Latest news with #50ParkInvestments
Business Times
4 days ago
- Business
- Business Times
US: Stocks rebound on jobs data relief, US-China talks
[WASHINGTON] Wall Street stocks bounced on Friday as solid US employment data helped stave off concerns of an imminent downturn, while President Donald Trump's announcement that US and Chinese officials would soon meet added to optimism. The Dow Jones Industrial Average was up 1.1 per cent to 42,762.87, while the broad-based S&P 500 Index added 1.0 per cent to 6,000.36. The tech-heavy Nasdaq Composite Index advanced 1.2 per cent to 19,529.95. Investors cheered official jobs data released early on Friday, showing that the world's biggest economy added 139,000 jobs in May while unemployment held steady. The hiring numbers were better than analysts expected. They also marked a gradual easing from April's level, as traders monitor the effects of Trump's sweeping tariffs. The employment report 'gave investors a lot of relief,' said Adam Sarhan of 50 Park Investments. 'The economy and the market remain very resilient.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Markets will also be eyeing the progress of US-China talks on Monday in London, after Trump announced on social media that both sides would be meeting 'with reference to the Trade Deal.' While the world's two biggest economies have reached a temporary de-escalation in their tit-for-tat tariffs war, negotiations appeared to be at an impasse in recent days. But the London meeting, unveiled after Trump spoke in a call with Chinese President Xi Jinping this week, marks further high-level engagements. '(Trump) loves making deals,' said Sarhan of the upcoming talks. 'Most likely, every day that passes, we're getting closer to a deal getting done.' Shares in Tesla also rebounded on Friday, rising 3.7 per cent. Tesla's shares had tanked a day prior as a spat between Trump and his billionaire former advisor Elon Musk - boss of the electric vehicle company - spilled into the open. AFP
Business Times
7 days ago
- Business
- Business Times
US: Stocks advance on hopes of China trade deal
[WASHINGTON] Wall Street stocks bounced on Tuesday as investors hoped for upcoming trade deals to cool tensions from US President Donald Trump's punishing global tariffs. The Dow Jones Industrial Average closed 0.5 per cent higher at 42,519.64 while the broad-based S&P 500 gained 0.6 per cent to 5,970.37. The tech-heavy Nasdaq Composite Index rallied 0.8 per cent to 19,398.96. In particular, Nvidia shares gained 2.8 per cent, helping with the overall advance. 'The fact that we're not down to me suggests that the market expects a trade deal to happen,' said Adam Sarhan of 50 Park Investments. 'It's a matter of when, not if at this point.' He was referring to hopes of a potential deal between Washington and Beijing, although negotiations appeared deadlocked for now. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The world's two biggest economies agreed last month to de-escalate staggeringly high tariffs on each other's products, before Trump last week accused China of violating their pact. The White House said on Monday that Trump and his Chinese counterpart Xi Jinping would likely hold a long-awaited call later this week. Tuesday's strong gains came despite the Organisation for Economic Co-operation and Development's (OECD) cut to global growth forecasts, warning that Trump's tariffs would stifle the world economy. After 3.3-per cent growth last year, the global economy is now expected to expand by 2.9 per cent in 2025 and 2026. The OECD also expects the US economy to expand by 1.6 per cent this year, down from an expected 2.2 per cent previously. AFP
New Straits Times
30-05-2025
- Business
- New Straits Times
Wall Street ends up with Nvidia, appeals court reinstates Trump tariffs
NEW YORK: US stocks ended higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs. The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs. Trading was choppy for much of the day and indexes ended well off their highs of the session, however, with investors trying to digest the rulings and as shares of Salesforce fell 3.3 per cent. Salesforce's stock was down even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. "Trump has already rolled back most of these tariffs anyway, so these court rulings are just headlines," said Adam Sarhan, chief executive of 50 Park Investments in New York. "As long as the market doesn't tank on the news, it's just a secondary" thing, he said. Nvidia gained 3.2 per cent after the company late on Wednesday reported upbeat sales results, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. "It's about corporate earnings in general," he said. Nvidia, which is now up just 3.6 per cent for the year, was the last of the "Magnificent Seven" megacap tech and growth companies to report results for this earnings period. The Dow Jones Industrial Average rose 117.03 points, or 0.28 per cent, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40 per cent, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39 per cent, to 19,175.87. Trade developments have whipsawed the stock market this year, especially after Trump's April 2 announcement of sweeping tariffs on imports globally. The S&P 500 has rebounded from a selloff in early April as trade tensions have eased and as first-quarter earnings have been mostly better than expected. The index is now up 0.5 per cent for 2025 but off its February record high. Still, investors have become accustomed to Trump announcing steep tariffs, only to postpone them soon afterward. That has led to the acronym TACO (Trump Always Chickens Out), coined by the Financial Times. "It's cute; it's not a strategy," said Pursche, referring to the acronym. "However, from a purely American business perspective, there have been incremental gains achieved by the Trump administration on trade, and that shouldn't be ignored." Boeing rose 3.3 per cent after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. On the economic front, a second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings-related news, Best Buy shares fell 7.3 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.26-to-1 ratio on the NYSE. There were 114 new highs and 35 new lows on the NYSE. On the Nasdaq, 2,673 stocks rose and 1,806 fell as advancing issues outnumbered decliners by a 1.48-to-1 ratio. Volume on US exchanges was 18.65 billion shares, compared with the 17.7 billion average for the full session over the last 20 trading days.
The Sun
30-05-2025
- Business
- The Sun
Wall Street ends up with Nvidia, appeals court reinstates Trump tariffs
NEW YORK: U.S. stocks ended higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs. The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs. Trading was choppy for much of the day and indexes ended well off their highs of the session, however, with investors trying to digest the rulings and as shares of Salesforce fell 3.3%. Salesforce's stock was down even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. 'Trump has already rolled back most of these tariffs anyway, so these court rulings are just headlines,' said Adam Sarhan, chief executive of 50 Park Investments in New York. 'As long as the market doesn't tank on the news, it's just a secondary' thing, he said. Nvidia gained 3.2% after the company late on Wednesday reported upbeat sales results, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. 'It's about corporate earnings in general,' he said. Nvidia, which is now up just 3.6% for the year, was the last of the 'Magnificent Seven' megacap tech and growth companies to report results for this earnings period. The Dow Jones Industrial Average rose 117.03 points, or 0.28%, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40%, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39%, to 19,175.87. Trade developments have whipsawed the stock market this year, especially after Trump's April 2 announcement of sweeping tariffs on imports globally. The S&P 500 has rebounded from a selloff in early April as trade tensions have eased and as first-quarter earnings have been mostly better than expected. The index is now up 0.5% for 2025 but off its February record high. Still, investors have become accustomed to Trump announcing steep tariffs, only to postpone them soon afterward. That has led to the acronym TACO (Trump Always Chickens Out), coined by the Financial Times. 'It's cute; it's not a strategy,' said Pursche, referring to the acronym. 'However, from a purely American business perspective, there have been incremental gains achieved by the Trump administration on trade, and that shouldn't be ignored.' Boeing rose 3.3% after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. On the economic front, a second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings-related news, Best Buy shares fell 7.3% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.26-to-1 ratio on the NYSE. There were 114 new highs and 35 new lows on the NYSE. On the Nasdaq, 2,673 stocks rose and 1,806 fell as advancing issues outnumbered decliners by a 1.48-to-1 ratio. Volume on U.S. exchanges was 18.65 billion shares, compared with the 17.7 billion average for the full session over the last 20 trading days.
The Sun
30-05-2025
- Business
- The Sun
Wall Street rises as Nvidia gains, tariff ruling weighed
NEW YORK: U.S. stocks ended higher on Thursday as shares of Nvidia gained after its quarterly results, while investors digested a late-afternoon court ruling that reinstated the most sweeping of President Donald Trump's tariffs. The appeals court ruling came a day after a trade court had ordered an immediate block on the tariffs. Trading was choppy for much of the day and indexes ended well off their highs of the session, however, with investors trying to digest the rulings and as shares of Salesforce fell 3.3%. Salesforce's stock was down even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. 'Trump has already rolled back most of these tariffs anyway, so these court rulings are just headlines,' said Adam Sarhan, chief executive of 50 Park Investments in New York. 'As long as the market doesn't tank on the news, it's just a secondary' thing, he said. Nvidia gained 3.2% after the company late on Wednesday reported upbeat sales results, driven by customers stockpiling AI chips ahead of U.S. export restrictions on China. The company, however, warned that the new curbs are expected to cut $8 billion from its current-quarter sales. Optimism about corporate earnings and Nvidia in particular is providing some support, said Oliver Pursche, senior vice president, adviser for Wealthspire Advisors in Westport, Connecticut. 'It's about corporate earnings in general,' he said. Nvidia, which is now up just 3.6% for the year, was the last of the 'Magnificent Seven' megacap tech and growth companies to report results for this earnings period. The Dow Jones Industrial Average rose 117.03 points, or 0.28%, to 42,215.73, the S&P 500 gained 23.62 points, or 0.40%, to 5,912.17 and the Nasdaq Composite gained 74.93 points, or 0.39%, to 19,175.87. Trade developments have whipsawed the stock market this year, especially after Trump's April 2 announcement of sweeping tariffs on imports globally. The S&P 500 has rebounded from a selloff in early April as trade tensions have eased and as first-quarter earnings have been mostly better than expected. The index is now up 0.5% for 2025 but off its February record high. Still, investors have become accustomed to Trump announcing steep tariffs, only to postpone them soon afterward. That has led to the acronym TACO (Trump Always Chickens Out), coined by the Financial Times. 'It's cute; it's not a strategy,' said Pursche, referring to the acronym. 'However, from a purely American business perspective, there have been incremental gains achieved by the Trump administration on trade, and that shouldn't be ignored.' Boeing rose 3.3% after CEO Kelly Ortberg said the planemaker aims to increase production of its best-selling 737 MAX jets to 42 aircraft per month in the next few months and boost output to 47 a month in early 2026. On the economic front, a second reading from the Commerce Department showed gross domestic product contracted 0.2% in the first quarter. Economists polled by Reuters had forecast a 0.3% contraction. In other earnings-related news, Best Buy shares fell 7.3% after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that U.S. tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.26-to-1 ratio on the NYSE. There were 114 new highs and 35 new lows on the NYSE. On the Nasdaq, 2,673 stocks rose and 1,806 fell as advancing issues outnumbered decliners by a 1.48-to-1 ratio. Volume on U.S. exchanges was 18.65 billion shares, compared with the 17.7 billion average for the full session over the last 20 trading days.
