Latest news with #ApollonWealthManagement
Mint
28-05-2025
- Business
- Mint
Wall Street bets the worst of Trump's trade war is behind it
Tuesday's rally came after the S&P 500 finished its worst week since the early-April Trump tariff announcements. Wall Street is betting that the worst of President Trump's trade war is in the rearview mirror. The latest example came Tuesday, when news of easing trade tensions between the U.S. and the EU powered a 2% increase in the S&P 500. It was the largest single-day gain since May 12, when a rollback of tariffs between the U.S. and China spurred an even larger market rally. While corporate earnings and bond-market jitters have prompted stock swings in recent weeks, trade policy remains the key driver of day-to-day market action. Investors have eagerly greeted any signs of easing tensions by driving markets higher, hopeful that the U.S. will eventually be able to strike deals with little lasting damage to the economy or corporate profits. Few think the trade tensions have dissipated, or won't spark near-term stock declines going forward. But many said the worst fears of U.S. restrictions permanently reordering global trade have moderated, and the economic blow is unlikely to be as damaging as it appeared when Trump announced sweeping tariffs on April 2. 'The market is relieved—for now—that they can ignore the latest tariff threat," said Eric Sterner, chief investment officer at Apollon Wealth Management. 'We just need to get past this uncertainty so companies and consumers can plan ahead." Tuesday's bounce came just days after the S&P finished its worst week since the original Trump tariff announcements in early April. On Friday, Trump threatened to impose a 50% rate on the European Union within days and warned Apple that foreign-made iPhones could face significant levies. That helped push major indexes into the red by more than 2% for the week. Then, after a weekend phone call with European Commission President Ursula von der Leyen, Trump said he would delay the introduction of new EU tariffs until July 9. The EU said it would fast-track talks with the U.S.; the president posted on social media that the EU had called to set the date. Markets reacted swiftly to the news: The Dow Jones Industrial Average climbed 741 points, or 1.8%. The Nasdaq Composite led gains, jumping 2.5%. Benchmark 10-year Treasury yields dropped to 4.432%, driven lower by a global bond rally, while the dollar strengthened. The on-again, off-again dance of tariff talks and tentative deals has kept investors on edge, with hopes now rising that last week's threats were more a negotiating tactic than a sign of a renewed trade war. The Trump administration's 90-day pause on global tariffs is set to expire in July. Investors were also buoyed by a pair of upbeat economic-data reports Tuesday: Consumer confidence rebounded in May, the Conference Board reported, and demand for durable goods dropped less sharply in April than economists expected. In the coming days, a cluster of S&P 500 companies are set to report earnings, including artificial-intelligence heavyweight Nvidia on Wednesday. Investors will be parsing reports and remarks from company leaders for clues on the impact of trade tensions. Major indexes have recovered losses since the president's unveiling of sweeping new tariffs on April 2 sent stocks tumbling. Still, some money managers are growing concerned that the optimism fuelled by the market's rebound is now too widespread. Stock valuations are still relatively high, by historical standards: Companies in the S&P 500 are trading at 21 times their expected earnings over the next 12 months, as of Friday's close, versus a 10-year average of 18.7 times. Some investors say high equity valuations are at odds with a number of uncertainties still clouding analysts' outlook, primarily the yet-to-be-determined fallout of the Trump administration's approach to trade. 'Those aren't matching right now," said Keith Buchanan, senior portfolio manager at Atlanta-based Globalt Investments. 'Sentiment has bounced back—it may prove to be somewhat premature." Write to Hannah Erin Lang at
Bloomberg
23-05-2025
- Business
- Bloomberg
Bloomberg Daybreak Asia: Treasuries Hold Gains, Bitcoin Hits New All-Time High
Asian shares posted a modest gain early Friday, after a rebound in Treasuries and the dollar eased some concerns about US fiscal policy. A regional stock gauge advanced 0.4% on gains in Japan, Australia and South Korea. US equity-index futures fluctuated in early Asian trading after the S&P 500 ended fractionally lower for its third daily decline. Treasuries steadied after rallying across the curve Thursday on moderating US fiscal concerns. We get market perspective from Eric Sterner, Chief Investment Officer at Apollon Wealth Management. Plus - Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump's administration. Bitcoin climbed as much as 3.4% on Thursday to hit a record of $111,980, before paring some of the increase. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%. We get reaction from Peter Chung, Head of Research at quant crypto firm, Presto Research.
Yahoo
15-05-2025
- Business
- Yahoo
The rich flocked to Florida. Then property taxes and condo assessments caught them by surprise
In recent years, an influx of ultra-wealthy individuals have decamped to Florida in search of warmer weather and a smaller tax bill. From Jeff Bezos to Bethenny Frankel, celebrities and billionaires alike have made the move, spurred by the lack of state and estate taxes and the promise of a sunnier lifestyle. But in many cases, the move has brought unpleasant surprises. According to financial advisors, many of their clients are discovering their relocation will not bring the tax-saving bonanza they anticipated. The transplants are facing unexpected expenses, including steep condo assessments, climate change risks, and insurance premiums. One of the biggest surprises for buyers, particularly in popular South Florida, is property taxes, according to Henry Silva, Miami-based wealth management advisor at Apollon Wealth Management. Though they are becoming unaffordable around the country, property taxes rose 47.5% from 2019 to 2024 in Florida, with even people who have owned their homes for decades caught in the crosshairs. Republican Gov. Ron DeSantis has proposed eliminating the levies altogether, while the Florida Legislature is looking into other options. And then there's insurance. While the national average cost of home insurance is $2,329 per year for a $300,000 dwelling, according to Bankrate, it reaches $5,409 in Florida. Many of the most attractive locations in South Florida have flood zone assessments, meaning buyers are paying more for flood insurance. Some Florida owners are paying more for property taxes and insurance costs than their mortgage and interest payments. The state also has the highest average car insurance in the country. And that's when they can find policies. Due to climate change and increasingly costly hurricanes, insurance providers are pulling out of the most disaster-prone areas. "Florida is the epicenter of the housing insurance crisis," notes Redfin. "Premiums have soared as natural disasters have intensified and insurers have stopped doing business in the state." This year, condo owners are also dealing with an expensive requirement stemming from the Surfside condo collapse in 2021 that killed 98 people. Condos more than 30 years old—many of which are located in South Florida—had to undergo the state's structural integrity reserve study, and condo associations needed to set aside reserve funds for potential structural repairs and maintenance by the start of the year. Those costs are passed onto condo owners, who have reported owing tens of thousands of dollars unexpectedly. And those are on top of monthly HOA fees, which have also becoming increasingly costly, particularly in Hurricane-prone parts of the state. An August 2024 Redfin report found the median monthly HOA fee increased 17.2% year over year in Tampa, compared to 5.7% nationally. Orlando and Fort Lauderdale increases weren't far behind. Miami, meanwhile, has the highest median monthly HOA fees of any of the 43 metros Redfin analyzed. That said, some relief may be on the way from the Florida legislature. Those exploding costs, plus higher mortgage interest rates and sky-high home prices, have resulted in a glut of condos on the market that are going unsold. The assessment, in particular, has complicated matters for potential Florida transplants, says Silva. Many are not even aware of the laws. When they find the perfect beach-front property, they then must negotiate with the current owner over who will bear the cost, which can be in the six figures. It's complicating the process and causing some to rethink a move—or at least, reframe it. "I don't want to make it seem like relocating to South Florida is not ideal. I'm here. I love it," says Silva. "It's just not tax free. It's not a huge savings. The reason you're relocating shouldn't be because of the tax savings. It's gotta be for other personal reasons." This story was originally featured on
Perth Now
22-04-2025
- Business
- Perth Now
Wall Street bounces back as investors focus on earnings
Wall Street's main indexes have recovered some ground as investors focused on corporate earnings after US President Donald Trump's mounting criticism of Federal Reserve chair Jerome Powell led to a sharp sell-off in the previous session. Investors sifted through a slew of quarterly earnings, with dozens more due through the week, for indications on how companies are navigating the uncertainty caused by tariffs and their expectations for a hit to future earnings. "There's still a lot of uncertainty in the air with where tariffs will land ... but if we can look past that, the fundamentals in the markets still look very good," said Eric Sterner, chief investment officer for Apollon Wealth Management. "Earnings are expected to grow 10 per cent for this first quarter, so corporate profits are still very healthy." Shares of industrial conglomerate 3M Co, the biggest gainer on the blue-chip Dow, jumped 3.4 per cent after the company beat first-quarter profit expectations. Verizon fell 2.4 per cent after posting a higher quarterly subscriber loss. Northrop Grumman slumped 8.7 per cent after it reported a sharp drop in profit while RTX tumbled 8.0 per cent after the company flagged a potential hit of about $US850 million ($A1.3 billion) to annual profit from tariffs. In early trading on Tuesday, the Dow Jones Industrial Average rose 568.66 points, or 1.49 per cent, to 38,739.07, the S&P 500 gained 69.03 points, or 1.34 per cent, to 5,227.23, and the Nasdaq Composite added 240.11 points, or 1.51 per cent, to 16,111.01. Megacaps also recovered, with Nvidia rising 1.1 per cent and Apple up 1.7 per cent. All sectors on the S&P 500 inched higher, with consumer discretionary taking the lead. Tesla, which will kick off earnings for the "Magnificent Seven" group of megacap stocks after markets close, rose 2.1 per cent. The mood, however, remained fragile as investors awaited Trump's next move in his relentless tussle with Powell over interest rates, fuelling concerns about the US central bank's autonomy and the future monetary policy path, which pushed Wall Street down more than 2.0 per cent on Monday. Clarity on US tariff policy and the outcome of negotiations with individual countries on reciprocal levies are also in focus. Indexes have fallen sharply this year as Trump's erratic trade policies rattled markets, with the S&P 500 more than 14 per cent below its February 19 record closing high. A close 20 per cent below that mark would confirm that the index has entered a bear market. The Nasdaq Composite confirmed it was in a bear market earlier this month. The International Monetary Fund slashed its forecasts for growth in the US on Tuesday to 1.8 per cent in 2025, from 2.8 per cent growth in 2024. Commentary from several Fed speakers is expected through the day. Their remarks will be parsed for clues on the central bank's policy outlook and view on rising tensions with the White House. Shares of Invesco leapt 8.7 per cent after the asset manager reported higher-than-expected quarterly profit. Advancing issues outnumbered decliners by a 9.24-to-1 ratio on the NYSE, and by a 4.52-to-1 ratio on the Nasdaq. The S&P 500 posted one new 52-week high and one new low while the Nasdaq Composite recorded 11 new highs and 27 new lows.
Time of India
22-04-2025
- Business
- Time of India
Dow soars 800 points, S&P, Nasdaq up over 2% as investors focus on earnings
Wall Street 's main indexes recovered some ground on Tuesday as investors focused on corporate earnings after President Donald Trump's mounting criticism of Federal Reserve Chair Jerome Powell led to a sharp selloff in the previous session. At 11:11 a.m. ET, the Dow Jones jumped 800.89 points or 2.10% to close at 38,971.30, the S&P 500 rose 114.80 points or 2.23% to 5,273.00, and the Nasdaq surged 393.92 points or 2.48% to 16,264.82. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Drivers Who Drive Less Than 80km/day Are Switching To This Insurance AutoTrends Learn More Undo Investors sifted through a slew of quarterly earnings, with dozens more due through the week, for indications on how companies are navigating the uncertainty caused by tariffs and their expectations for a hit to future earnings. "There's still a lot of uncertainty in the air with where tariffs will land... but if we can look past that, the fundamentals in the markets still look very good," said Eric Sterner, chief investment officer for Apollon Wealth Management. "Earnings are expected to grow 10% for this first quarter, so corporate profits are still very healthy." Live Events Shares of industrial conglomerate 3M Co, the biggest gainer on the blue-chip Dow, jumped 3.4% after the company beat first-quarter profit expectations. Verizon fell 2.4% after posting a higher quarterly subscriber loss. Northrop Grumman slumped 8.7% after it reported a sharp drop in profit, while RTX tumbled 8% after the company flagged a potential hit of about $850 million to annual profit from tariffs. Megacaps also recovered, with Nvidia rising 1.1% and Apple up 1.7%. All sectors on the S&P 500 inched higher, with consumer discretionary taking the lead. Tesla, which will kick off earnings for the "Magnificent Seven" group of megacap stocks after markets close, rose 2.1%. The mood, however, remained fragile as investors awaited Trump's next move in his relentless tussle with Powell over interest rates, fueling concerns about the central bank's autonomy and the future monetary policy path, which pushed Wall Street down more than 2% on Monday. Clarity on U.S. tariff policy and the outcome of negotiations with individual countries on reciprocal levies are also in focus. Indexes have fallen sharply this year as Trump's erratic trade policies rattled markets, with the S&P 500 more than 14% below its February 19 record closing high. A close 20% below that mark would confirm that the index has entered a bear market. The Nasdaq Composite confirmed it was in a bear market earlier this month. The International Monetary Fund slashed its forecasts for growth in the U.S. on Tuesday to 1.8% in 2025, from 2.8% growth in 2024. Commentary from several Fed speakers is expected through the day. Their remarks will be parsed for clues on the central bank's policy outlook and view on rising tensions with the White House. Shares of Invesco leapt 8.7% after the asset manager reported higher-than-expected quarterly profit. Advancing issues outnumbered decliners by a 9.24-to-1 ratio on the NYSE, and by a 4.52-to-1 ratio on the Nasdaq.
