US: Wall Street opens higher following Friday's dramatic selloff
The Dow Jones Industrial Average rose 135.4 points, or 0.31 per cent, at the open to 43724.02. The S&P 500 rose 33.7 points, or 0.5 per cent, to 6271.71, while the Nasdaq Composite rose 203.8 points, or 1 per cent, to 20853.907. REUTERS
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Straits Times
33 minutes ago
- Straits Times
US stocks rebound as markets shrug off economic worries
Sign up now: Get ST's newsletters delivered to your inbox A trader works on the floor of the New York Stock Exchange during morning trading on Aug 4. NEW YORK - Wall Street stocks rallied on Aug 4 as investors jumped on a market pullback, shrugging off economic worries and focusing on the rising odds of Federal Reserve interest rate cuts. After Aug 1's equity market rout following a weak jobs report, the so-called 'buy-the-dip' trading strategy was back in force on Aug 4. 'Traders and investors have made a lot of money by deciding that tariffs won't matter, and they're not going to change that now,' said Mr Steve Sosnick of Interactive Brokers. 'I think the bias that most of them have now is 'Let's not think about tariffs as being a problem until they actually prove that they are.'' Major indices spent the entire day in positive territory, with the Dow Jones Industrial Average ending up 1.3 per cent at 44,173.64. The broad-based S&P 500 gained 1.5 per cent to 6,329.94, while the tech-rich Nasdaq Composite Index jumped 2.0 per cent to 21,053.58. Aug 4's trading session effectively reversed Aug 1's losses, when US equities sold off following July jobs data that missed analyst expectations. Government officials also revised employment data from the prior two months, slashing nearly 260,000 jobs from the slate of positions added.
CNA
2 hours ago
- CNA
US dollar gains in consolidation move after Fed turmoil, Trump's shake-up
NEW YORK :The U.S. dollar slightly recovered on Monday, consolidating recent moves, after Friday's trio of market-moving events that showcased the fragility of the greenback: a dismal U.S. jobs report, the resignation of a Federal Reserve Governor, and President Donald Trump's firing of a top statistics official. Those developments battered the currency and prompted investors to ramp up bets of imminent Fed rate cuts. But the dollar's bounce on Monday could be short-lived, analysts said, and the broader downtrend could re-emerge given U.S. policymaking uncertainty and a U.S. economy that is finally showing cracks. Data on Friday showed U.S. employment growth undershot expectations in July while the nonfarm payrolls count for the prior two months was revised down by a massive 258,000 jobs, suggesting a sharp deterioration in labour market conditions. "The U.S. seems to be ... experiencing a slowdown across industries that are doubting the benefits to arrive from deterring overseas production and purchasing," said Juan Perez, director of trading at Monex USA in Washington. "The world is not necessarily experiencing much optimism even as economic indicators here help in suggesting that aid will come from the Fed via rate cuts," he added. In afternoon trading, the dollar rose against the euro, Swiss franc, and the commodity-linked currencies such as the Australian and New Zealand dollars. The euro dipped 0.1 per cent against the U.S. unit to $1.1576, while the dollar rose 0.5 per cent against the Swiss franc to $0.8078. The drop in the Swiss currency was not a surprise after Trump hit Switzerland with some of the highest tariffs as part of the White House's global trade reset. The Aussie and New Zealand dollars also declined on Monday versus the greenback, falling 0.2 per cent to US$0.6463 and down 0.3 per cent at US$0.5904. Against the Swiss franc, the dollar rose 0.5 per cent at 0.8081. Versus the yen, the U.S. currency gained 0.3 per cent to 146.945. "July's rebound in the dollar ran into a wall last week, but so far there's no sign of a big jump in any risk premium for holding U.S. assets," said Karl Schamotta, chief market strategist, at Corpay in Toronto. "Strong corporate earnings are - so far - managing to overshadow fears of an incipient slowdown in labor markets, the impact of higher tariffs, the threat to the independence of U.S. statistical agencies, and the growing likelihood that the next Fed chair tries to lead monetary policy in an inflation-boosting dovish direction," he said. BLS FIRING; KUGLER RESIGNATION In other developments, Trump fired BLS Commissioner Erika McEntarfer on Friday, accusing her of faking the jobs numbers. An unexpected resignation by Fed Governor Adriana Kugler also opened the door for Trump to make an imprint on the central bank much earlier than anticipated. Trump has been at loggerheads with the Fed for not lowering interest rates sooner. The developments sent the dollar down more than 2 per cent against the yen and roughly 1.5 per cent against the euro on Friday. The euro slipped 0.2 per cent on Monday to $1.1568, while sterling was little changed at $1.3275. Trump said on Sunday he will announce a candidate to fill the open position at the Fed and a new BLS head in the next few days. Against a basket of currencies, the dollar edged up 0.1 per cent to 98.77, after sliding more than 1.3 per cent on Friday. The dollar rose 3.4 per cent in July, its biggest monthly gain since a 5 per cent jump in April 2022 and first monthly rise of the year, as markets became more at ease with Trump's trade policy and economic data had remained resilient in the face of tariffs. In other markets, the policy-sensitive two-year Treasury yield fell to a three-month low of 3.659 per cent on Monday as traders heavily raided bets of a Fed cut in September, while the benchmark 10-year yield strayed not too far from a one-month low at 4.2257 per cent. Markets are now pricing an 84 per cent chance the Fed will ease rates by a quarter-point next month owing to the weaker than expected jobs data, according to CME's FedWatch, with just under 60 basis points worth of cuts expected by December, implying two 25 basis point cuts and a 40 per cent chance of a third. Currency bid prices at 4 August 07:01 p.m. GMT Descript RIC Last U.S. Pct YTD High Low ion Close Chang Pct Bid Bid Previous e Session Dollar 98.749 98.662 0.1 per cent -8.98 per cent 98.982 98. index 59 Euro/Dol 1.1568 1.1586 -0.15 11.74 per cent $1.159 $1. lar per cent 7 155 Dollar/Y 146.92 147.415 -0.34 -6.63 per cent 148.08 146 en per cent .89 Euro/Yen 169.99 170.76 -0.45 4.15 per cent 171.16 169 per cent .92 Dollar/S 0.808 0.8039 0.54 per cent -10.94 0.8096 0.8 wiss per cent 041 Sterling 1.3277 1.3278 0 per cent 6.16 per cent $1.333 $1. /Dollar 1 325 5 Dollar/C 1.3782 1.3787 -0.03 -4.16 per cent 1.3793 1.3 anadian per cent 759 Aussie/D 0.646 0.6475 -0.21 4.43 per cent $0.648 $0. ollar per cent 9 646 Euro/Swi 0.9346 0.9315 0.33 per cent -0.5 per cent 0.9359 0.9 ss 312 Euro/Ste 0.871 0.8724 -0.16 5.28 per cent 0.873 0.8 rling per cent 688 NZ 0.59 0.5919 -0.3 per cent 5.46 per cent $0.592 0.5 Dollar/D 9 901 ollar Dollar/N 10.268 10.1751 0.91 per cent -9.66 per cent 10.285 10. orway 3 230 8 Euro/Nor 11.8852 11.859 0.22 per cent 0.99 per cent 11.898 11. way 843 Dollar/S 9.6592 9.6365 0.24 per cent -12.33 9.6914 9.6 weden per cent 215 Euro/Swe 11.1796 11.1693 0.09 per cent -2.51 per cent 11.199 11. den 2 170 9
Straits Times
3 hours ago
- Straits Times
Codelco must send reports to restart underground mining after El Teniente collapse, government says
A print showing photos of miners who were trapped in the El Teniente mine complex, operated by Chilean state-run copper producer Codelco, in Maitenes, Chile, August 2, 2025. REUTERS/Pablo Sanhueza SANTIAGO - Chilean state-run miner Codelco must produce four reports on the collapse at its El Teniente copper mine that killed six people after an earthquake last week, according to a government document seen by Reuters on Monday, before it can restart its underground operations there. Codelco is the world's largest copper producer. The firm said in a filing on Monday that it was committed to restoring operations as soon as safety conditions permitted, but that the effects of the stoppage could not yet be estimated. A document from the government's mining service SERNAGEOMIN showed that in order to lift the suspension, Codelco would have to hand in four reports of the collapse at El Teniente. The reports must include an analysis of the cause of the collapse, a recovery plan and an evaluation of its fortification systems, the document said. REUTERS
