COMMERCE RESHAPES MANAGEMENT TEAM IN PREPARATION FOR RENEWED DEVELOPMENT FOCUS OF ASHRAM RARE EARTHS PROJECT
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Globe and Mail
7 minutes ago
- Globe and Mail
Stock Market News for Aug 4, 2025
U.S. stocks tumbled on Friday, with the S&P 500 recording its biggest daily percentage decline in over two months, as hefty tariffs slapped on dozens of countries by President Donald Trump and an unexpectedly weak jobs report raised concerns over a weakening economy. All three major indexes ended in negative territory. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) slid 1,2% or 542.40 points, to finish at 43,588.58 points. The S&P 500 declined 1.6%, or 101.38 points, to end at 6,238.01 points, posting its worst day since May 21. Consumer discretionary, tech and financial stocks were the worst performers. The Consumer Discretionary Select Sector SPDR (XLY) declined 2.4%. The Financials Select Sector SPDR (XLF) and the Technology Select Sector SPDR (XLK) slid 2.2 and 1.9%, respectively. Eight of the 11 sectors of the benchmark index ended in negative territory. The tech-heavy Nasdaq fell 2.2%, or 472.32 points, to close at 20,650.13 points, recording its biggest single-day decline since April 21. The fear gauge CBOE Volatility Index (VIX) was up 21.89% to 20.38. Decliners outnumbered advancers on the NYSE by a 2.17-to-1 ratio. On the Nasdaq, a 2.69-to-1 ratio favored declining issues. A total of 19.51 billion shares were traded on Friday, higher than the last 20-session average of 18.44 billion. Trump's New Tariffs, Weak Jobs Data Dent Investors' Confidence Trump signed an executive order hours before the Aug. 1 tariff deadline and slapped hefty duties on several trading partners of the United States, including Brazil, Canada, India and Taiwan, as these countries scrambled to work out fairer trade deals. Investors grew concerned once again as they believe that hefty tariffs could weigh on an already weakening economy and push inflation further up. Investors' confidence took a further hit after fresh data showed that jobs growth unexpectedly slowed in July, while June's numbers were downwardly revised, suggesting that the labor market is likely shrinking. Bank stocks took a hit on concerns that a slowing economy could impact loan growth. Shares of JPMorgan Chase & Co. ( JPM ) fell 2.3%, while Bank of America Corporation ( BAC ) and Wells Fargo & Company ( WFC ) declined 3.4% and 3.5%, respectively. This, however, raised hopes that the Federal Reserve will cut interest rates in its September policy meeting. The weak jobs data raised market expectations of a 25-basis-point rate cut in September to 86.5%, according to the CME's FedWatch Tool, up from 37.7% in Thursday's session. Amazon Weighs on Broader Market E-commerce giant Inc. ( AMZN ) was the biggest drag on all three major indexes. Amazon topped both earnings and revenue estimates. The company reported second-quarter earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.33 per share. The e-commerce giant posted revenues of $167.7 billion for the quarter, surpassing the Zacks Consensus Estimate by 3.32% However, the company's shares declined 8.3% after it failed to meet the expectations for its Amazon Web Services. Amazon Web Services revenues grew 18% in the second quarter, but its growth rate lagged Microsoft Corporation's ( MSFT ) Azure's 39% and Alphabet, Inc.'s ( GOOGL ) Google Cloud's 32% growth rate. Amazon has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Economic Data The Labor Department reported on Friday that nonfarm payrolls increased by just 73,000 in July, sharply lower than analysts' expectations of a rise of 100,000. June's jobs growth was downwardly revised to just 14,000, from 147,000, while May's numbers totaled just 19,000 after being cut down from the initially reported 125,000. The unemployment rate jumped to 4.2% in July as household employment declined. Weekly Roundup All three indexes ended lower for the week. The Dow lost 2.9% for the week. The S&P 500 was down 2.4% for the week, while the Nasdaq lost 2.2%. Zacks Names #1 Semiconductor Stock This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Inc. (AMZN): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report
Globe and Mail
11 minutes ago
- Globe and Mail
HNI Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of HNI Corporation Is Fair to Shareholders
Halper Sadeh LLC, an investor rights law firm, is investigating whether the merger of HNI Corporation (NYSE: HNI) and Steelcase Inc. is fair to HNI shareholders. Upon closing of the proposed transaction, HNI shareholders will own approximately 64% of the combined company. Halper Sadeh encourages HNI shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or sadeh@ or zhalper@ The investigation concerns whether HNI and its board violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for HNI shareholders; and (2) disclose all material information necessary for HNI shareholders to adequately assess and value the merger consideration. On behalf of HNI shareholders, Halper Sadeh LLC may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits. We would handle the action on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses. Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors. Attorney Advertising. Prior results do not guarantee a similar outcome.
Globe and Mail
11 minutes ago
- Globe and Mail
Futures Gain Ahead of BoC Decision
Futures tied to Canada's main stock index nudged higher on Wednesday ahead of the Bank of Canada's policy decision, while investors awaited trade updates as the August 1 tariff deadline drew closer. The TSX Composite Index jumped 135.32 points to conclude Tuesday at 27,540.74, yet another all-time record. Futures were up 0.2% Wednesday. The Canadian dollar shed 0.08 cents to 72.52 cents U.S. The BoC is expected to hold the rates at 2.75% for a third time, reflecting a softer-than-expected impact on the Canadian economy from the trade war with the U.S., economists predict. ON BAYSTREET The TSX Composite Index jumped 135.32 points to conclude Tuesday at 27,540.74. ON WALLSTREET Stock futures were inched higher Wednesday as investors analyzed earnings reports and awaited the Federal Reserve's interest rate decision. Futures for the Dow Jones Industrials nosed up 14 points, or 0.03%, to 44,830. Futures for the much broader climbed 8.25 points to 6,414.25. Futures for the NASDAQ jumped 55.25 points, or 0.2%, to 23,507.25. Starbucks shares climbed 4% after the coffee chain posted stronger-than-expected revenue for the third fiscal quarter. On the other hand, Visa slipped 2% despite quarterly results coming in better than what Wall Street expected. Shares of Meta Platforms and Microsoft were marginally higher in the premarket ahead of quarterly results due out after the closing bell. Wednesday's action follows a losing day on the Street, marking the first session of the last seven in which the S&P 500 did not close at an all-time high. The S&P 500 slid 0.3% on Tuesday, while the Dow and NASDAQ Composite lost about 0.5% and 0.4%, respectively. The major averages were weighed down as the progress of U.S. trade talks with China became shaky. U.S. negotiators ended discussions with Beijing, and the potential extension of a pause on higher China tariffs remained uncertain. A postponement of these higher rates won't be final until President Donald Trump signs off on the plan, U.S. negotiators said. Investors are awaiting the Federal Reserve's interest rate announcement Wednesday afternoon. Fed funds futures are pricing in a nearly 98% likelihood of the central bank keeping its key rate at a range of 4.25% to 4.5%. In Japan, the Nikkei 225 index dipped 0.1% Wednesday, while in Hong Kong, the Hang Seng caved 1.4% Oil prices skidded 72 cents to $68.49 U.S. a barrel.
