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Business Recorder
4 days ago
- Business
- Business Recorder
US stocks tread water on economic growth worries
WASHINGTON: Wall Street stocks were little changed early Tuesday following a cut to global growth forecasts, with the United States expected to be hit hard as President Donald Trump's sweeping tariffs weigh on the economy. The Dow Jones Industrial Average was almost flat at 42,323.97, while the broad-based S&P 500 Index edged up 0.1 percent to 5,939.58. The Nasdaq Composite Index rose 0.2 percent to 19,279.52. The world economy is set to grow by 2.9 percent in 2025 and 2026, the Organisation for Economic Co-operation and Development (OECD) said Tuesday, cutting its forecasts from a previous report. Wall Street mixed after Trump's steel tariff threat The OECD also lowered its US growth forecast for this year, from 2.2 percent to 1.6 percent, and warned that 'substantial increases' in trade barriers are among the factors to impact growth if they persist. 'The general trend that is driving markets appears to be the creeping uncertainty over the path of tariffs and trade,' said Art Hogan of B. Riley Wealth Management. 'We're more or less in a 'wait-and-see' mode about what news is delivered to us,' he added. Since returning to the presidency, Trump has imposed 10 percent tariffs on imports from most trading partners and threatened steeper rates – currently on hold – on dozens of economies. He has slapped levies on imports of steel and aluminum, which he plans to double this week, straining ties with partners including the European Union. The market movements come as investors await more details of potential trade deals between Washington and governments around the world, as they seek to avert higher duties. Looking ahead, traders are also eyeing official employment data for a gauge of how the world's biggest economy is holding up under Trump's policies. 'We'll likely start seeing jobs creation numbers that are lower than the average,' said Hogan.
Business Times
15-05-2025
- Business
- Business Times
US: Stocks end mostly up after mixed data
[NEW YORK] Wall Street stocks finished mostly higher on Thursday following mixed US economic data as markets await further announcement from Washington of trade deals. Data showed US retail sales were near-flat in the United States in April, while US wholesale inflation unexpectedly fell during the month. 'We're back into the vacuum where news about trade dominates everything,' said Art Hogan of B. Riley Wealth Management. The Dow Jones Industrial Average finished up 0.7 per cent at 42,322.75. The broad-based S&P 500 gained 0.4 per cent to 5,916.93, while the tech-rich Nasdaq Composite Index fell 0.2 per cent to 19,112.32. After tumbling in early April following President Donald Trump's sweeping tariff plan, stocks have been on the upswing in recent weeks as Trump has retreated from some of the most onerous levies while announcing a trade deal with Britain and a deescalation with China. 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 But Hogan said markets are bracing themselves for a hit to inflation later in 2025 from the overall policy shift to higher tariffs. Among individual companies, UnitedHealth plunged more than 11 per cent after the Wall Street Journal reported the health giant faces a US criminal investigation for possible Medicare fraud. UnitedHealth said in a statement it had not been notified by the Justice Department of an investigation and criticised the 'deeply irresponsible' article. Walmart dipped 0.4 per cent as it warned of higher prices due to tariffs, saying the levies were still too high for the company to absorb without passing on to consumers. Dick's Sporting Goods dropped 14.6 per cent after announcing a deal to acquire Foot Locker for about US$2.4 billion. Foot Locker surged 85.7 per cent. AFP
Business Times
09-05-2025
- Business
- Business Times
US: Dow, S&P 500 edge lower ahead of China trade talks
[NEW YORK] The Dow and S&P 500 edged lower on Friday following a low-key session as markets awaited weekend US-China trade talks. US President Donald Trump said an 80 per cent tariff on China 'seems right' in a post on social media. The world's two biggest economies have imposed triple-digit levies on each other in recent weeks. Representatives from the two countries are scheduled to meet in Switzerland this weekend. Analysts do not expect a breakthrough but are hoping for deescalation in the trade war. The Dow Jones Industrial Average finished down 0.3 per cent at 41,249.38. The broad-based S&P 500 dipped 0.1 per cent to 5,659.91, while the tech-rich Nasdaq Composite Index was flat at 17,928.92. Stocks avoided major swings on Friday on a day with no major economic releases. 'If ever there was a wait and see Friday, this is it,' said Art Hogan of B. Riley Wealth Management. 'It's all about our perceptions of how the trade war is going.' Among individual companies, Lyft shot up more than 28 per cent as it announced a new US$750 million share repurchase programme after reporting mixed earnings. But Expedia dropped 7.3 per cent as it flagged 'weaker than expected' travel demand in the United States, adding to worries about the company's outlook. AFP
Business Times
06-05-2025
- Business
- Business Times
US: Stocks fall again ahead of Fed decision
[NEW YORK] Wall Street stocks fell again on Tuesday as markets await a Federal Reserve decision on interest rates while anticipating US trade deal breakthroughs that have yet to materialise. Canadian Prime Minister Mark Carney told US President Donald Trump that his country was 'never for sale' at a White House meeting that underscored tensions after the United States imposed tariffs on Canada and other trading partners. The market 'seems to be disappointed over the fact that we're not hearing any trade deal news,' said Art Hogan of B. Riley Wealth Management. Stocks had risen most of the last two weeks in anticipation of progress on the trade front. But major US indices spent the entire Tuesday session in the red, with the Dow Jones Industrial Average finishing down one per cent at 40,829,00. The broad-based S&P 500 declined 0.8 per cent to 5,606.91, while the tech-rich Nasdaq Composite Index fell 0.9 per cent to 17,689.66. Data released on Tuesday showed the overall trade deficit for the United States jumped 14.0 per cent to US$140.5 billion for March, a record for a month. 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 Pharmaceutical and biotech stocks took a beating due to the appointment of oncologist Vinay Prasad to a top post at the US Food and Drug Administration. Prasad has been an outspoken critic of the agency's prior approach to Covid-19 vaccines and other key decisions. Merck and Pfizer both fell more than four per cent while Moderna sank more than 12 per cent. Ford rose 2.7 per cent after reporting a 65 per cent drop in profits that nonetheless topped estimates. The carmaker suspended its forecast amid tariff uncertainty. Mattel climbed 2.8 per cent as it also suspended its outlook, citing uncertainty due to the 'volatile macro-economic environment and evolving US tariff landscape.' Markets are looking ahead to Wednesday's Fed decision. The US central bank is widely expected to pause again on interest rate changes and wait for clarity on the economic impact of Trump's tariff rollout. Trump has aggressively argued the Fed should resume interest rate cuts. AFP
CNBC
02-05-2025
- Business
- CNBC
Trade talks will be key next week for a market striving to leave tariff turmoil behind
Trade talks will continue to be critical in the week ahead, as equities mount an impressive rally on hopes the U.S. economy is strong enough to weather the fallout from Trump's tariffs. The S & P 500 has made a huge comeback since the post-April 2 sell-off, recouping all its losses after the latest jobs report spurred hopes the U.S. could dodge a recession, and China reportedly signaled a willingness to come to the table on trade talks. On Friday, the S & P 500 was on pace for its longest win streak since 2004. It is trading above its 50-day moving average for the first time in two months. Now, investors are hoping that any sign of progress with any of the U.S.'s key trading partners will mean that stocks have finally turned a corner, and even may have put in a bottom, after pricing in the worst of Trump's initial tariffs. "Making most of April 2 go away is what I think investors are waiting for," said Art Hogan, chief market strategist at B. Riley Wealth Management. "I think the stock market would settle for one major deal with a major trade partner to kind of set the table for the potential for more. We're about halfway through that 90-day window, and, really, I think investors would react positively to getting that first deal on the tape." .SPX 3M mountain S & P 500 China, of course, could take longer to negotiate with, Hogan said. However, a trade agreement with other key countries including Mexico, Canada, Japan or the Eurozone that sets the precedent for future deals could also have a euphoric effect on the stock market. "I certainly feel as though that would be monumental," Hogan said. The technical setup Still, there are reasons to be concerned. In spite of Friday's surprisingly strong jobs report, many investors are sure the U.S. is headed for a slowdown, even if it can manage to skirt a recession. The long-term technical trend remains troubling as well. While the S & P 500 may have broken above key near-term resistance, trading above its 50-day moving average, it still has to surmount long-term resistance at its 200-day. The broader index was last at around 5,694. Fairlead Strategies founder Katie Stockton said she sees the next resistance level for the S & P 500 at 5,783, where it traded the day of the November election, and added that the longer-term trends remain weak. "We did see a breakdown that was more significant than the short-term breakout," said Stockton. "I call it a round trip — despite the recent bounce, the damage to the charts has been done." Elsewhere, Wolfe Research's Rob Ginsberg noted a sharp reversal in the S & P 500 could bring the benchmark back down to support at 5,200. Fed meeting, peak earnings Federal Reserve policymakers are scheduled to meet next week. Many investors are certain that the central bank will be on hold for the time being as the economy continues to show signs of strength, and inflation remains elevated. Investors have dialed back their rate cut expectations, with markets last pricing in three quarter-point reductions in 2025, down from four prior to Friday's jobs report, according to the CME FedWatch Tool . The first rate cut has been pushed back to July, instead of June. Next week is the final peak of earnings season, with another fifth of S & P 500 companies posting quarterly results, including Dow component Walt Disney . Thus far, the first-quarter reporting season has come in stronger than expected, but current-quarter estimates have come down. On Friday, stocks were on pace to close out the week with strong gains. The Dow Jones Industrial Average was up nearly 3% in the period, as was the S & P 500. The Nasdaq Composite has risen more than 3%. Week ahead calendar All times ET. Monday, May 5 9:45 a.m. PMI Composite final (April) 9:45 a.m. S & P PMI Services final (April) 10 a.m. ISM Services PMI (April) Earnings: Clorox , Palantir Technologies , Ford Motor , Vertex Pharmaceuticals , Diamondback Energy , Coterra Energy , Zimmer Biomet , Loews , Tyson Foods , ON Semiconductor Tuesday, May 6 8:30 a.m. Trade Balance (March) Earnings: Arista Networks , Wynn Resorts , Electronic Arts , Devon Energy , Advanced Micro Devices , TransDigm Group , Marriott International , IQVIA Holdings , Fastenal , Duke Energy , American Electric Power , Gartner , Marathon Petroleum , Global Payments , Fidelity National Information Services , Constellation Energy , Archer-Daniels-Midland Wednesday, May 7 2 p.m. FOMC Meeting 2 p.m. Fed Funds Target Upper Bound 3 p.m. Consumer Credit SA Earnings: Paycom Software , Fortinet , Skyworks Solutions , Axon Enterprise , Occidental Petroleum , DoorDash , Corteva , CF Industries Holdings , Rockwell Automation , Uber Technologies , Emerson Electric , Walt Disney Thursday, May 8 8:30 a.m. Continuing Jobless Claims (04/26) 8:30 a.m. Initial Claims (05/03) 8:30 a.m. Unit Labor Costs preliminary (Q1) 8:30 a.m. Productivity preliminary (Q1) 10 a.m. Wholesale Inventories final (March) Earnings: Expedia Group , Insulet , TKO Group Holdings , Paramount Global , Microchip Technology , Akamai Technologies , Warner Bros. Discovery , ConocoPhillips , Tapestry , Molson Coors Beverage , Match Group Friday, May 9 8:30 a.m. New York Federal Reserve Bank President and CEO John Williams speaks on Taylor Rules in Policy, Stanford University 10 a.m. New York Federal Reserve Bank Director of Research and Head of the Statistics Group Kartik Athreya speaks on NY State Large Credit Unions CEO Roundtable 10:15 a.m. New York Federal Reserve Bank President and CEO John Williams speaks on Reykjavik Economic Conference, Iceland — CNBC's Hakyung Kim contributed to this report.
