S&P 500 few points away from record high it hit in February
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The S& topped 6,100 and is now just a few points away from its Feb 19 closing peak.
Banks led gains as an analyst said that as long as there's no recession, it's "game on" for the stocks. Wall Street's renewed rally reflects confidence in AI-fuelled expansion and economic resilience, with investors setting aside geopolitical fears.
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Economic Times
an hour ago
- Economic Times
Dollar braces for busy week of geopolitics and Fed speak
The dollar dithered on Monday ahead of a key meeting between U.S. President Donald Trump and his Ukrainian counterpart Volodymyr Zelenskiy, while investors also looked ahead to the Federal Reserve's Jackson Hole symposium for more policy clues. ADVERTISEMENT Currency moves were largely subdued in the early Asia session, though the dollar steadied after last week's fall as traders further pared back bets of a jumbo Fed cut next month. The euro was little changed at $1.1705, while sterling edged up 0.07% to $1.3557. Against a basket of currencies, the dollar advanced slightly to 97.85, after losing 0.4% last week. Markets are now pricing in an 84% chance the Fed would ease rates by a quarter point next month, down from 98% last week, after a raft of data including a jump in U.S. wholesale prices last month and a solid increase in July's retail sales figures dimmed the prospect of an oversized 50-basis-point cut. "While the data don't all point in the same direction, the U.S. economy looks to be in okay shape in the third quarter," said Bill Adams, chief economist at Comerica Bank. ADVERTISEMENT "The Fed is likely to cut interest rates by year-end, either in September, when markets now price in a cut, or a few months later, when Comerica forecasts a cut." Unlock 500+ Stock Recos on App The main event for investors on Monday is a meeting between Trump and Zelenskiy, who will be joined by some European leaders, as Washington presses Ukraine to accept a quick peace deal to end Europe's deadliest war in 80 years. ADVERTISEMENT Trump is leaning on Zelenskiy to strike an agreement after he met Kremlin chief Vladimir Putin in Alaska and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. Also key for markets this week will be the Kansas City Federal Reserve's August 21-23 Jackson Hole symposium, where Fed Chair Jerome Powell is due to speak on the economic outlook and the central bank's policy framework. ADVERTISEMENT "I think (Powell) will also talk about the current economic conditions in the U.S., and that will be more policy relevant, that will be more interesting to markets," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. "Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the U.S. economy." ADVERTISEMENT In other currencies, the dollar rose 0.11% against the yen to 147.34, after falling roughly 0.4% last week. Japan's government on Friday brushed aside rare and explicit comments from U.S. Treasury Secretary Scott Bessent who said the Bank of Japan was "behind the curve" on policy, which appeared to be aimed at pressuring the country's central bank into raising interest rates. The Australian dollar was up 0.1% at $0.65145, while the New Zealand dollar rose 0.15% to $0.5934, after falling 0.5% last week. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
an hour ago
- Time of India
Trump-Putin meet, PM's GST pledge may lift markets this week
Dalal Street in Mumbai MUMBAI: With no negatives for India emerging from the weekend meeting between the US President Donald Trump and his Russian counterpart Vladimir Putin in Alaska, and Prime Minister Narendra Modi announcing GST reforms later in the year, Dalal Street investors are expecting a positive start to the week. However, the news that US trade negotiators are not coming to India this week, as was scheduled, and the continuous selling by foreign funds in the past few weeks are the factors that would weigh on investor sentiment, market players said. Domestic investors are relieved that the Trump-Putin meeting didn't lead to any negative fall-out for India, including, and most importantly, about its buying of Russian crude oil to maintain its energy supply. The Indian govt's post-meeting official statement mentioned that talks should go on to end the Russia-Ukraine war, a key factor for the prices of crude oil, India's biggest import item. PM Modi's assurance on Independence Day that GST rates would be rationalised in the next few months, was also a positive for investors. Such a move was a longstanding demand for the business community. On the negative side, net foreign fund selling of nearly Rs 24,200 crore would weigh on the market sentiment, brokers and analysts said. Going forward, foreign fund activity will be influenced by the action on the tariff front, said VK Vijayakumar, chief investment strategist, Geojit Investments. "Latest news of easing of tensions between the US and Russia and no further sanctions on Russia indicate that the secondary tariff of 25% imposed on India is unlikely to come into effect after Aug 27. This is a positive. Another positive factor which can influence FII behaviour is the rating agency S&P raising India's credit rating (last week)," he said. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Time of India
an hour ago
- Time of India
Stock Market LIVE Updates: GIFT Nifty signals a positive start; Asian shares edge higher
18 Aug 2025 | 07:39:52 AM IST Indian benchmark indices ended higher on Wednesday, supported by gains in auto and financial stocks. Softer U.S. retail inflation strengthened expectations of a September Fed rate cut, while easing domestic price pressures further buoyed investor sentiment. The Sensex climbed 304 points, or 0.38%, to end at 80,565, while the Nifty 50 advanced 132 points, or 0.54%, to settle at 24,619. Sector-wise, auto stocks gained 1.1% and financials added 0.4% on Thursday.
