanese will reassert Australia's independence in foreign policy while dismissing Trump-style isolationist policies. "Choosing our own way doesn't mean going it alone," he will tell an audience in Sydney to mark the 80th anniversary of the death of former Labor prime minister John Curtin. "Australia did not just join the institutions which created the international rules based order, we helped shape them." The prime minister will draw comparisons between himself and the ex-wartime leader, saying Curtin did not just look to the US but spoke for Australia. The government has already rebuffed calls from Washington to dramatically increase its defence spending by tens of billions of dollars a year. Many analysts believe the Labor government's landslide election win in May was at least partly fuelled by voters' growing discomfort with the US president at a time when some of the coalition's talking points echoed Mr Trump's platforms. "(Australians) don't want to live in a country that espouses those same types of cruelties," Mr Alpert said. The size of Mr Albanese's victory meant he did not face significant pressure to shift his position towards the US president. But Mr Alpert said he would not be surprised if the government publicly supports some aspects of Mr Trump's latest measures, especially as it tries to negotiate an exemption from US tariffs. "We've already seen examples of that in Australia where leaders are trying to come up with positions where they can go to Trump and say, 'look, we're supporting your position, you should give us a better deal'," he said, pointing to Labor's decision to support US strikes on Iran. "That is probably the more dangerous aspect." Increasingly US-sceptic Australians might further question their nation's ties to the superpower as the impacts of Donald Trump's signature bill sweep through vulnerable communities. The US president's One Big Beautiful Bill Act cleared Congress on Friday, Australian time, enshrining significant cuts to health programs while funding income tax breaks and adding trillions of dollars to debt. America's wealthiest will benefit most from the bill while almost 12 million low-income Americans would be left uninsured, according to the Congressional Budget Office, and many could see their pay drop due to safety-net cuts. While the bill did not directly impact Australians, it would affect their perceptions of the US, according to Cory Alpert, an ex-staffer to former president Joe Biden. "This bill is going to hurt a lot of marginalised people," the Melbourne University researcher told AAP. "Australians are going to look at this and see the cruelty in it, and I think it's going to further drive this conversation about how close Australia is to the United States. "Where do Australians belong in the global conversation: as a floating aircraft carrier in the south Pacific, or as a more independent nation? How aligned do you want to be with Trump's America?" While Australia has positioned itself as a key US ally, cracks have also begun to show in the relationship. When asked recently if the US remained a reliable partner under Mr Trump's leadership, Foreign Minister Penny Wong said Australia understood he had a "different view of how America is to be in the world". Australians' trust in the United States has already dropped by 20 points since 2024, hitting a new low with just 36 per cent of the public expressing any level of trust according to an April poll published by the Lowy Institute. In a speech to be delivered on Saturday, Prime Minister Anthony Albanese will reassert Australia's independence in foreign policy while dismissing Trump-style isolationist policies. "Choosing our own way doesn't mean going it alone," he will tell an audience in Sydney to mark the 80th anniversary of the death of former Labor prime minister John Curtin. "Australia did not just join the institutions which created the international rules based order, we helped shape them." The prime minister will draw comparisons between himself and the ex-wartime leader, saying Curtin did not just look to the US but spoke for Australia. The government has already rebuffed calls from Washington to dramatically increase its defence spending by tens of billions of dollars a year. Many analysts believe the Labor government's landslide election win in May was at least partly fuelled by voters' growing discomfort with the US president at a time when some of the coalition's talking points echoed Mr Trump's platforms. "(Australians) don't want to live in a country that espouses those same types of cruelties," Mr Alpert said. The size of Mr Albanese's victory meant he did not face significant pressure to shift his position towards the US president. But Mr Alpert said he would not be surprised if the government publicly supports some aspects of Mr Trump's latest measures, especially as it tries to negotiate an exemption from US tariffs. "We've already seen examples of that in Australia where leaders are trying to come up with positions where they can go to Trump and say, 'look, we're supporting your position, you should give us a better deal'," he said, pointing to Labor's decision to support US strikes on Iran. "That is probably the more dangerous aspect." Increasingly US-sceptic Australians might further question their nation's ties to the superpower as the impacts of Donald Trump's signature bill sweep through vulnerable communities. The US president's One Big Beautiful Bill Act cleared Congress on Friday, Australian time, enshrining significant cuts to health programs while funding income tax breaks and adding trillions of dollars to debt. America's wealthiest will benefit most from the bill while almost 12 million low-income Americans would be left uninsured, according to the Congressional Budget Office, and many could see their pay drop due to safety-net cuts. While the bill did not directly impact Australians, it would affect their perceptions of the US, according to Cory Alpert, an ex-staffer to former president Joe Biden. "This bill is going to hurt a lot of marginalised people," the Melbourne University researcher told AAP. "Australians are going to look at this and see the cruelty in it, and I think it's going to further drive this conversation about how close Australia is to the United States. "Where do Australians belong in the global conversation: as a floating aircraft carrier in the south Pacific, or as a more independent nation? How aligned do you want to be with Trump's America?" While Australia has positioned itself as a key US ally, cracks have also begun to show in the relationship. When asked recently if the US remained a reliable partner under Mr Trump's leadership, Foreign Minister Penny Wong said Australia understood he had a "different view of how America is to be in the world". Australians' trust in the United States has already dropped by 20 points since 2024, hitting a new low with just 36 per cent of the public expressing any level of trust according to an April poll published by the Lowy Institute. In a speech to be delivered on Saturday, Prime Minister Anthony Albanese will reassert Australia's independence in foreign policy while dismissing Trump-style isolationist policies. "Choosing our own way doesn't mean going it alone," he will tell an audience in Sydney to mark the 80th anniversary of the death of former Labor prime minister John Curtin. "Australia did not just join the institutions which created the international rules based order, we helped shape them." The prime minister will draw comparisons between himself and the ex-wartime leader, saying Curtin did not just look to the US but spoke for Australia. The government has already rebuffed calls from Washington to dramatically increase its defence spending by tens of billions of dollars a year. Many analysts believe the Labor government's landslide election win in May was at least partly fuelled by voters' growing discomfort with the US president at a time when some of the coalition's talking points echoed Mr Trump's platforms. "(Australians) don't want to live in a country that espouses those same types of cruelties," Mr Alpert said. The size of Mr Albanese's victory meant he did not face significant pressure to shift his position towards the US president. But Mr Alpert said he would not be surprised if the government publicly supports some aspects of Mr Trump's latest measures, especially as it tries to negotiate an exemption from US tariffs. "We've already seen examples of that in Australia where leaders are trying to come up with positions where they can go to Trump and say, 'look, we're supporting your position, you should give us a better deal'," he said, pointing to Labor's decision to support US strikes on Iran. "That is probably the more dangerous aspect."
The Advertiser
7 hours ago
- The Advertiser
Stocks dip, dollar slumps as Trump deal deadline looms
Stocks have slipped despite record highs for Wall Street overnight as US President Donald Trump's deadline for trade deals looms. The dollar retraced some of Thursday's gains with US markets already shut for the holiday-shortened week as traders considered the impact of the sweeping spending bill that Trump is expected to sign into law later in the day. The pan-European STOXX 600 index fell 0.6 per cent on Friday, driven in part by losses on spirits makers such as Pernod Ricard and Remy Cointreau after China said it would impose duties of up to 34.9 per cent on brandy from the European Union starting July 5. US S&P 500 futures edged down 0.5 per cent following a 0.8 per cent overnight advance for the cash index to a fresh record closing peak. Wall Street is closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors were "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, Thursday's jobs data showed "the US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. Investors cheered the surprisingly robust jobs report on Thursday, sending all three of the main US equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion debt, according to the non-partisan Congressional Budget Office. Trump said he expected "a couple" more trade agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. The US dollar rallied overnight, taking it up as much as 0.7 per cent versus a basket of major peers after the robust payrolls data saw traders take any expectations for a Federal Reserve interest rate cut in July off the table. It ended Thursday with a 0.4 per cent rise. On Friday, the US currency gave back a little of those gains, slumping 0.4 per cent to 144.31 yen and sliding 0.2 per cent to 0.7936 Swiss franc. The euro added 0.2 per cent to $US1.1773, while sterling held steady at $US1.3662. The US Treasury bond market is closed on Friday for the holiday, but 10-year yields rose 4.7 basis points to 4.34 per cent while the two-year yield jumped 9.3 bps to 3.882 per cent. Gold firmed 0.4 per cent to $US3,339 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the US's fiscal position and tariffs. Brent crude futures fell seven cents to $US68.73 a barrel, while US West Texas Intermediate crude was last seen flat at $US67.02. Stocks have slipped despite record highs for Wall Street overnight as US President Donald Trump's deadline for trade deals looms. The dollar retraced some of Thursday's gains with US markets already shut for the holiday-shortened week as traders considered the impact of the sweeping spending bill that Trump is expected to sign into law later in the day. The pan-European STOXX 600 index fell 0.6 per cent on Friday, driven in part by losses on spirits makers such as Pernod Ricard and Remy Cointreau after China said it would impose duties of up to 34.9 per cent on brandy from the European Union starting July 5. US S&P 500 futures edged down 0.5 per cent following a 0.8 per cent overnight advance for the cash index to a fresh record closing peak. Wall Street is closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors were "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, Thursday's jobs data showed "the US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. Investors cheered the surprisingly robust jobs report on Thursday, sending all three of the main US equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion debt, according to the non-partisan Congressional Budget Office. Trump said he expected "a couple" more trade agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. The US dollar rallied overnight, taking it up as much as 0.7 per cent versus a basket of major peers after the robust payrolls data saw traders take any expectations for a Federal Reserve interest rate cut in July off the table. It ended Thursday with a 0.4 per cent rise. On Friday, the US currency gave back a little of those gains, slumping 0.4 per cent to 144.31 yen and sliding 0.2 per cent to 0.7936 Swiss franc. The euro added 0.2 per cent to $US1.1773, while sterling held steady at $US1.3662. The US Treasury bond market is closed on Friday for the holiday, but 10-year yields rose 4.7 basis points to 4.34 per cent while the two-year yield jumped 9.3 bps to 3.882 per cent. Gold firmed 0.4 per cent to $US3,339 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the US's fiscal position and tariffs. Brent crude futures fell seven cents to $US68.73 a barrel, while US West Texas Intermediate crude was last seen flat at $US67.02. Stocks have slipped despite record highs for Wall Street overnight as US President Donald Trump's deadline for trade deals looms. The dollar retraced some of Thursday's gains with US markets already shut for the holiday-shortened week as traders considered the impact of the sweeping spending bill that Trump is expected to sign into law later in the day. The pan-European STOXX 600 index fell 0.6 per cent on Friday, driven in part by losses on spirits makers such as Pernod Ricard and Remy Cointreau after China said it would impose duties of up to 34.9 per cent on brandy from the European Union starting July 5. US S&P 500 futures edged down 0.5 per cent following a 0.8 per cent overnight advance for the cash index to a fresh record closing peak. Wall Street is closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors were "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, Thursday's jobs data showed "the US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. Investors cheered the surprisingly robust jobs report on Thursday, sending all three of the main US equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion debt, according to the non-partisan Congressional Budget Office. Trump said he expected "a couple" more trade agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. The US dollar rallied overnight, taking it up as much as 0.7 per cent versus a basket of major peers after the robust payrolls data saw traders take any expectations for a Federal Reserve interest rate cut in July off the table. It ended Thursday with a 0.4 per cent rise. On Friday, the US currency gave back a little of those gains, slumping 0.4 per cent to 144.31 yen and sliding 0.2 per cent to 0.7936 Swiss franc. The euro added 0.2 per cent to $US1.1773, while sterling held steady at $US1.3662. The US Treasury bond market is closed on Friday for the holiday, but 10-year yields rose 4.7 basis points to 4.34 per cent while the two-year yield jumped 9.3 bps to 3.882 per cent. Gold firmed 0.4 per cent to $US3,339 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the US's fiscal position and tariffs. Brent crude futures fell seven cents to $US68.73 a barrel, while US West Texas Intermediate crude was last seen flat at $US67.02. Stocks have slipped despite record highs for Wall Street overnight as US President Donald Trump's deadline for trade deals looms. The dollar retraced some of Thursday's gains with US markets already shut for the holiday-shortened week as traders considered the impact of the sweeping spending bill that Trump is expected to sign into law later in the day. The pan-European STOXX 600 index fell 0.6 per cent on Friday, driven in part by losses on spirits makers such as Pernod Ricard and Remy Cointreau after China said it would impose duties of up to 34.9 per cent on brandy from the European Union starting July 5. US S&P 500 futures edged down 0.5 per cent following a 0.8 per cent overnight advance for the cash index to a fresh record closing peak. Wall Street is closed on Friday for the Independence Day holiday. Trump said Washington would start sending letters to countries on Friday specifying what tariff rates they would face on exports to the United States, a clear shift from earlier pledges to strike scores of individual deals before a July 9 deadline when tariffs could rise sharply. Investors were "now just waiting for July 9", said Tony Sycamore, an analyst at IG, with the market's lack of optimism for trade deals responsible for some of the equity weakness in export-reliant Asia, particularly Japan and South Korea. At the same time, Thursday's jobs data showed "the US economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. Investors cheered the surprisingly robust jobs report on Thursday, sending all three of the main US equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $US3.4 trillion ($A5.2 trillion) to the nation's $US36.2 trillion debt, according to the non-partisan Congressional Budget Office. Trump said he expected "a couple" more trade agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. US Treasury Secretary Scott Bessent said earlier this week that a deal with India was close. However, agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. The US dollar rallied overnight, taking it up as much as 0.7 per cent versus a basket of major peers after the robust payrolls data saw traders take any expectations for a Federal Reserve interest rate cut in July off the table. It ended Thursday with a 0.4 per cent rise. On Friday, the US currency gave back a little of those gains, slumping 0.4 per cent to 144.31 yen and sliding 0.2 per cent to 0.7936 Swiss franc. The euro added 0.2 per cent to $US1.1773, while sterling held steady at $US1.3662. The US Treasury bond market is closed on Friday for the holiday, but 10-year yields rose 4.7 basis points to 4.34 per cent while the two-year yield jumped 9.3 bps to 3.882 per cent. Gold firmed 0.4 per cent to $US3,339 per ounce, on track for a weekly gain as investors again sought refuge in safe-haven assets due to concerns over the US's fiscal position and tariffs. Brent crude futures fell seven cents to $US68.73 a barrel, while US West Texas Intermediate crude was last seen flat at $US67.02.
AU Financial Review
12 hours ago
- AU Financial Review
Trump has dropped a big, beautiful bomb on America's economy
China's leaders must be wondering whether they are hallucinating or whether America's political class really has lost its mind, committing economic and geopolitical self-harm on a breathtaking scale. US President Donald Trump's 'big beautiful bill' marks a wholesale retreat from swaths of advanced manufacturing and energy technology. It abandons a central front of the Sino-American superpower contest without a fight.
