Analyst explains why she thinks progress will be made in U.S.-China trade talks
President Trump's top economic advisors will meet with Chinese trade representatives in London on Monday for a fresh round of trade talks. Senior fellow at the Yale Law School's Paul Tsai China Center Samm Sacks explains what both sides will want to gain from the discussions.
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Yahoo
35 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq edge higher despite renewed tariff threats, Boeing stock slumps
US stocks edged higher on Thursday as more data showed milder inflation pressures, even as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners. The Dow Jones Industrial Average (^DJI) hovered just above the flatline, as component Boeing (BA) slumped in the wake of a deadly plane crash in India. The S&P 500 (^GSPC) gained roughly 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) also rose about 0.2%. Stocks were little changed after the S&P 500 (^GSPC) snapped this week's run of wins. Investors are adding growing tensions in the Middle East to worries over Trump's trade policy, such as the fragility of the US-China detente. Fresh price data showed a so-far mild impact from Trump's tariff policies, as wholesale inflation increased less than economists expected. The report came after the consumer counterpart showed an easing in price pressures in the wake of Trump's "reciprocal" tariff hikes in April. Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest-rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. While investor focus is shifting back to the Fed, Wall Street is still closely following the latest twists and turns in Trump's tariff policy in the hunt for clarity. Read more: The latest on Trump's tariffs US trading partners will get letters within a week or two to set their unilateral tariff rates, Trump reiterated on Wednesday, renewing the threat of no-deal hikes. But Treasury Secretary Scott Bessent told Congress it's "highly likely" that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9. Yahoo Finance's Laura Bratton reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Yahoo Finance's Laura Bratton reports: Read more here. Oracle (ORCL) shares jumped 10% early Thursday after the company's fiscal fourth quarter results topped Wall Street's expectations. Oracle's adjusted revenue of $15.9 billion was ahead of the projected $15.6 billion, while its earnings per share of $1.70 surpassed the expected $1.64. The company raised its annual revenue forecast, as it expects strong demand for its AI-related cloud services. "What is clear is that more customers will use the Oracle database to leverage AI," CEO Safra Ada Catz told analysts in a call after the market close Wednesday. "It's been a long wait for people who own the stock because ... they [Oracle] missed the last two quarters, both on the top and the bottom line, despite the fact that they were booking an enormous amount of business," Citizens head of technology equity research Pat Walravens told Yahoo Finance's Julie Hyman on Market Domination Overtime. Analysts at UBS, Cantor Fitzgerald, Deutsche Bank, KeyBanc, and Melius Research raised their price targets on the stock to as high as $240 on Thursday. US stocks pulled back on Thursday as President Trump renewed his threat to impose "take it or leave it" tariffs on trading partners, while Boeing (BA) shares sank in the wake of a deadly crash in India. The Dow Jones Industrial Average (^DJI) fell roughly 0.4%, with component Boeing slumping after the crash of an Air India flight involving a Dreamliner jet. The S&P 500 (^GSPC) dropped 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) also moved 0.3% lower. US trading partners will get letters soon within a week or two that will set their unilateral tariff rates, Trump reiterated on Wednesday. Weekly claims for unemployment benefits remained at their highest level in eight months during the first full week of June while the number of Americans filing for unemployment insurance on an ongoing basis reached the highest level since November 2021 as the US labor market continues to show signs of slowing. Data from the Department of Labor released Thursday morning showed 248,000 initial jobless claims were filed in the week ending June 7, flat from the week prior and above economists' expectations for 242,000. Meanwhile, 1.956 million continuing claims were filed, up from 1.902 million the week prior and the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Chime is set to debut on the Nasdaq later today under the ticker symbol CHYM. The digital bank raised $864 million in its IPO, and priced shares at $27 each for a valuation of $11.6 billion. Chime's entrance in the public markets has been viewed as another indicator of whether the IPO market is thawing after a freeze due to tariff-induced uncertainty. Other recent go-publics, like stablecoin issuer Circle (CRCL) and Nvidia-backed CoreWeave (CRWV), saw massive rallies after their IPOs. As my colleague Josh Schafer wrote yesterday, the largest tech stocks are once again leading the market higher, and that enthusiasm has trickled down to newly issued public offerings. In a June 9 research report, Carson Group associate portfolio manager Blake Anderson found that tech IPOs have been outperforming non-tech IPOs, with shares tied to tech IPOs rising an average of 108% from their deal price. Beyond Chime, other closely watched IPO hopefuls in the pipeline include crypto exchange Gemini; buy now, pay later firm Klarna ( AI chipmaker Cerebras ( and medical supplies company Medline. Read more here about the details of Chime's IPO. Bloomberg reports: Read more here. President Trump's Truth Social posts aren't moving markets like they used to, notes Yahoo Finance's Josh Schafer. Stocks barely budged as he posted on Wednesday that a US-China deal was "done" — something that would have swung markets around a month earlier. Instead, stocks found their direction from economic data, Josh reports: Read more here from today's Morning Brief. The dollar (DX=F) fell further on Thursday as concerns grew about US tariffs after President Trump said he would soon tell trading partners about unilateral levies. Bloomberg News reports: Read more here. Boeing stock fell on Thursday by 8% in premarket trading after an Air India aircraft carrying over 200 people crashed minutes after taking off from the western Indian city of Ahmedabad. Aviation tracking site Flightradar24 said the plane was a Boeing 787-8 Dreamliner, one of the most modern passenger aircraft in service. Air India confirmed the plane, which was headed to Gatwick Airport in the UK, crashed in a civilian area near the airport, but has not specified if there are any fatalities. It is still not clear what caused the crash. According to Reuters, Boeing confirmed it was aware of the crash and was working to gather more information. The news comes as the planemaker is trying to rebuild trust relating to the safety of its jets and increase production under new Chief Executive Officer Kelly Orthberg. "There's revised fears of the problems that plagued Boeing aircraft and Boeing itself in recent years," said Chris Beauchamp, analyst at IG Group. Economic data: Producer Price Index (May); Initial jobless claims (week ending June 7) Continuing claims (week ending May 31) Earnings: Adobe (ADBE), Lovesac (LOVE), RH (RH) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing stock slides after plane crashes in India The $11 trillion gap in costing Trump's 'big, beautiful' bill Gundlach: 'Reckoning is coming' for US debt Trump says he will set unilateral tariff rates within weeks Americans flunk on retirement literacy. Here's why it matters. Nvidia, Samsung to take stakes in robot AI startup Skild US long-dated debt faces crucial test in $22 billion auction Oracle stock jumps as AI boosts revenue forecast Here are some top stocks trending on Yahoo Finance in premarket trading: Oracle (ORCL) stock rose 8% in premarket trading on Thursday after the tech company raised its annual forecast, driven by demand for its AI related cloud services. "Oracle's once-stodgy image levels up to 'cloud-native mage,' and the competitive map now looks less like a classic three-player real time strategy and more like a battle-royale with everyone dropping in, looking for compute loot", said Michael Ashley Schulman, partner at Running Point Capital Advisors. GameStop (GME) shares slumped on Thursday by 11% after announcing a convertible notes offering. The press release said: "GameStop intends to use the net proceeds from the offering for general corporate purposes, including making investments in a manner consistent with GameStop's Investment Policy and potential acquisitions." Boeing (BA) stock fell 8% before the bell on Thursday after a plane crashed in India, with more than 200 people on board, near the airport in the country's western city of Ahmedabad. The plane, which was headed to Gatwick airport in the UK, crashed in a civilian area. Oil prices pulled back early Thursday morning, reversing earlier overnight gains as traders assessed a US decision to pull some diplomats out of the Middle East. The decision to reduce staffing in Iraq came after Iran threatened to hit US assets in the region ahead of its talks with the US over nuclear-related activity. Brent crude futures fell to under $69 a barrel, while West Texas Intermediate crude traded below $68 a barrel — both down around 1%. Prices jumped over 4% on Wednesday amid reports of a potential evacuation. Reuters reports: Read more here. Gold (GC=F) rose for a second day in a row as tensions in the Middle East, coupled with Trump's claims of upcoming unilateral tariffs, pushed risk-averse investors toward the haven commodity. Bloomberg reports: Read more here. Sign in to access your portfolio
Forbes
an hour ago
- Forbes
China Market Update: Risk Off Night On Middle East Tensions & Trump Tariff Saber Rattling
CLN Despite a weaker US dollar, Asian equities were off overnight on growing chatter of a coming Middle East crisis and Trump's tariff threat reiteration. On the former, Mainland media noted that the International Atomic Energy Agency Board of Governors stated Iran had 'failed to comply with its nuclear safeguard obligations' for the first time in twenty years. No idea if there is any connection with the Israel-Iran concerns. On the latter, Chinese company JL MAG Rare-Earth stated it 'had obtained export licenses issued by national authorities for exports to destinations including the US, Europe, and Southeast Asia.' This follows last Saturday's Ministry of Commerce license approval, as May rare earth exports increased 23% MoM and 2.3% YoY. Hong Kong underperformed as growth stocks favored by foreign investors were hit. Interesting to see the US dollar lower versus every Asian currency except India, while favored Hong Kong growth stocks were hit, with Hong Kong's top ten most heavily traded by value all down for the day. Alibaba -3.21% despite Ant filing for a Hong Kong stablecoin license, while Tencent -1.54% on chatter it will buy South Korea's Nexon Games (225570 KS) for $15B. Hong Kong and Mainland healthcare stocks rebounded after I jinxed them yesterday by noting their recent outperformance. Precious metals had a good day in both Hong Kong and Mainland China. Auto/EV/Hybrid was weak on news, several cities have suspended used car purchase subsidies following reports that dealers were selling new cars as used to garner the subsidies. The Ministry of Commerce and the Ministry of Foreign Affairs held separate afternoon press conferences reiterating the progress made in London in US-Sino relations. They did reiterate that the London meeting confirmed what Trump and Xi had outlined in their June 5th phone conversation. After their underlings screwed up the Geneva trade agreement, the two bosses had to get involved which must be frustrating for them. Reminds me of my wife's frequent lament on household and child tasks, 'I do everything!' My reply is, 'How can you be doing everything, if I'm doing everything!'. YTD Mainland investors have bought $87B of Hong Kong stocks via Southbound Stock Connect versus $102B for 2024. With that said, Tencent has seen net selling since April 23rd, while Alibaba has seen choppy/leaning outflow since early May. Even Kuaishou has seen net outflows in the last week. Xiaomi has seen only two small net buy days since early May. Meituan has bucked the trend despite a very small net sell today. What gives? One factor is that Hong Kong's rebound has led to more capital raising as companies like CATL have been relisted in Hong Kong. Today, Horizon Robotics sold 681mm shares, raising $601mm via private placement. The money needs to come from somewhere to fund those purchases, so the more heavily owned you are, the more likely the stock becomes a funding source. Investors aren't blowing out of these names, just trimming them. Tencent's percentage of shares owned via Southbound Stock Connect has declined 11.82%/1.087B shares on April 24 to 11.13%/1.023B shares today. Alibaba's shares owned via Southbound Stock Connect went from 8.81%/1.682B shares on April 28 to 8.63%/1.646B shares today. Net net, no reason to freak out, IMO. Live Webinar Join us Tuesday, June 17, at 10 am EDT for: Carbon Update: EU Market Momentum & California's Legal Landscape for Investors Please click here to register New Content Read our latest article: Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders Please click here to read Chart1 Chart2 Chart3 Chart4 Chart5 Chart6
Forbes
an hour ago
- Forbes
As Pension Funds Buy Bitcoin, A New Path In Its History Is Traced
We've seen waves of big institutional players adopt Bitcoin - even traditionally conservative players. The talk of the town has been nation-state adoption of Bitcoin, from El Salvador's experiment with Bitcoin as legal tender to recent actions in the United States with the new Administration. Yet pension funds are inching in as well. A reflection of this has been the small but growing number of pension funds that are adopting Bitcoin - a unique phenomenon that marks a unique path in Bitcoin's evolution that has remained understudied - for the moment. The state of Wisconsin's pension fund has adopted Bitcoin through investment in spot Bitcoin ETFs. An unnamed UK pension scheme has made a 3% allocation to Bitcoin working with Cartwright. The State of Michigan Retirement System has made a multi-million dollar investment in Bitcoin ETFs. And while it's small steps at the beginning, as more institutions gather Bitcoin, this is a promising path forward for adoption. Much of the background research and points come out of a conversation with two sources who have vast experience with pension fund adoption - Sam Roberts of Cartwright, which has advised a UK-based pension fund to allocate 3% towards Bitcoin, and Dom Bei of Proof of Workforce which has helped various unions save holdings in Bitcoin. Pension funds aren't just a new player - they are a different type of player - marking a new evolution for Bitcoin as it matures into the gold standard for digital money. For players in the space, especially pension funds, lasting time horizons are essential. They can't just pull their funds out willy-nilly - they need to be invested in something for at least ten years - and sometimes longer. Pension funds see a difference between Bitcoin and other cryptocurrencies - a bias that will persist in both legal systems, in the eyes of nation-states, and institutional players with very long time horizons - such as sovereign wealth funds. Pension funds see Bitcoin as the only option in a crowded field - with other cryptocurrencies going extinct fast compared to Bitcoin. When pension funds evaluate Bitcoin, they must remember that it's like any other asset out there - and that its risk/reward profile stands out to carry the day. As Sam from Cartwright points out, the trick is to get pension trustees to look beyond the polarizing debate and simply counsel to evaluate Bitcoin on its merits and the numbers. If you already believe in the staying power of Bitcoin, then once you take a look at the numbers, Bitcoin stands out as the best-performing financial asset of the last decade. Once you anchor to the math and escape the narrative, Bitcoin paradoxically looks better to institutional players like pension funds. Right now, the winning formula for convincing pension funds is starting (and ending) with Bitcoin in a small percent of their allocation - say in the low single digits towards 1-3%. This smaller allocation allows pension funds not to worry about the short-term volatility of Bitcoin and look more towards the long-term horizon. Even a small allocation can produce outsize returns - enough to justify dipping in. This line of reasoning was part of the reason how Cartwright got a UK pension scheme to allocate 3% to Bitcoin. While most pensions are interested in Bitcoin as a store of value (echoing what's happening in cities and states around the world that want to hold Bitcoin on their reserves), small steps are being taken to explore Bitcoin's use as a medium of exchange - for example, payroll services. While store of value is the more obvious case to push forward, it's clear that there's room for pension funds to experiment with Bitcoin beyond just holding it on their balance sheets - with experiments towards Bitcoin salaries among top Bitcoin companies. It's not just regular pension funds - but also pension funds for blue-collar workers that are looking in. There is a broad appeal to saving beyond just general pension funds. Dom Bei has, for example, onboarded several firefighter unions to start investing in Bitcoin. This is a critical step forward even though it's one thing to get a pension fund in and another to get a union. As he puts it: 'Bitcoin adoption among U.S. pension funds remains low, with few holding it, while unions across public and private sectors increasingly add Bitcoin to their balance sheets. Despite their structural differences, unions and pension funds share a core ethos: advocating for workers' present and future. Both should approach Bitcoin similarly—minimizing risk while learning about a tool born from a financial crisis that devastated workers. As a top 10 global asset by market cap, Bitcoin demands exploration by fund managers and union leaders as a network, financial tool, and store of value for wage-earners.' --- Pension funds are traditionally seen as arch-conservative in their investment choices. The fact that a few are dipping their toes into Bitcoin (and Bitcoin only) is worth examining - tracing a new path for Bitcoin as it continues to march ahead of its crypto competitors.
