China Reiterates US Should Cancel Tariffs Ahead of Trade Talks
Beijing reiterated its call for the US to cancel unilateral tariffs on China, underscoring a standoff between the world's largest economies as they prepare for initial trade talks.
The US should be prepared to revoke punitive tariffs placed on China, Commerce Ministry spokesman He Yadong said at a regular press briefing Thursday. The US 'needs to show sincerity to talk and be prepared to rectify its wrongdoing and cancel unilateral tariffs,' he said.
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IBM (IBM) stock added 0.8% in premarket trading on Thursday after the company announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. Yahoo Finance's Laura Bratton reports: Read more here. Shares of J.M. Smucker (SJM) are sinking premarket after the food producer forecast full-year profit below Wall Street expectations. Smucker projected adjusted earnings for the year to come in at $9.50 a share, compared to estimates of $10.25, per Bloomberg. It highlights the challenging environment for consumer packaged goods as consumers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. J.M. Smucker stock fell over 7% following the company's quarterly results. 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Tesla's robotaxi test is set to take place on June 12 in Austin, Texas. McDonald's (MCD) shares fell over 1% in premarket trading today after analysts at Morgan Stanley downgraded the fast food company on Monday to a Hold from a Buy. Morgan Stanley also cut its price target to $324 from $329. Bloomberg reports: US technology heavyweights have attracted a flurry of bullish bets as optimism around the economic outlook overshadows trade concerns, according to Citigroup Inc. (C) strategists. Long positions in the technology-heavy Nasdaq 100 (^NDX) increased by more than in the S&P 500 (^GSPC) last week, the team led by Chris Montagu wrote in a note. Exposure has been mainly driven by new bullish bets, while short bets steadily declined across indexes, they said. Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. When President Trump set off a global stock market slump in April with his package of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. Now they're backing away, data for May shows. Bloomberg reports: Read more here. Apple (AAPL) is holding its highly anticipated annual developers' conference. Yahoo Finance's Daniel Howley reports from Silicon Valley: Apple on Monday announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs. The updates, which the company debuted as part of its WWDC developer event held at its headquarters in Cupertino, Calif., mark the biggest shift in Apple's software design in years. Still, the improvements were light on new AI capabilities at a time when Wall Street is looking for Apple to prove it can compete in the space. ... While Apple showed off a handful of new features for its Apple Intelligence platform, it's unlikely to quell fears that the company is falling behind the likes of Microsoft and Google in the rapidly evolving space. Read more on Apple's announcements here. Boeing (BA) stock erased gains of as much as 2% on Tuesday, despite booking 303 new orders in May, the most since December 2023. The aerospace giant said it delivered more than 45 jets last month, nearly double from last year. The data comes ahead of the Paris Air Show due to start next Monday. Boeing shares have soared 25% this year as its orders have mounted, including recent deals with customers in the UK and Qatar. Disney (DIS) Disney was the No. 1 trending ticker on Yahoo Finance on Tuesday. Shares of the media and entertainment giant jumped 2% on the heels of peer Warner Bros. Discovery's (WBD) announcement to split into two independent, publicly traded companies. As Yahoo Finance's Alexandra Canal reports, Disney has also explored options to divest its linear networks, including ABC, FX, and National Geographic. While CEO Bob Iger has since walked back those comments, analysts say a sale or spin-off could still resurface. IBM (IBM) IBM stock added more than 2% after the cloud, software, and network infrastructure giant announced it is building the world's first large-scale quantum computer, called Starling, capable of operating without errors. IBM shares have been hitting all-time highs recently. On Monday, the company's market cap surpassed $250 billion for the first time ever. J.M. Smucker (SJM) Shares of J.M. Smucker sank on Tuesday after the food producer forecast full-year profit below Wall Street expectations. The company's results underscore a challenging environment for consumer packaged goods as shoppers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. Stocks gained on Tuesday mid-trading as investors awaited new details on the high-level trade talks between the US and China, sending the S&P 500 (^GSPC) just over 100 points away from its all-time closing high. The broad-based index inched up nearly 0.4%, trading at around 6,027, just about 2% away from its February 19 record close of 6,144.15. The index has rallied more than 20% since hitting its April lows in the aftermath of President Trump's tariff policy unveiling. Trump has since paused and rolled back much of the policy while the US negotiates with individual countries. Gold (GC=F) and silver (SI=F) prices took a breather from their recent rally on Tuesday. Gold retreated less than 0.5% during the session to hover near $3,347 per ounce. Silver hovered near $36 per ounce, its highest level since February 2012. Precious metals have surged higher recently amid uncertainty over President Trump's tariff policy and the continued decline of the US dollar. Bitcoin (BTC-USD) climbed toward new highs on Tuesday, amid a series of tailwinds for the crypto space. The token was trading north of $109,000 each by 8:30 a.m. ET on Tuesday. Bitcoin touched an all-time high just under $112,000 last month. Companies have increasingly been adding bitcoin to their balance sheets in recent months, following in the footsteps of Strategy (MSTR), the largest public corporate holder of the token. "Over time, bitcoin has proven itself to be a better hedge against inflation than many other asset classes, even gold ... adding bitcoin to a corporate treasury seems like a prudent choice," said Elliot Johnson, CEO of the Bitcoin Treasury Corporation. Legislation in Congress that would regulate stablecoins, digital assets backed by the US dollar, has lifted investor optimism over the crypto space. Yahoo Finance's Pras Subramanian reports: Read more here. Stocks edged higher on Tuesday as trade talks between the US and China resumed. The Dow Jones Industrial Average (^DJI) wavered around the flat line. The S&P 500 (^GSPC) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) also gained about 0.2%. High-level trade talks in London restarted on Tuesday as investors watched for any signs of progress in the trade negotiations between Washington and Beijing. Meanwhile, bitcoin (BTC-USD) climbed toward new highs on Tuesday, hovering above $109,000 per token. Vaccine stocks were surprisingly resilient after US Health Secretary Robert F. Kennedy Jr. fired all 17 members of the vaccine advisory committee at the Centers for Disease Control and Prevention (CDC) on Monday. Moderna (MRNA) stock fell 0.8% in premarket trading, while shares of Pfizer (PFE) and Merck (MRK) were roughly flat. BioNTech (BNTX) gained 1.4%. 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It highlights the challenging environment for consumer packaged goods as consumers pull back on spending on items like Jif peanut butter, Milk-Bone pet treats, and Hostess snack cakes. Smucker also noted it would raise prices as tariffs weigh on its coffee business. J.M. Smucker stock fell over 7% following the company's quarterly results. Economic data: NFIB small business optimism (May) Earnings: Academy Sports and Outdoors (ASO), Dave & Buster's (PLAY), GameStop (GME), The J.M. Smucker Company (SJM), Stitch Fix (SFIX) Here are some of the biggest stories you may have missed overnight and early this morning: The labor market is creating new jobs — but maybe not yours Trump says China 'not easy' as trade talks to continue Tuesday IBM takes a big step toward useful quantum computing China stocks drop suddenly in wait for trade talks Big Tech is driving bullish flows in US stocks: Citi Nvidia, HPE to build new supercomputer in Germany Reddit vs. Anthropic: The AI scraping war is heating up again Wary Wall Street positioning leaves room for S&P 500 to rally Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla, Inc. (TSLA) stock rose 2% before the bell on Tuesday, after being hit with 2 downgrades on Monday due to the fallout from CEO Elon Musk and President Trump's dustup. Tesla's robotaxi test is set to take place on June 12 in Austin, Texas. McDonald's (MCD) shares fell over 1% in premarket trading today after analysts at Morgan Stanley downgraded the fast food company on Monday to a Hold from a Buy. Morgan Stanley also cut its price target to $324 from $329. Bloomberg reports: US technology heavyweights have attracted a flurry of bullish bets as optimism around the economic outlook overshadows trade concerns, according to Citigroup Inc. (C) strategists. Long positions in the technology-heavy Nasdaq 100 (^NDX) increased by more than in the S&P 500 (^GSPC) last week, the team led by Chris Montagu wrote in a note. Exposure has been mainly driven by new bullish bets, while short bets steadily declined across indexes, they said. Read more here. Chinese stocks fell on Tuesday ahead of the second day of trade negotiations between the US and China. Investors are cautious as the two biggest economies seek to resolve some contentious issues. Bloomberg News reports: Read more here. When President Trump set off a global stock market slump in April with his package of sweeping new tariffs, small investors across Asia rushed to the US stock market to buy the dip. Now they're backing away, data for May shows. Bloomberg reports: Read more here. Apple (AAPL) is holding its highly anticipated annual developers' conference. Yahoo Finance's Daniel Howley reports from Silicon Valley: Apple on Monday announced sweeping changes to its product ecosystems, including a wide-ranging revamp of its iOS operating system for its iPhones, as well as the software that powers its iPads and Macs. The updates, which the company debuted as part of its WWDC developer event held at its headquarters in Cupertino, Calif., mark the biggest shift in Apple's software design in years. Still, the improvements were light on new AI capabilities at a time when Wall Street is looking for Apple to prove it can compete in the space. ... While Apple showed off a handful of new features for its Apple Intelligence platform, it's unlikely to quell fears that the company is falling behind the likes of Microsoft and Google in the rapidly evolving space. Read more on Apple's announcements here.
