Wall street stays near record levels: Markets stay resilient despite Trump-Powell tension; corporate results mixed
Wall Street remained near record high on Thursday following upbeat US economic data and a mixed batch of corporate earnings. The S&P 500 was nearly flat in early trading, holding just below its all-time high from last week.
The Dow Jones Industrial Average rose by 105 points, or 0.2%, while the Nasdaq Composite edged up 0.1% after setting a record high on Wednesday.
The session followed a volatile Wednesday, when US President
Donald Trump
said he had discussed the 'concept' of firing federal Reserve Chair Jerome Powell, though he added it was unlikely. While such a move could push the Fed toward rate cuts, it would also raise concerns about the central bank's independence in managing inflation, according to AP.
PepsiCo shares jumped 6.6% after the company posted better-than-expected revenue and profit, maintaining its April forecast despite tariff-driven cost pressures and reduced consumer spending. United Airlines surged 6.4% after beating quarterly profit estimates and reporting a pickup in demand since early July. The airline said it expected fewer economic uncertainties to impact performance for the rest of the year.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around
Blinkist: Warren Buffett's Reading List
Undo
Lucid Group soared 25.3% after announcing Uber's plan to deploy over 20,000 of its vehicles in a robotaxi program using autonomous technology from Nuro. The service is set to launch next year in a major US city. Uber, which plans to invest hundreds of millions in both Lucid and Nuro, saw its stock slip 0.1%.
Chip stocks also benefited from Taiwan Semiconductor Manufacturing Co's strong earnings report, cited by AP. The company's US-listed shares rose 2.2% after it reported a 61% jump in quarterly net income, driven by robust demand from AI and other tech sectors.
On the downside, Abbott shares fell 6.1% despite narrowly beating analyst expectations. The company revised down the upper end of its revenue growth forecast for 2025. Elevance Health tumbled 9.2% after missing profit estimates and lowering its 2025 forecast due to higher medical costs in its affordable care act segment and other issues.
Economic reports released Thursday showed resilience in the US economy. Retail sales rose more than expected in June, supported by steady consumer spending and a strong labor market.
Jobless claims fell, suggesting limited layoffs, while a separate report showed unexpectedly strong growth in mid-Atlantic manufacturing.
These positive signals could support the Federal Reserve's current stance of holding interest rates steady. The central bank has paused rate changes this year after cutting them at the end of 2024. Fed Chair Powell has emphasized the need for more economic data, especially around tariffs and inflation, before making further moves.
The two-year Treasury yield, which reflects expectations for Fed policy, ticked up to 3.89% from 3.88% late Wednesday. In contrast, the 10-year yield slipped to 4.44% from 4.46%, showing some easing in long-term rate expectations.
Yields had briefly jumped on Wednesday after Trump's comments about Powell, but calmed after he clarified he was unlikely to remove the Fed chair. A less independent Fed could lower short-term rates but risks allowing inflation to rise, a concern for long-term bond investors
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
29 minutes ago
- First Post
US may look at salary to allot H-1B visas. Why it's bad news for foreign students
The US government is considering bringing a new immigration rule to end or modify the H-1B visa cap lottery, replacing it with a 'weighted selection process'. The proposed policy could favour those with higher salaries, typically senior employees. This would significantly hurt foreign students and early-career professionals read more Getting H-1B visas could become tougher for some foreigners. File Photo/Reuters The United States may make obtaining some H-1B visas difficult for foreigners with lower income. The Donald Trump administration is reportedly planning to introduce a new rule to change or completely end the H-1B visa lottery. The US government could start granting H-1B visas on the basis of 'weighted selection process', which would prefer individuals with higher salaries. This could put international students and early-career professionals at a disadvantage. Let's take a closer look. STORY CONTINUES BELOW THIS AD What's the proposed rule? The Trump administration is considering a new rule for allotting H-1B visas. It is planning to replace the H-1B cap lottery process with a 'weighted selection process'. Last week, the Department of Homeland Security (DHS) submitted a filing to the Office of Information and Regulatory Affairs (OIRA), saying it was mulling bringing the 'weighted selection process' for applicants under the capped part of the H-1B visa system. The H-1B visas for high-skilled foreign workers are capped at 85,000 per year. Currently, these visas are granted through a lottery system — a random selection process — when registrations surpass the annual limit of 65,000, plus a 20,000 exemption for individuals with an advanced degree from a US university. Under the proposed rule titled 'Weighted Selection Process for Registrants and Petitioners Seeking To File Cap-Subject H-1B Petitions', weights could be given based on the salary received by the foreign beneficiary, who is being sponsored for the H-1B visa by their American employer. After the rule is reviewed by OIRA, it will be published in the Federal Register. This process could take many months and there is also likely to be a window for public comments before the final rule is implemented, as per a Times of India (TOI) report. 'But they are moving fast, so that could happen within the calendar year,' Doug Rand, a former DHS official, told the newspaper. When Trump changed H-1B selection rule in 2021 Even during his first term, Trump attempted to modify the selection process for some H-1B visas. On January 8, 2021, the DHS published a final rule to change the H-1B cap lottery process, replacing it with a wage-based selection process. 'USCIS [US Citizenship and Immigration Services] will rank and select the petitions received on the basis of the highest Occupational Employment Statistics wage level that the proffered wage equals or exceeds for the relevant Standard Occupational Classification code in the area of intended employment, beginning with OES wage level IV and proceeding in descending order with OES wage levels III, II, and I,' the DHS said about the selection process. STORY CONTINUES BELOW THIS AD Under this, senior employees who get higher salaries – Level 3 (experienced) and Level 4 (fully competent) — would have been preferred for H-1B cap visas over individuals starting their careers who are generally paid at Level 1 and Level 2. The rule was ultimately not implemented by the Biden administration. ALSO READ: What's the $250 Visa Integrity Fee that the US has introduced? How will it affect Indian tourists, students How salary-based selection process hurts freshers If the US junks the lottery system for H-1B visa cap, it could hurt the foreign students and early-career professionals. According to a 2021 National Foundation for American Policy (NFAP) analysis, an international student has 54 per cent more chance to get an H-1B petition under the current H-1B lottery (or registration) system than if the H-1B lottery were eliminated. In case the weighting rule is implemented, USCIS would still conduct a lottery. However, if it is solely based on salary, an H-1B applicant with a proposed annual salary of $200,000 would be twice as likely to be selected as an applicant who earns $100,000 every year, as per a Forbes report. STORY CONTINUES BELOW THIS AD The other way to implement the proposed immigration policy could be that employees paid at the Level 4 wage get four chances to be selected, a Level 3 applicant three chances, a Level 2 registrant two chances and a Level 1 registrant one chance. People walk past a pro-Palestinian protest on May 27, 2025 in Cambridge, Massachusetts. File Photo/ Getty Images via AFP 'Weighting would suggest giving a higher probability of being selected for certain applicants, but everyone would still have some chance at being selected,' economist Mark Regets, a senior fellow at NFAP, told Forbes. Any change to the selection process for H-1B visas will significantly impact Indians, who are the largest beneficiaries of the programme. Indian nationals have accounted for more than 70 per cent of all approved H-1B petitions since 2015, as per the US government data. In the fiscal ending September 2023, Indians made up 68,825 (58 per cent) of initial employment visas and 2.10 lakh (79 per cent) of extensions. Educational experts told TOI that usually overseas students transitioning to H-1B visas after completing their optional practical training are recruited at entry levels. The proposed rule will also hurt at least 11 occupations, including physicians, internists, paediatricians, dentists and computer and information systems managers, as per NFAP. STORY CONTINUES BELOW THIS AD Connor O'Brien, a researcher at the Economic Innovation Group, told Newsweek: 'The details of the rule and how it is implemented will matter a lot. But eliminating the H-1B lottery in favour of a system that prioritises higher earners first is a no-brainer. 'The H-1B is the primary way through which we bring in skilled immigrants and we only have 85,000 visas to give away each year. Giving away these visas randomly is an enormous, missed opportunity to attract truly scarce talent that would benefit American businesses and communities.' If passed, the new H-1B selection process could be implemented by March 2026, before the FY 2027 H-1B cap selection. The details of the proposed rule remain unclear, as of now. With inputs from agencies
Fashion Value Chain
29 minutes ago
- Fashion Value Chain
IBM Launches Global Entrance Test for PG Programs
IBM Q²D has officially launched the IBM Global Entrance Test (GET) to facilitate admissions for postgraduate programs across top Indian universities for the academic year 2025–26. The first rollout of this model is in collaboration with S-VYASA Deemed-to-be University, Bengaluru, offering MBA, MCA, and Computer Science programs delivered through IBM's industry-integrated framework. These programs are hosted at the S-VYASA Campus in Sattva Global City Tech Park, Kengeri, Bengaluru. The GET will serve as the gateway for students seeking IBM-curated learning experiences — blending real-world application with academic rigor. Successful candidates will access IBM's future-ready curriculum, including innovation labs, digital badges, AI tools, internship opportunities, and project-based learning. IBM Q²D (Quantum Quotient Decode) is a next-gen learning model crafted by IBM experts that combines cloud labs, AI-powered platforms, bootcamps, and corporate mentorship to transform students into industry-ready professionals. Students will benefit from: Guidance from IBM industry experts IBM Cloud access and exposure to leading AI tools Global certification and digital badging Soft skills, leadership training, and communication upskilling (with Cambridge) Real-world project work, internships, and placement mentorship Mr. Hari Rama Subramanian, Leader – Business Development & Academia Relationship at IBM, shared that IBM Q²D empowers students to solve real-world challenges in fields like AI/ML, data science, IoT, and cybersecurity, creating a global community of future-ready tech professionals.
Economic Times
31 minutes ago
- Economic Times
XRP leaves Bitcoin in the dust? Ripple hits all-time high against BTC in shocking surge
Synopsis XRP price hits all-time high – Ripple just shocked the crypto world! XRP skyrocketed past its 2018 high, hitting $3.70, as daily volume on the XRP Ledger surged 50% to $1.4 billion. With a golden cross, bullish signals, and talk of hitting $10 soon, XRP could be leading the next big altcoin rally. Retail and institutional eyes are watching closely—this breakout may just be the start. XRP's rising dominance and growing Washington support are making it a top contender in crypto right now. Can it really outperform Bitcoin? Agencies XRP price prediction beats Bitcoin surge — Backed by powerful data, XRP just smashed through its 2018 high, touching $3.70 as daily transaction volume on the XRP Ledger soared 50% to $1.4 billion. Technicals confirm the move: a golden cross, rising open interest, and MACD bullish crossover all point to a potential breakout toward $7–$10. XRP dominance is nearing 5.75%, a level unseen in over 2,200 days—if broken, it could signal an altcoin-led rally. XRP Leaves Bitcoin in the Dust: Can Ripple Hit $10 in 2025? XRP just stunned the crypto world, surging past its 2018 high of $3.70 and igniting speculation that it might be on track to outperform Bitcoin. With daily transaction volume on the XRP Ledger jumping 50% to $1.4 billion, this isn't just a price rally—it's a full-blown ecosystem breakout. From technical breakouts to macro-level adoption and institutional inflows, XRP is checking all the boxes of a top-performing altcoin in a new bull cycle. XRP is currently trading around $3.54–$3.57, just under its all-time high of $3.66. The recent rally is driven by: XRPL Activity Explosion : Daily volume on the XRP Ledger has skyrocketed to $1.4 billion. : Daily volume on the XRP Ledger has skyrocketed to $1.4 billion. Bullish Technicals : A golden cross (20-day SMA over 200-day SMA) has formed, signaling strong upside potential. : A golden cross (20-day SMA over 200-day SMA) has formed, signaling strong upside potential. Institutional Interest : Open interest in XRP derivatives is rising sharply, nearing $11 billion. : Open interest in XRP derivatives is rising sharply, nearing $11 billion. Washington Policy Tailwinds: The Genius Act and crypto-friendly regulation under Donald Trump are boosting investor confidence. 'We're witnessing an unprecedented spike in XRPL activity, marking renewed confidence from both the developer ecosystem and institutional players.' — David Schwartz, CTO at Ripple Yes—and it's a big one. Analysts are tracking a classic cup and handle pattern on the chart. A confirmed breakout above $3.52–$3.56 could unlock the next wave toward $4.50 and beyond. Key levels to watch: Price Level Significance $3.28 200-day SMA—long-term support $3.35 Handle bottom—psychological pivot $3.44 Bollinger Band midline—local support $3.66–$3.84 All-time high zone—critical breakout confirmation $4.00+ Short-term target post breakout Over the last month, XRP has outpaced BTC by more than 60% in USD terms. It's also gaining ground in BTC pairs, with XRP/BTC now approaching the 0.038 resistance mark. If it breaks through, we could see a broader altcoin shift away from Bitcoin dominance. $3.80–$4.47 possible, according to Peter Brandt and Bitget, if momentum holds. possible, according to Peter Brandt and Bitget, if momentum holds. Break above $3.56 could trigger short-term price action up to $4.00–$4.50 . could trigger short-term price action up to . Weekly forecast: 8–20% upside projected by end of July. $5.00–$10.00 range viewed as likely if institutional flows, ETF approvals, and macro trends stay positive. range viewed as likely if institutional flows, ETF approvals, and macro trends stay positive. Dr. Cat (NewsBTC) believes a $6–$10 surge is possible if Bitcoin reaches $144K. $20–$30 targets are being floated by analysts like XRPunkie and CoinCentral. targets are being floated by analysts like XRPunkie and CoinCentral. The MVRV golden cross has triggered some extremely bullish projections, including a speculative $22–$45 range . has triggered some extremely bullish projections, including a speculative . Gann analysis suggests XRP could even touch $45 in the next bull cycle—but caution is warranted. XRP Dominance (XRP.D) is nearing 5.75%, a key resistance zone not breached in over 2,200 days. Breaking above it could trigger the next explosive move. However, wallet data and HODLer activity hint at a short-term cool-down or consolidation phase. Traders should watch for failed breakouts or divergence in on-chain metrics. Timeline Conservative Target Moderate Estimate Speculative Bull Case Short-Term $3.80–$4.47 — — Q4 2025 ~$5.00 $6.00–$10.00 — 2026+ $7.00–$20.00 — $22.00–$45.00 All signs point to XRP being one of the early leaders of the next crypto bull cycle. With soaring transaction volume, bullish chart patterns, ETF whispers, and political momentum, XRP may be gearing up for a breakout that leaves even its 2018 rally in the dust. That said, a short-term pullback wouldn't be unusual, and key resistance levels like $3.66, $3.84, and XRP.D > 5.75% need to be breached to unlock the full upside potential. XRP hit a new multi-year high at $3.70 , surpassing its 2018 peak. , surpassing its 2018 peak. Ledger volume surged 50% to $1.4 billion per day. to $1.4 billion per day. Analysts predict $5–$10 by late 2025 , with $20+ in play long term. , with $20+ in play long term. Technical momentum remains strong , supported by golden cross and MACD crossover. , supported by golden cross and MACD crossover. Short-term consolidation is possible, so watch support levels carefully. XRP is currently trading at around $3.54, showing a modest 1.1% increase on the day, with intraday highs near $3.58. Over the past month, XRP surged approximately 50–60%, breaking from under $2.40 earlier in July to reclaim multi-year highs near $3.70. This momentum has been further bolstered by favorable on-chain activity and rising institutional interest. While Bitcoin remains the top digital asset by market cap, XRP is currently outperforming BTC in several key metrics, including price growth, transaction volume, and ecosystem activity. XRP recently surpassed its 2018 high, hitting $3.70, while also gaining market share in BTC pairings. If you're seeking short- to mid-term gains and exposure to a fast-growing network with increasing institutional interest and favorable regulatory momentum, XRP could offer better risk-reward potential than Bitcoin at this moment. However, Bitcoin is still considered a long-term store of value, whereas XRP is more of a utility-driven asset focused on payment rails and liquidity. Yes, multiple analysts believe XRP can potentially reach the $7–$10 range by the end of 2025, especially if current bullish momentum continues. The XRP Ledger has seen a 50% spike in daily transaction volume, while open interest in XRP derivatives and technical indicators like the golden cross and MACD crossover are pointing to continued strength. Furthermore, XRP dominance (XRP.D) is nearing a breakout level at 5.75%—if cleared, this could unleash a massive price surge. However, it's important to note that such targets depend on broader market sentiment, Bitcoin stability, and continued adoption of XRPL technology. XRP's recent rally is fueled by a combination of technical breakout patterns, ecosystem growth, and increasing institutional and retail interest. The XRP Ledger saw transaction volumes rise sharply to $1.4 billion daily, while XRP formed a cup-and-handle pattern on the charts—a strong bullish indicator. Additionally, support from regulatory circles in Washington, including policy direction under Donald Trump's administration, has made XRP more attractive to institutions. A golden cross (where the 20-day moving average crossed above the 200-day) and positive momentum in derivatives markets have further added fuel to the surge. Like all cryptocurrencies, XRP carries a degree of volatility and risk, especially in the short term. Despite its strong fundamentals and growing adoption, XRP is still subject to regulatory developments, global market cycles, and speculative trading behavior. That said, many investors view XRP as having a better risk-reward profile in 2025 due to its clear utility in cross-border payments and growing traction in the financial ecosystem. As always, it's crucial to do your own research and consider diversifying your investment to manage risk effectively. Unlike most altcoins that primarily serve as speculative assets, XRP is a utility-driven token used to facilitate fast, low-cost international payments on the XRP Ledger. It was designed to work with financial institutions, and it's increasingly being adopted by banks, fintech companies, and payment processors. Additionally, the XRP Ledger supports smart contracts, NFTs, and decentralized finance (DeFi), making it a more versatile platform compared to many traditional Layer 1 tokens. This unique blend of speed, scalability, and institutional focus sets XRP apart in the crowded crypto landscape. Key indicators to watch include XRP's price movement near historical resistance levels, particularly $3.66 and $3.84. Traders also monitor XRP dominance (XRP.D)—a breakout above 5.75% could trigger a major price leg. Technical patterns like the cup-and-handle, golden cross, and bullish MACD crossover are strong signs of upward momentum. Additionally, keep an eye on transaction volume on the XRP Ledger and open interest in XRP derivatives. A sudden spike in either could hint at another breakout rally. XRP has the potential to be a cornerstone of institutional crypto infrastructure, especially in cross-border payments and liquidity management. If regulatory clarity continues to improve and adoption accelerates, XRP could see significant long-term value. Some analysts even predict XRP reaching $20–$45 by the late 2020s, particularly if Ripple's ongoing partnerships with central banks and financial institutions bear fruit. However, long-term investors should remain cautious of global market conditions, evolving regulation, and competitive pressures from other blockchain networks.
