Wall St posts weekly gains, focus on tariffs, earnings
Wall Street has advanced, notching weekly gains as investors parsed a spate of earnings and looked for signs of easing tensions in the US-China trade dispute.
The S&P 500 and the Nasdaq were bolstered by gains in the "magnificent seven" group of artificial intelligence-related megacaps, while the blue-chip Dow was more muted.
The small cap Russell 2000 enjoyed its largest weekly percentage gain since November.
Beijing exempted some US imports from its 125 per cent tariffs but denied Trump's negotiation claims, on the heels of recent de-escalating statements from Treasury Secretary Scott Bessent, in the latest sign that the world's two largest economies are dialing back their trade war tensions, which have rattled markets for weeks.
"We're looking at a nice finish to what was a pretty strong week," said Greg Bassuk, CEO at AXS Investments in New York.
"The week kicked off with a strong sell sentiment but a real robust rebound followed. It's been a pretty strong week and it's largely been sparked by a sense of de-escalation of both the trade war with China."
First-quarter earnings season has hit full-stride, with 179 of the companies in the S&P 500 having reported. Of those, 73 per cent have beaten expectations, according to LSEG.
Analysts now see aggregate S&P 500 earnings for the January to March period of 9.7 per cent year-on-year, sunnier than the eight per cent estimate as it stood on April 1, per LSEG.
But investors are largely looking past results and parsing forward guidance, particularly lowered or pulled projections due to economic uncertainties and dampening consumer spending.
The University of Michigan released its final take on April consumer sentiment, and while the index was upwardly revised, it was still at the lowest level since July 2022 and inflation expectations remained hot.
The Dow Jones Industrial Average rose 20.10 points, or 0.05 per cent, to 40,113.50, the S&P 500 gained 40.44 points, or 0.74 per cent, to 5,525.21 and the Nasdaq Composite gained 216.90 points, or 1.26 per cent, to 17,382.94.
Of the 11 major sectors in the S&P 500, consumer discretionary and tech led the gainers, while materials suffered the largest percentage loss.
Alphabet shares advanced 1.7 per cent after the Google parent posted a 28 per cent jump in Google Cloud revenue and assured investors that its AI investments are paying off.
Intel provided weak revenue and profit forecasts, sending the chipmaker's stock down 6.7 per cent.
Shares of oilfield services provider SLB dipped 1.2 per cent after the company missed first-quarter profit estimates and warned of a potential industry-wide shift due to economic uncertainty and tariff risks.
Charter Communications jumped 11.4 per cent after the broadband and cable company beat revenue estimates and added more subscribers than expected.
Advancing issues outnumbered decliners by a 1.33-to-1 ratio on the NYSE. There were 54 new highs and 27 new lows on the NYSE.
On the Nasdaq, 2,317 stocks rose and 2,024 fell as advancing issues outnumbered decliners by a 1.14-to-1 ratio.
The S&P 500 posted four new 52-week highs and six new lows while the Nasdaq Composite recorded 32 new highs and 47 new lows.
Volume on US exchanges was 14.30 billion shares, compared with the 19.13 billion average for the full session over the last 20 trading days.
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The Advertiser
30 minutes ago
- The Advertiser
Budget woes anything but child's play before snap poll
Prime Minister Anthony Albanese has dipped his toe into a snap state election campaign in which budget debt is front and centre. Tasmania is heading to the polls on July 19 after the island state's parliament passed a motion of no-confidence in Liberal minority Premier Jeremy Rockliff in early June. It is the state's second election in as many years, and the fourth in the past seven. The no-confidence motion, put forward by Labor and supported by three members of the crossbench, lashed Mr Rockliff's budget management. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable and couldn't be addressed solely by economic growth. "As a state, we are spending more than we earn and the gap is growing," the treasury pre-election financial outlook said. The Liberals have pledged measures to cut spending in the public service, but abandoned potential state asset sales as a means of paying down debt. Both major parties have avoided big-spending promises, while Labor says it plans to soon release a more detailed financial strategy. The Liberals (14 seats) and Labor (10) face an uphill battle to get the 18 seats required for majority. There was a big swing, and a gain of two seats, for Labor in Tasmania at the May federal election. But it remains to be seen if the sentiment will translate to state level. Voter polling taken in May showed Labor had 31 per cent support, the Liberals 29, with the remaining 41 per cent either minor parties, independents or "other". Mr Albanese appeared in Launceston on Wednesday alongside state leader Dean Winter and federal Bass MP Jess Teesdale to announce a plan to boost childcare services. "It's great to be back here in Tasmania, my second visit in this term of government," he told reporters at an early learning centre. State Labor plans to "change the rules" to ensure any new public schools or major school redevelopments have a childcare centre. The Liberals, who have been in power since 2014, promised a reduction in red tape around residential planning approvals, and spruiked a new agricultural learning centre. Prime Minister Anthony Albanese has dipped his toe into a snap state election campaign in which budget debt is front and centre. Tasmania is heading to the polls on July 19 after the island state's parliament passed a motion of no-confidence in Liberal minority Premier Jeremy Rockliff in early June. It is the state's second election in as many years, and the fourth in the past seven. The no-confidence motion, put forward by Labor and supported by three members of the crossbench, lashed Mr Rockliff's budget management. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable and couldn't be addressed solely by economic growth. "As a state, we are spending more than we earn and the gap is growing," the treasury pre-election financial outlook said. The Liberals have pledged measures to cut spending in the public service, but abandoned potential state asset sales as a means of paying down debt. Both major parties have avoided big-spending promises, while Labor says it plans to soon release a more detailed financial strategy. The Liberals (14 seats) and Labor (10) face an uphill battle to get the 18 seats required for majority. There was a big swing, and a gain of two seats, for Labor in Tasmania at the May federal election. But it remains to be seen if the sentiment will translate to state level. Voter polling taken in May showed Labor had 31 per cent support, the Liberals 29, with the remaining 41 per cent either minor parties, independents or "other". Mr Albanese appeared in Launceston on Wednesday alongside state leader Dean Winter and federal Bass MP Jess Teesdale to announce a plan to boost childcare services. "It's great to be back here in Tasmania, my second visit in this term of government," he told reporters at an early learning centre. State Labor plans to "change the rules" to ensure any new public schools or major school redevelopments have a childcare centre. The Liberals, who have been in power since 2014, promised a reduction in red tape around residential planning approvals, and spruiked a new agricultural learning centre. Prime Minister Anthony Albanese has dipped his toe into a snap state election campaign in which budget debt is front and centre. Tasmania is heading to the polls on July 19 after the island state's parliament passed a motion of no-confidence in Liberal minority Premier Jeremy Rockliff in early June. It is the state's second election in as many years, and the fourth in the past seven. The no-confidence motion, put forward by Labor and supported by three members of the crossbench, lashed Mr Rockliff's budget management. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable and couldn't be addressed solely by economic growth. "As a state, we are spending more than we earn and the gap is growing," the treasury pre-election financial outlook said. The Liberals have pledged measures to cut spending in the public service, but abandoned potential state asset sales as a means of paying down debt. Both major parties have avoided big-spending promises, while Labor says it plans to soon release a more detailed financial strategy. The Liberals (14 seats) and Labor (10) face an uphill battle to get the 18 seats required for majority. There was a big swing, and a gain of two seats, for Labor in Tasmania at the May federal election. But it remains to be seen if the sentiment will translate to state level. Voter polling taken in May showed Labor had 31 per cent support, the Liberals 29, with the remaining 41 per cent either minor parties, independents or "other". Mr Albanese appeared in Launceston on Wednesday alongside state leader Dean Winter and federal Bass MP Jess Teesdale to announce a plan to boost childcare services. "It's great to be back here in Tasmania, my second visit in this term of government," he told reporters at an early learning centre. State Labor plans to "change the rules" to ensure any new public schools or major school redevelopments have a childcare centre. The Liberals, who have been in power since 2014, promised a reduction in red tape around residential planning approvals, and spruiked a new agricultural learning centre. Prime Minister Anthony Albanese has dipped his toe into a snap state election campaign in which budget debt is front and centre. Tasmania is heading to the polls on July 19 after the island state's parliament passed a motion of no-confidence in Liberal minority Premier Jeremy Rockliff in early June. It is the state's second election in as many years, and the fourth in the past seven. The no-confidence motion, put forward by Labor and supported by three members of the crossbench, lashed Mr Rockliff's budget management. Figures released by treasury on Wednesday forecast a worse financial position than estimated in the May 2025/26 state budget. Treasury predicted net debt would reach $13 billion in 2027/28, above the budget forecast of $10.2 billion. It called for "explicit policy choices", warning the rate of debt growth was unsustainable and couldn't be addressed solely by economic growth. "As a state, we are spending more than we earn and the gap is growing," the treasury pre-election financial outlook said. The Liberals have pledged measures to cut spending in the public service, but abandoned potential state asset sales as a means of paying down debt. Both major parties have avoided big-spending promises, while Labor says it plans to soon release a more detailed financial strategy. The Liberals (14 seats) and Labor (10) face an uphill battle to get the 18 seats required for majority. There was a big swing, and a gain of two seats, for Labor in Tasmania at the May federal election. But it remains to be seen if the sentiment will translate to state level. Voter polling taken in May showed Labor had 31 per cent support, the Liberals 29, with the remaining 41 per cent either minor parties, independents or "other". Mr Albanese appeared in Launceston on Wednesday alongside state leader Dean Winter and federal Bass MP Jess Teesdale to announce a plan to boost childcare services. "It's great to be back here in Tasmania, my second visit in this term of government," he told reporters at an early learning centre. State Labor plans to "change the rules" to ensure any new public schools or major school redevelopments have a childcare centre. The Liberals, who have been in power since 2014, promised a reduction in red tape around residential planning approvals, and spruiked a new agricultural learning centre.
The Advertiser
31 minutes ago
- The Advertiser
Trump reassures NATO allies as defence spending to rise
NATO leaders are set to sign up to a big increase in defence spending at a short summit tailor-made for US President Donald Trump, who struck a reassuring tone on his commitment to protecting fellow members of the alliance. The summit is expected to endorse a higher defence spending goal of five per cent of GDP - a response to a demand by Trump and to Europeans' fears that Russia poses a growing threat to their security following the 2022 invasion of Ukraine. NATO Secretary-General Mark Rutte acknowledged that it was not easy for European countries and Canada to find the extra money but said it was vital to do so. "There is absolute conviction with my colleagues at the table that, given this threat from the Russians, given the international security situation, there is no alternative," he told reporters. Speaking to media before the summit opened on Wednesday, Trump played down concerns over his commitment to mutual defence among allies as set out by Article 5 of NATO's charter, saying: "We're with them all the way." The debate has been fuelled by Trump's own comments on the way to the summit on Tuesday. Speaking to reporters aboard Air Force One, he had said there were "numerous definitions" of the clause. Finnish President Alexander Stubb, whose country borders Russia and joined NATO two years ago, said the alliance was evolving. "I think we're witnessing the birth of a new NATO, which means a more balanced NATO and a NATO which has more European responsibility," he told reporters. The new spending target - to be achieved over the next 10 years - is a jump worth hundreds of billions of dollars a year from the current goal of two per cent of GDP, although it will be measured differently. Countries would spend 3.5 per cent of GDP on core defence - such as troops and weapons - and 1.5 per cent on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles. All NATO members have backed a statement enshrining the target, although Spain declared it does not need to meet the goal and can meet its commitments by spending much less. Rutte disputes that but accepted a diplomatic fudge with Spanish Prime Minister Pedro Sanchez as part of his efforts to give Trump a diplomatic victory and make the summit go smoothly. Spain said on Wednesday that it did not expect its stance to have any repercussions. Rutte has kept the summit and its final statement short and focused on the spending pledge to try to avert any friction with Trump. Ukrainian President Volodymyr Zelenskiy had to settle for attending the pre-summit dinner on Tuesday evening rather than the main meeting on Wednesday, although he was set to meet Trump separately. Hungarian Prime Minister Viktor Orban diluted the display of unity when he told reporters that NATO had no business in Ukraine and that Russia was not strong enough to represent a real threat to NATO. The Kremlin has accused NATO of being on a path of rampant militarisation and portraying Russia as a "fiend of hell" in order to justify its big increase in defence spending. NATO leaders are set to sign up to a big increase in defence spending at a short summit tailor-made for US President Donald Trump, who struck a reassuring tone on his commitment to protecting fellow members of the alliance. The summit is expected to endorse a higher defence spending goal of five per cent of GDP - a response to a demand by Trump and to Europeans' fears that Russia poses a growing threat to their security following the 2022 invasion of Ukraine. NATO Secretary-General Mark Rutte acknowledged that it was not easy for European countries and Canada to find the extra money but said it was vital to do so. "There is absolute conviction with my colleagues at the table that, given this threat from the Russians, given the international security situation, there is no alternative," he told reporters. Speaking to media before the summit opened on Wednesday, Trump played down concerns over his commitment to mutual defence among allies as set out by Article 5 of NATO's charter, saying: "We're with them all the way." The debate has been fuelled by Trump's own comments on the way to the summit on Tuesday. Speaking to reporters aboard Air Force One, he had said there were "numerous definitions" of the clause. Finnish President Alexander Stubb, whose country borders Russia and joined NATO two years ago, said the alliance was evolving. "I think we're witnessing the birth of a new NATO, which means a more balanced NATO and a NATO which has more European responsibility," he told reporters. The new spending target - to be achieved over the next 10 years - is a jump worth hundreds of billions of dollars a year from the current goal of two per cent of GDP, although it will be measured differently. Countries would spend 3.5 per cent of GDP on core defence - such as troops and weapons - and 1.5 per cent on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles. All NATO members have backed a statement enshrining the target, although Spain declared it does not need to meet the goal and can meet its commitments by spending much less. Rutte disputes that but accepted a diplomatic fudge with Spanish Prime Minister Pedro Sanchez as part of his efforts to give Trump a diplomatic victory and make the summit go smoothly. Spain said on Wednesday that it did not expect its stance to have any repercussions. Rutte has kept the summit and its final statement short and focused on the spending pledge to try to avert any friction with Trump. Ukrainian President Volodymyr Zelenskiy had to settle for attending the pre-summit dinner on Tuesday evening rather than the main meeting on Wednesday, although he was set to meet Trump separately. Hungarian Prime Minister Viktor Orban diluted the display of unity when he told reporters that NATO had no business in Ukraine and that Russia was not strong enough to represent a real threat to NATO. The Kremlin has accused NATO of being on a path of rampant militarisation and portraying Russia as a "fiend of hell" in order to justify its big increase in defence spending. NATO leaders are set to sign up to a big increase in defence spending at a short summit tailor-made for US President Donald Trump, who struck a reassuring tone on his commitment to protecting fellow members of the alliance. The summit is expected to endorse a higher defence spending goal of five per cent of GDP - a response to a demand by Trump and to Europeans' fears that Russia poses a growing threat to their security following the 2022 invasion of Ukraine. NATO Secretary-General Mark Rutte acknowledged that it was not easy for European countries and Canada to find the extra money but said it was vital to do so. "There is absolute conviction with my colleagues at the table that, given this threat from the Russians, given the international security situation, there is no alternative," he told reporters. Speaking to media before the summit opened on Wednesday, Trump played down concerns over his commitment to mutual defence among allies as set out by Article 5 of NATO's charter, saying: "We're with them all the way." The debate has been fuelled by Trump's own comments on the way to the summit on Tuesday. Speaking to reporters aboard Air Force One, he had said there were "numerous definitions" of the clause. Finnish President Alexander Stubb, whose country borders Russia and joined NATO two years ago, said the alliance was evolving. "I think we're witnessing the birth of a new NATO, which means a more balanced NATO and a NATO which has more European responsibility," he told reporters. The new spending target - to be achieved over the next 10 years - is a jump worth hundreds of billions of dollars a year from the current goal of two per cent of GDP, although it will be measured differently. Countries would spend 3.5 per cent of GDP on core defence - such as troops and weapons - and 1.5 per cent on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles. All NATO members have backed a statement enshrining the target, although Spain declared it does not need to meet the goal and can meet its commitments by spending much less. Rutte disputes that but accepted a diplomatic fudge with Spanish Prime Minister Pedro Sanchez as part of his efforts to give Trump a diplomatic victory and make the summit go smoothly. Spain said on Wednesday that it did not expect its stance to have any repercussions. Rutte has kept the summit and its final statement short and focused on the spending pledge to try to avert any friction with Trump. Ukrainian President Volodymyr Zelenskiy had to settle for attending the pre-summit dinner on Tuesday evening rather than the main meeting on Wednesday, although he was set to meet Trump separately. Hungarian Prime Minister Viktor Orban diluted the display of unity when he told reporters that NATO had no business in Ukraine and that Russia was not strong enough to represent a real threat to NATO. The Kremlin has accused NATO of being on a path of rampant militarisation and portraying Russia as a "fiend of hell" in order to justify its big increase in defence spending. NATO leaders are set to sign up to a big increase in defence spending at a short summit tailor-made for US President Donald Trump, who struck a reassuring tone on his commitment to protecting fellow members of the alliance. The summit is expected to endorse a higher defence spending goal of five per cent of GDP - a response to a demand by Trump and to Europeans' fears that Russia poses a growing threat to their security following the 2022 invasion of Ukraine. NATO Secretary-General Mark Rutte acknowledged that it was not easy for European countries and Canada to find the extra money but said it was vital to do so. "There is absolute conviction with my colleagues at the table that, given this threat from the Russians, given the international security situation, there is no alternative," he told reporters. Speaking to media before the summit opened on Wednesday, Trump played down concerns over his commitment to mutual defence among allies as set out by Article 5 of NATO's charter, saying: "We're with them all the way." The debate has been fuelled by Trump's own comments on the way to the summit on Tuesday. Speaking to reporters aboard Air Force One, he had said there were "numerous definitions" of the clause. Finnish President Alexander Stubb, whose country borders Russia and joined NATO two years ago, said the alliance was evolving. "I think we're witnessing the birth of a new NATO, which means a more balanced NATO and a NATO which has more European responsibility," he told reporters. The new spending target - to be achieved over the next 10 years - is a jump worth hundreds of billions of dollars a year from the current goal of two per cent of GDP, although it will be measured differently. Countries would spend 3.5 per cent of GDP on core defence - such as troops and weapons - and 1.5 per cent on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles. All NATO members have backed a statement enshrining the target, although Spain declared it does not need to meet the goal and can meet its commitments by spending much less. Rutte disputes that but accepted a diplomatic fudge with Spanish Prime Minister Pedro Sanchez as part of his efforts to give Trump a diplomatic victory and make the summit go smoothly. Spain said on Wednesday that it did not expect its stance to have any repercussions. Rutte has kept the summit and its final statement short and focused on the spending pledge to try to avert any friction with Trump. Ukrainian President Volodymyr Zelenskiy had to settle for attending the pre-summit dinner on Tuesday evening rather than the main meeting on Wednesday, although he was set to meet Trump separately. Hungarian Prime Minister Viktor Orban diluted the display of unity when he told reporters that NATO had no business in Ukraine and that Russia was not strong enough to represent a real threat to NATO. The Kremlin has accused NATO of being on a path of rampant militarisation and portraying Russia as a "fiend of hell" in order to justify its big increase in defence spending.
Daily Telegraph
3 hours ago
- Daily Telegraph
China's ‘dodgy' car racket exposed
Don't miss out on the headlines from Motoring. Followed categories will be added to My News. China's auto industry is under scrutiny following reports that local automakers are exporting brand new cars as 'used cars' to inflate domestic sales and increase GDP figures. According to Reuters, vehicles with 'zero-mileage', cars that have never been driven by a customer, are being pre-registered in China and then exported overseas to locations such as Russia, Central Asia and the Middle East. However, these 'zero-mileage' vehicles are technically counted as sold in domestic figures once registered, even though they are immediately shipped out. China's vehicle production capacity has reached 55.5 million units annually - more than double its domestic demand. RELATED: Aussies 'not ready' for advanced driver tech Chinese-made cars are seen before being loaded onto a ship at the port in Lianyungang, in China's eastern Jiangsu province on June 20, 2025. Picture: AFP / China OUT The oversupply has prompted a price war among automakers and triggered efforts to clear excess stock. The Reuters investigation claims that the government in China is aware and has supported these transactions. Two Chinese auto executives said local governments encourage the practice to boost regional gross domestic product (GDP) because each transaction counts twice. MORE: The end of travel as we know it An electric car of Chinese car manufacturer BYD stands in front of the car carrier ship BYD Explorer No. 1. Picture: FOCKE STRANGMANN / AFP Documents seen by Reuters along with interviews indicate that vehicles are being exported under used-car export classifications despite them not being used cars. Experts say that the dumping of these vehicles at low market prices could impact foreign markets and local industries. The Chinese Ministry of Commerce and several automakers have not publicly commented on the report. MORE: Trump declares war on 'world's worst car feature' Originally published as China's 'dodgy' car racket exposed
