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The Advertiser
4 hours ago
- The Advertiser
SE Asia trafficked scam victims free but far from home
Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another. Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another. Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another. Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another.
West Australian
8 hours ago
- West Australian
SE Asia trafficked scam victims free but far from home
Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another.
Perth Now
8 hours ago
- Perth Now
SE Asia trafficked scam victims free but far from home
Most of Jaruwat Jinnmonca's anti-trafficking work used to focus on helping victims swept into prostitution. Now, survivors of cyber-scam compounds dominate his time as founder of the Thailand-based Immanuel Foundation. Hundreds of thousands of victims are trapped in cyber-crime scam farms that sprung up during the COVID-19 pandemic in Southeast Asia, according to the United Nations. Conditions are reported to be brutal, with the detainees ruled by violence. Photos on Jinnmonca's phone show victims with purple and blue bruises, bleeding wounds and even the lifeless body of someone who had been severely beaten or was dead. He has received reports of seven killings from inside compounds this year alone and reports of other forced labourers killing themselves, worn out from waiting for help that may never arrive. "They want to go back home," he said, and if they do not follow orders, the gang leaders will abuse them until they die. "Some, when they cannot escape, they jump off the seventh or 10th floor. They want to die." Criminal gangs cashed in on pandemic-induced economic vulnerability and even now, workers come from as far as Ethiopia and India, duped into thinking a paid-for journey to Thailand will yield a worthwhile employment opportunity. Instead they spend their days tethered to technology, generating fake social media profiles and compelling stories to swindle money from unsuspecting people, contributing to a cyber-crime economy that accounted for $US8 ($A12) trillion in losses in 2023. In February, under pressure from China after a well-known Chinese actor, Wang Xing, was trafficked, Myanmar authorities and the Thai government collaborated in the biggest rescue operation yet. By shutting down the internet and stopping fuel supplies and electricity in Myawaddy, Myanmar, authorities were able to debilitate several compounds, leading to the release of more than 7,000 workers. Their ordeal, however, is not yet over. Many of them are waiting to be repatriated in holding centres where access to food and medicine is said to be scarce. The Immanuel Foundation has rescued more than 2700 people since 2020. "We bring them to hospital for a health check and then take them to talk to law enforcement," Jinnmonca said, as his phone vibrated for a third time in just 30 minutes. The call was from one of his 12 staff members reporting that the team succeeded in extracting a Thai woman from a scam centre in Cambodia. She was covered in scars from beatings but otherwise healthy, the team said. Escaped workers say they were given little food or clean water and threatened with beatings or death if quotas were unmet. For Palit, 42, a former clothing shop owner from northern Thailand, the risk of electric shock was never far away during his six-month detention. He had been attracted to the promise of a high-paying administrative job in South Korea, but instead was flown to Mandalay in Myanmar. Fearing he was being trafficked for his organs, it was a relief to know he could keep them, he said. Instead, he was forced to spend his time creating fake profiles to engage a minimum of five people every day in online relationships. "I would talk to the target like 'Baby please invest in this, you will get good profit,'" said Palit, who wanted only his first name disclosed. Well known among forced labourers, Jinnmonca's personal Facebook pings with messages, typically four new people each day, begging for help and sharing stories like Palit's. The cross-border nature of trafficking rescue makes the repatriation process difficult and slow, said Amy Miller, regional director for Southeast Asia at Acts of Mercy International, which supports survivors. "They are complaining about the wait time," she said. "There are people who are sick that are maybe not getting treatment. "It's just a tinder box ready to go up in flames." The problem of how to process and provide for so many victims is deterring Myanmar's law enforcement from further rescue operations, Miller said, so the potential for future operations is unclear. "I don't feel super confident that this is actually a reform of the compounds or that they're going to shut down," she said. Jinnmonca said he believes the most effective way to protect against trafficking and the scams is to imprison the masterminds at the top. "If (we do) not fix this problem, it will only double," he said. Instead, he said, the workers are targeted by authorities. When Palit, who is soft-spoken and quick to smile, was released from a scam centre in November 2023 alongside 328 other people, 10 of them were arrested. They were accused of being complicit in cybercrime and kidnapping because their language skills gave them leadership roles in the compound's living quarters. But they were victims as well, said Jinnmonca, and such arrests mean workers rescued from the clutches of criminal gangs in one country may face prison in another.
The Advertiser
12 hours ago
- Business
- The Advertiser
Wall St gains after court blocks most Trump tariffs
Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, 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 $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 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 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, 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 $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 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 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, 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 $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 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 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, 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 $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 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 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows.
West Australian
13 hours ago
- Business
- West Australian
Wall St gains after court blocks most Trump tariffs
Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, 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 $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 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 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows.
