Wall Street futures edge up as optimism over economy offsets Netflix's fall
NEW YORK : US stock index futures inched higher today, buoyed by signs of a resilient US economy, even as Netflix's market-beating quarterly profit failed to dazzle investors.
At 5.30am, S&P 500 E-minis were up 8.75 points, or 0.14%, Nasdaq 100 E-minis were up 33 points, or 0.14%, and Dow E-minis were up 66 points, or 0.15%.
Wall Street's winning streak continued overnight, with the S&P 500 and the Nasdaq notching fresh record closes after upbeat data on retail sales and jobless claims signaled a healthy US economy.
The data gives the Federal Reserve (Fed) some breathing room to assess the inflationary effects of US tariffs.
Netflix rode the success of 'Squid Game' to top earnings estimates and boost its revenue outlook for the year.
Yet, the streaming giant's shares slipped 1.5% in premarket trading. It has risen 43% this year.
All eyes remain on whether President Donald Trump's tariff measures are starting to ripple through the economy.
The Fed has signaled it will stay the course on interest rates until it sees clearer signs of how higher import taxes are shaping inflation.
Traders now put the odds of a rate cut in September at about 56.3%, with a July move nearly off the table, according to CME's FedWatch tool.
'This week's data supports the wait-and-see camp on the Fed.
'Tariffs are percolating to consumer prices but is not withholding households from opening their wallets,' said Kenneth Broux, head of corporate research and rates, at Societe Generale.
Fed governor Christopher Waller signaled yesterday that mounting economic risks and tame inflation have him backing an interest rate cut by this month's end, downplaying concerns that tariffs will fuel lasting price hikes.
As the second-quarter earnings season gets underway, early results from 36 S&P 500 companies that reported, more than 80% have topped Wall Street's earnings expectations, according to LSEG I/B/E/S data.
The S&P 500 and the Dow are on track for only modest advances this week, as investors navigate a swirl of mixed signals – robust retail sales, a spike in consumer inflation, and a stall in producer prices for June.
Cryptocurrency stocks rose after the US House of Representatives passed a bill that would develop a regulatory framework for cryptocurrencies.
Robinhood Markets and Coinbase Global gained 1.9% each, while Bitfarms rose 2.8% and Hut 8 advanced 1.3%.
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The Star
13 minutes ago
- The Star
From designer shoes to toasters, scavengers salvage luxury goods abandoned by college students
Valentino sneakers that retail for US$980 (RM4,165). A Tovala toaster oven, originally US$390 (RM1,655). A Clear Home Design Lucite table, which would have cost US$899 (RM3,820) – except in this case, it was free. Lena Geller found those items, and many others, in the trash room of her apartment building in Durham, North Carolina, the United States after scores of Duke University students had moved out at the end of the spring semester. "It feels wrong for this much stuff to have been thrown out,' Geller wrote in an article for INDY Week, where she's a staff writer. She kept a spreadsheet of the roughly 70 items she found in the trash, estimating, after doing some research, that they originally retailed for US$6,600 (RM28,040) in total. "I've had a few friends text me after reading the piece, like, 'We should put together some kind of business plan',' Geller, 26, said in an interview. "It does feel like most of the stuff that I got was just sitting there. I do think there's a lot of money to be made.' Two pairs of designer shoes and a Lucite table that once belonged to Duke University students. Every year, as graduation season ends, many departing students throw away or simply abandon expensive household items and luxury goods instead of donating or taking them back home. Local residents and scavengers are stepping in, rescuing items to reuse or sell, then touting their finds on social media. Peter Valley, a 47-year-old software company founder, has been selling discarded books from college students for years. To him and many other scavengers, college campuses are a virtually inexhaustible source of goods that can be resold, kept or donated. "My earliest success was dumpster diving at Caltech in Pasadena,' he said. "My girlfriend and I dumpster dived a couple thousand dollars' worth of books from the campus recycling centre. That was a big 'aha!' moment, where I realised that this could be a real business.' These days, Valley is primarily focused on his software business. Reselling books nets him a monthly income in what he describes as a "low four-figure amount'. At his peak, he said, he had five-figure months. Haul videos Some scavengers post haul videos of their finds on social media. Late spring sees an explosion of such content because that is when college students move out of their dormitories. "The stuff college kids waste is crazy,' a TikTok user with the handle @bethanytaylorr posted last month. Her 27-second video of rummaging through the dumpster at an unidentified college and rescuing household items has been viewed nearly four million times. Such social media posts can serve as both advertisements and how-to guides. "The whole point of this is to get the stuff out of the landfill and have someone who can use it have it,' said Megan Godinez, whose TikTok account, MeganTheDDMvp, has nearly 500,000 followers. Godinez said there was a difference between foraging on college campuses and in the dumpsters behind the outlets of retail giants like Williams Sonoma or Home Depot. "College stuff is home stuff that you use — cleaning products, toilet paper, paper towels, a ton of Tide Pods (laundry detergent pods) and dish soap,' she said. "They're extremely useful.' A toaster oven that was previously used by Duke University students. Carla Manlapaz, 62, also finds plenty of household items when she dumpster dives at the college near where she lives in north central Texas (she did not want to reveal the name of the college for fear that school officials would crack down). She also found a Fender guitar, which she said she is hoping to sell on Facebook Marketplace for US$200 (RM850). She sells other items on sites like Etsy or Poshmark. "It's very exhilarating when you see all this good stuff that you can either make a little money on or use or donate to someone else,' Manlapaz said. "It's a thrill. I mean, I'm 62, and I'm retired. Doesn't take that much to amuse me.' College campus dumpster diving isn't new, but social media has given it prominence. At the University of Wisconsin, a stretch of August has long been known as "Hippie Christmas' because so many students deposit their unwanted belongings on front lawns. Bostonians, who live in something of a giant college town, devoutly mark "Allston Christmas' each September. In a 1991 essay, Lars Eighner, who became famous for chronicling his experiences with homelessness, said that he focused his scavenging on a college town and that he found "it advantageous to keep an eye on the academic calendar'. In recent years, many colleges have adopted what Scott Galloway, a podcaster and marketing professor at New York University's Stern School of Business, has called "the posture of luxury brands', with lavish housing and gyms fit for professional athletes. Some say such amenities inflate costs while doing nothing in the way of education. Yet many parents readily fork over thousands of dollars for interior decorators to work their magic on a child's college dorm. Lena Geller shows a neon heart light with an original retail of $117 that was left behind when Duke University students moved out of her apartment. — Photo: Cornell Watson/The New York Times) At the same time, anxiety about climate change is rising among young people. Rescuing and wearing someone else's Lululemon shorts is one way to fight back against pollution and wastefulness. "It's truly transgressive because it's stepping out of that idea that we have to be consumers,' said Lisa Beiswenger, an assistant professor at Saint Francis University who taught a class on dumpster diving at the University of Akron. Her students discovered that the 300 million tons (272 million tonnes) of waste Americans generate annually, according to the Environmental Protection Agency, include plenty of stuff that can be used, worn or eaten by someone else. Too much junk Blame the "Amazonification' of the US economy, said Rosalie E. Kerr, director of sustainability at Dartmouth College. "If you're going to a party, and the theme of that party is the 1920s, you can go on Amazon and buy a plastic 1920s outfit for US$17 (RM72) with one click. And that's really irresistible.' College move-out season adds a twist because students need to clear out quickly. Many discover that in the previous nine months, they've accrued far too many goods to store or bring home. Into the dumpster the Jazz Age flapper outfit goes. "We have a lot of junk that's in that category,' Kerr said. Then come the dumpster divers. On social media, many marvel at their finds. Someone threw away what? You found that? But not everyone views the scavenging as a social good to be celebrated. "One of the challenges of creating a dumpster diving culture is the inequities,' Kerr said. Only certain people may know when and where to scavenge. Some may lack the physical ability for intensive rummaging. Others may be mistaken for trespassers. "It truly sucks that a Black person could possibly get mistreated or even killed doing the same thing we were doing,' one Reddit user wrote on the site's dumpster diving forum. Lena Geller holds a toaster oven with an original retail of $390 that was left behind when Duke University students. — Photo: Cornell Watson/The New York Times) Some colleges have tried to address the waste. Georgetown University, for example, organises a donation drive intended to align with "the university's Catholic and Jesuit mission', according to an email sent to students, urging them to leave items at one of four sites on campus. The email said that last year, the school "diverted over 49,000lbs (22 tonnes) of material, valued at almost US$334,000 (RM1.4mil)'. But sustainability experts say that on many campuses, such efforts are either limited or nonexistent, leaving dumpster divers to perform an important service. Anna Sacks, a Manhattan-based waste expert, criticised Columbia University for not doing nearly enough to make sure that students can either donate or resell items like mini fridges, which are too cumbersome to carry home. At the same time, access to campus has been heavily restricted, making it an all but impregnable dumpster diving destination. "To see this every single year is disgusting,' Sacks said. This year, she scavenged what she could, even as she approached her ninth month of pregnancy. "I got maple syrup that I just had with my yogurt,' she said. Her friend scored a Moncler jacket retailing for more than US$2,000 (RM8,500). (A spokesperson for Columbia did not respond to a request for comment.) Scavenging veterans say that anyone wishing to join their ranks should look for schools with high populations of international students, who are unlikely to haul televisions on transoceanic flights. For safety and camaraderie, go with a group. And do remember that you're going to be sorting trash. "I bring hand sanitiser,' Sacks said. – ©2025 The New York Times Company
Focus Malaysia
13 minutes ago
- Focus Malaysia
Late selling drags Bursa Malaysia to end at intraday low ahead of 13MP, FOMC announcements
BURSA Malaysia ended at its intraday low today, pressured by late selling as investors positioned themselves ahead of the 13th Malaysia Plan (13MP) announcement on Thursday. Apart from that, investors are awaiting fresh catalysts from the outcomes of the United States Federal Open Market Committee (FOMC) meeting scheduled on July 29-30, amid ongoing US-China trade talks in Stockholm. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 5.56 points, or 0.36%, to close at 1,523.82 from Monday's close of 1,529.38. The benchmark opened 0.20 of-a-point firmer at 1,529.58 and subsequently hit its highest level of 1,537.62 in early trade before trending downward for the rest of the day. In the broader market, losers led gainers 603 to 365, while 506 counters were unchanged, 1,047 untraded and 44 suspended. Turnover improved to 3.36 billion units worth RM2.18 bil from 3.0 billion shares worth RM2.30 bil on Monday. ‒ July 29, 2025
The Star
43 minutes ago
- The Star
FBM KLCI ends at intraday low as cautious sentiment weighs on market
KUALA LUMPUR: The FBM KLCI closed at its intraday low on Tuesday amid cautious sentiment driven by ongoing trade talks and a downward revision of the gross domestic product (GDP) growth forecast. The FBM KLCI closed at its intraday low of 1,523.82, down 5.56 points or 0.36%, after reaching a high of 1,537.62 earlier in the day. Stocks that fell outnumbered those that rose 603 to 365, with another 506 counters unchanged. A total of 3.36 billion shares changed hands, worth RM2.2bil. Dealers expect the cautious sentiment on the local bourse to persist, weighed down by lingering uncertainties surrounding the ongoing US-Malaysia trade negotiations as the deadline approaches. This, along with Bank Negara's downward revision of the GDP growth forecast, is likely to keep sentiment subdued. Among the decliners on Bursa Malaysia, Panasonic Manufacturing slid 36 sen to RM10.52, Kuala Lumpur Kepong lost 28 sen to RM19.52, Nestle fell 20 sen to RM87.80 and PETRONAS Gas declined 14 sen to RM17.78. Allianz jumped 40 sen to RM17.70, British American Tobacco added 32 sen to RM4.89, PETRONAS Dagangan gained 26 sen to RM21.70 and PETRONAS Chemicals climbed 18 sen to RM3.79. ACE Market debutant Oxford Innotech jumped 32.76%, or 9.5 sen, to 38.5 sen with 101.55 million shares traded. Meanwhile, stock market data showed that foreign investors sold a net RM103mil on Monday. Local institutions and retailers were net buyers, with RM67mil and RM37mil, respectively. On the forex market, the ringgit was down 0.09% against the greenback at 4.2347. It rose 0.46% against the pound to 5.6497, and 0.13% against the Singapore dollar at 3.2901. On the external front, major regional indexes ended mixed, with Japan's Nikkei 225 closing down 0.79% and Hong Kong's Hang Seng slipping 0.15%. South Korea's Kospi rose 0.66%, while China's CSI 300 Index climbed 0.39% and the Shanghai Composite Index added 0.33%.
