Latest news with #A153
Perth Now
13 hours ago
- Business
- Perth Now
Nasdaq posts record closing high with tech gains
US stocks ended higher and the Nasdaq notched a record closing high for the second straight day on Friday as technology-related shares, including Apple, gained and as investors were optimistic about potential interest rate cuts. The three major indexes also registered solid gains for the week. Apple shares climbed 4.2 per cent on Friday and were up 13.3 per cent for the week in their biggest weekly percentage gain since 2020. US President Donald Trump on Wednesday said Apple would invest an additional $US100 billion ($A153 billion) in the US, bringing its total commitment to $US600 billion ($A919 billion) over the next four years. The S&P 500 technology and communication services indexes led sector gains for the S&P 500 on Friday and the indexes also posted record high closes. Also helping the S&P 500, shares of Gilead Sciences jumped 8.3 per cent after it raised its full-year financial outlook. Recent weaker economic data has underpinned expectations for rate cuts, while investors are evaluating Trump's interim pick for a Federal Reserve governor. The president late in Thursday's session nominated Council of Economic Advisers Chair Stephen Miran to a short-term board seat following Adriana Kugler's abrupt exit last week, as he narrowed his shortlist to succeed Fed Chair Jerome Powell, whose term ends on May 15. Miran, who is often aligned with Trump, has previously suggested Powell was "too late" in lowering rates. "There are certainly investors who think if the Fed is going to cut rates then the overarching theme is, don't fight the Fed on lower rates," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "The other side of the equation has really been the tariffs, and how the tariffs turn out remains uncertain." Expectations for a rate cut of at least 25 basis points by the Fed at its September meeting stand at 89.4 per cent, according to CME's FedWatch Tool, up from 80.3 per cent a week ago. Futures are pointing to at least two cuts by year-end. Trump's higher tariffs on imports from dozens of countries kicked in this week. The Dow Jones Industrial Average rose 206.97 points, or 0.47 per cent, to 44,175.61, the S&P 500 gained 49.45 points, or 0.78 per cent, to 6,389.45 and the Nasdaq Composite gained 207.32 points, or 0.98 per cent, to 21,450.02. It was the Nasdaq's 18th record closing high for 2025, with the index now up about 11 per cent for the year so far. The S&P 500 ended just shy of a record closing finish. For the week, the S&P 500 rose 2.4 per cent, the Dow gained 1.3 per cent and the Nasdaq climbed 3.9 per cent. A look at inflation trends will test the US stock market's rally in the coming week, with some investors saying equities could be set for a pullback. The monthly US consumer price index report is due on Tuesday. Investors also are monitoring US-India trade relations as New Delhi shelved fresh US arms and aircraft purchases, according to three Indian officials, after Trump hiked tariffs on Indian exports to 50 per cent this week. Among other gainers Friday, shares of Expedia rose 4.1 per cent after the company raised its annual forecast for gross bookings and revenue growth. With results in now from more than 450 of S&P 500 companies, estimated earnings growth for the second quarter was at 13.2 per cent on Friday, up from 5.8 per cent on July 1, according to LSEG. Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE. There were 272 new highs and 88 new lows on the NYSE. On the Nasdaq, 2,442 stocks rose and 2,157 fell as advancing issues outnumbered decliners by a 1.13-to-1 ratio. Volume on US exchanges was 16.18 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days.
Perth Now
4 days ago
- Business
- Perth Now
Tech stocks power Wall Street gains, tariff relief hope
Wall Street's main indexes have advanced, lifted by hopes that technology giants might dodge President Donald Trump's newest tariffs on chip imports. Apple's shares climbed 2.4 per cent, having risen 5.1 per cent and led gains on Wall Street in the prior session, after Trump said the iPhone maker will invest an additional $US100 billion ($A153 billion) in the US. This brings its total commitment to $US600 billion ($A920 billion) over the next four years. Trump also announced a tariff of about 100 per cent on imports of semiconductors, but said it would not apply to companies that are manufacturing in the US or have committed to do so. Shares of chipmakers Nvidia and Broadcom rose 1.3 per cent each, while peer Advanced Micro Devices advanced 3.0 per cent. The tech sector emerged as the top performer, gaining 1.1 per cent, while the healthcare sector fell to the bottom. Eli Lilly dropped 11.2 per cent after reporting data on its late-stage oral weight-loss drug. The drugmaker also raised its full-year profit forecast. In early trading on Thursday, the Dow Jones Industrial Average rose 263.08 points, or 0.60 per cent, to 44,456.20, the S&P 500 gained 37.82 points, or 0.60 per cent, to 6,382.88 and the Nasdaq Composite gained 177.85 points, or 0.84 per cent, to 21,347.27. Trump's higher tariffs of 10 per cent to 50 per cent on dozens of trading partners took effect on Thursday. Fresh signs of a faltering labour market, especially after a disappointing July payrolls report, have fuelled speculation that the Federal Reserve could soon kick off a rate-cutting cycle. Underscoring the jitters, new data showed jobless claims came in at 226,000 for the week of August 2, surpassing economists' expectations of 221,000. "It's certainly validating the increase in jobless claims we've been seeing, which also jives with the weakness we saw in the employment report," said Ben Laidler, head of equity strategy at Bradesco BBI. "The narrative is clear, the economy is slowing. It may not be headed towards recession, but it's definitely slowing." Traders are now betting almost fully on a September rate cut, with at least two moves expected this year, CME Group's FedWatch tool showed. Investors are also watching for Trump's interim replacement for Fed Governor Adriana Kugler in the coming days, amid expectations that the nominee would be a policy dove who will likely favour bringing interest rates lower. Kugler's resignation leaves an opening at the seven-member Fed Board led by Chair Jerome Powell, who Trump has repeatedly criticised for not cutting borrowing costs. Powell's tenure is due to end in May. Meanwhile, chipmaker Intel lost 0.7 per cent after Trump called for its chief executive's resignation, saying, "the Intel CEO is highly conflicted and should resign immediately". Second-quarter earnings barrage continued at full throttle. DoorDash topped revenue estimates and forecast a stronger-than-expected gross merchandise value for the current quarter. Its shares jumped 4.9 per cent. Datadog gained 6.2 per cent after beating estimates for second-quarter results. Airbnb slumped 8.4 per cent after the company forecast slower growth for the second half of the year. Advancing issues outnumbered decliners by a 4.32-to-1 ratio on the NYSE and by a 2.32-to-1 ratio on the Nasdaq. The S&P 500 posted 17 new 52-week highs and no new lows, while the Nasdaq Composite recorded 41 new highs and 28 new lows.
The Advertiser
08-07-2025
- Business
- The Advertiser
Trump vows steep copper tariffs, broadens trade war
US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year. The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years. Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil. Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources. Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year. The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years. Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil. Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources. Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year. The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years. Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil. Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources. Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar. US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year. The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years. Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil. Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources. Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar.
Perth Now
08-07-2025
- Business
- Perth Now
Trump vows steep copper tariffs, broadens trade war
US President Donald Trump has broadened his global trade war as he announced a 50 per cent tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon. One day after he pressured 14 trading partners, including powerhouse US suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10 per cent tariffs on products from Brazil, India and other members of the BRICS group of countries. He also said on Tuesday trade talks have been going well with the European Union and China, though added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been rattled by the tariffs he has imposed or threatened on imports to the world's largest consumer market. US copper futures jumped more than 10 per cent after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminium and car imports. US pharmaceutical stocks also slid from the day's highs following Trump's threat of 200 per cent tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamouring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $US100 billion ($A153 billion) so far and could reach $US300 billion ($A460 billion) by the end of the year. The United States has taken in about $US80 billion ($A123 billion) annually in tariff revenue in recent years. Global markets have not responded dramatically to the latest tariff twists, which come after months of turmoil. Trump said he will "probably" tell the European Union within two days what rate it can expect for it exports to the US, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the US, aims to strike a deal before August 1 with concessions for certain key export industries, such as aircraft, medical equipment and spirits, according to EU sources. Japan, which faces a possible 25 per cent tariff, wants concessions for its large car industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, US-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25 per cent on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30 per cent on South Africa, Bosnia and Herzegovina, climbing to 32 per cent on Indonesia, 35 per cent on Serbia and Bangladesh, 36 per cent on Cambodia and Thailand and 40 per cent on Laos and Myanmar.
