Latest news with #BRileyWealth
Mint
3 days ago
- Business
- Mint
Wall Street Today: US stocks fall after Trump blames China for violating tariff norms; Nvidia down 3%
Wall Street's main indexes fell on Friday as U.S. President Donald Trump accused China of violating a tariff agreement, ramping up tensions in a trade war that has roiled global markets and businesses. Trump's post on his Truth Social platform did not specify how China had violated the agreement made in Geneva, Switzerland, and what action he would take against Beijing. "So much for being Mr. NICE GUY!," he said. In their Geneva talks, both sides had agreed the U.S. would drop levies on Chinese imports from 145% to 30% during a 90-day negotiation period and China would cut duties from 125% to 10%. "We went from a place where it felt as though investors had a pretty good handle on the direction of trade and tariffs and now that picture has become very confusing," said Art Hogan, chief market strategist at B Riley Wealth. Helping stem losses, data showed U.S. consumer spending increased marginally in April, with the year-on-year reading increasing to 2.1% after advancing 2.3% in March. The Fed tracks the PCE price measures for its 2% inflation target. Traders continued to bet that the U.S. central bank will cut its target for short-term borrowing costs in September. At 09:59 a.m. ET, the Dow Jones Industrial Average fell 49.27 points, or 0.12%, to 42,166.46, the S&P 500 lost 27.12 points, or 0.46%, to 5,885.05 and the Nasdaq Composite lost 155.75 points, or 0.81%, to 19,020.13. Most megacap and growth stocks fell, with Nvidia down 2.4%. Nine of the 11 major S&P 500 sub-sectors fell, with energy and information technology declining the most. Despite the losses, the Nasdaq is on pace for its best month since November 2023, while the benchmark S&P 500 is on track for its biggest monthly gain since November 2024. The Dow is also set to notch a near 3.5% advance for May. It has been a volatile month for stocks as Trump's on-and-off trade moves kept investors on edge, though his softening stance on tariffs had helped the S&P 500 rebound from its April lows. The benchmark is now about 4% lower than its all-time high hit in February. Hopes of more deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, had also driven the gains in equities. U.S. equities had initially rallied in the previous session, after the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, without addressing some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Among other big movers on the day, Ulta Beauty jumped 15% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Shares of drugmaker Regeneron dropped more than 18% after its experimental drug for patients with a type of lung condition commonly called "smoker's lung" failed a late-stage trial, although it succeeded in another. Declining issues outnumbered advancers by a 2.33-to-1 ratio on the NYSE and by a 2.66-to-1 ratio on the Nasdaq. The S&P 500 posted 6 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 24 new highs and 40 new lows.
Business Recorder
3 days ago
- Business
- Business Recorder
Wall St falls as Trump says China violated tariff terms
Wall Street's main indexes fell on Friday as U.S. President Donald Trump accused China of violating a tariff agreement, ramping up tensions in a trade war that has roiled global markets and businesses. Trump's post on his Truth Social platform did not specify how China had violated the agreement made in Geneva, Switzerland, and what action he would take against Beijing. 'So much for being Mr. NICE GUY!,' he said. In their Geneva talks, both sides had agreed the U.S. would drop levies on Chinese imports from 145% to 30% during a 90-day negotiation period and China would cut duties from 125% to 10%. 'We went from a place where it felt as though investors had a pretty good handle on the direction of trade and tariffs and now that picture has become very confusing,' said Art Hogan, chief market strategist at B Riley Wealth. Helping stem losses, data showed U.S. consumer spending increased marginally in April, with the year-on-year reading increasing to 2.1% after advancing 2.3% in March. The Fed tracks the PCE price measures for its 2% inflation target. Traders continued to bet that the U.S. central bank will cut its target for short-term borrowing costs in September. At 09:59 a.m. ET, the Dow Jones Industrial Average fell 49.27 points, or 0.12%, to 42,166.46, the S&P 500 lost 27.12 points, or 0.46%, to 5,885.05 and the Nasdaq Composite lost 155.75 points, or 0.81%, to 19,020.13. Most megacap and growth stocks fell, with Nvidia down 2.4%. Nine of the 11 major S&P 500 sub-sectors fell, with energy and information technology declining the most. Wall St edges lower as markets await Nvidia earnings Despite the losses, the Nasdaq is on pace for its best month since November 2023, while the benchmark S&P 500 is on track for its biggest monthly gain since November 2024. The Dow is also set to notch a near 3.5% advance for May. It has been a volatile month for stocks as Trump's on-and-off trade moves kept investors on edge, though his softening stance on tariffs had helped the S&P 500 rebound from its April lows. The benchmark is now about 4% lower than its all-time high hit in February. Hopes of more deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, had also driven the gains in equities. U.S. equities had initially rallied in the previous session, after the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, without addressing some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Among other big movers on the day, Ulta Beauty jumped 15% after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Shares of drugmaker Regeneron dropped more than 18% after its experimental drug for patients with a type of lung condition commonly called 'smoker's lung' failed a late-stage trial, although it succeeded in another. Declining issues outnumbered advancers by a 2.33-to-1 ratio on the NYSE and by a 2.66-to-1 ratio on the Nasdaq. The S&P 500 posted 6 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 24 new highs and 40 new lows.
West Australian
3 days ago
- Business
- West Australian
Wall St falls as Trump says China violated tariff terms
Wall Street's main indexes have fallen as US President Donald Trump accused China of violating a tariff agreement, ramping up tensions in a trade war that has roiled global markets and businesses. Trump's post on his Truth Social platform did not specify how China had violated the agreement made in Geneva, Switzerland, and what action he would take against Beijing. "So much for being Mr. NICE GUY!," he said. In their Geneva talks, both sides had agreed the US would drop levies on Chinese imports from 145 per cent to 30 per cent during a 90-day negotiation period and China would cut duties from 125 per cent to 10 per cent. "We went from a place where it felt as though investors had a pretty good handle on the direction of trade and tariffs and now that picture has become very confusing," said Art Hogan, chief market strategist at B Riley Wealth. Helping stem losses, data showed US consumer spending increased marginally in April, with the year-on-year reading increasing to 2.1 per cent after advancing 2.3 per cent in March. The Fed tracks the PCE price measures for its 2.0 per cent inflation target. Traders continued to bet that the US central bank would cut its target for short-term borrowing costs in September. In early trading on Friday, the Dow Jones Industrial Average fell 49.27 points, or 0.12 per cent, to 42,166.46, the S&P 500 lost 27.12 points, or 0.46 per cent, to 5,885.05 and the Nasdaq Composite lost 155.75 points, or 0.81 per cent, to 19,020.13. Most megacap and growth stocks fell, with Nvidia down 2.4 per cent. Nine of the 11 major S&P 500 sub-sectors fell, with energy and information technology declining the most. Despite the losses, the Nasdaq is on pace for its best month since November 2023, while the benchmark S&P 500 is on track for its biggest monthly gain since November 2024. The Dow is also set to notch a near 3.5 per cent advance for May. It has been a volatile month for stocks as Trump's on-and-off trade moves kept investors on edge, though his softening stance on tariffs had helped the S&P 500 rebound from its April lows. The benchmark is now about 4.0 per cent lower than its all-time high hit in February. Hopes of more deals between the US and major trading partners, along with upbeat earnings and tame inflation data, had also driven the gains in equities. US equities had initially rallied in the previous session after the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, without addressing some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Among other big movers on the day, Ulta Beauty jumped 15 per cent after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Shares of drugmaker Regeneron dropped more than 18 per cent after its experimental drug for patients with a type of lung condition commonly called "smoker's lung" failed a late-stage trial, although it succeeded in another. Declining issues outnumbered advancers by a 2.33-to-1 ratio on the NYSE and by a 2.66-to-1 ratio on the Nasdaq. The S&P 500 posted 6 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 24 new highs and 40 new lows.
Perth Now
3 days ago
- Business
- Perth Now
Wall St falls as Trump says China violated tariff terms
Wall Street's main indexes have fallen as US President Donald Trump accused China of violating a tariff agreement, ramping up tensions in a trade war that has roiled global markets and businesses. Trump's post on his Truth Social platform did not specify how China had violated the agreement made in Geneva, Switzerland, and what action he would take against Beijing. "So much for being Mr. NICE GUY!," he said. In their Geneva talks, both sides had agreed the US would drop levies on Chinese imports from 145 per cent to 30 per cent during a 90-day negotiation period and China would cut duties from 125 per cent to 10 per cent. "We went from a place where it felt as though investors had a pretty good handle on the direction of trade and tariffs and now that picture has become very confusing," said Art Hogan, chief market strategist at B Riley Wealth. Helping stem losses, data showed US consumer spending increased marginally in April, with the year-on-year reading increasing to 2.1 per cent after advancing 2.3 per cent in March. The Fed tracks the PCE price measures for its 2.0 per cent inflation target. Traders continued to bet that the US central bank would cut its target for short-term borrowing costs in September. In early trading on Friday, the Dow Jones Industrial Average fell 49.27 points, or 0.12 per cent, to 42,166.46, the S&P 500 lost 27.12 points, or 0.46 per cent, to 5,885.05 and the Nasdaq Composite lost 155.75 points, or 0.81 per cent, to 19,020.13. Most megacap and growth stocks fell, with Nvidia down 2.4 per cent. Nine of the 11 major S&P 500 sub-sectors fell, with energy and information technology declining the most. Despite the losses, the Nasdaq is on pace for its best month since November 2023, while the benchmark S&P 500 is on track for its biggest monthly gain since November 2024. The Dow is also set to notch a near 3.5 per cent advance for May. It has been a volatile month for stocks as Trump's on-and-off trade moves kept investors on edge, though his softening stance on tariffs had helped the S&P 500 rebound from its April lows. The benchmark is now about 4.0 per cent lower than its all-time high hit in February. Hopes of more deals between the US and major trading partners, along with upbeat earnings and tame inflation data, had also driven the gains in equities. US equities had initially rallied in the previous session after the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, without addressing some industry-specific tariffs. However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9. Among other big movers on the day, Ulta Beauty jumped 15 per cent after the cosmetics retailer raised its annual profit forecast after beating quarterly results. Shares of drugmaker Regeneron dropped more than 18 per cent after its experimental drug for patients with a type of lung condition commonly called "smoker's lung" failed a late-stage trial, although it succeeded in another. Declining issues outnumbered advancers by a 2.33-to-1 ratio on the NYSE and by a 2.66-to-1 ratio on the Nasdaq. The S&P 500 posted 6 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 24 new highs and 40 new lows.
The Advertiser
16-05-2025
- Business
- The Advertiser
Wall Street opens flat, set to cap strong weekly gains
Wall Street's main indexes are subdued but still on track for robust weekly gains buoyed by a US-China tariff truce and cooling inflation while focus was on a pivotal vote on US President Donald Trump's tax legislations. US equities lost some steam after a measure of consumer sentiment by the University of Michigan slipped to 50.8 for May, compared with April's 52.2, while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent. House Budget Committee chairman Jodey Arrington cautioned that Friday's planned vote on the tax bill might be delayed due to opposition to the measure. In early trading on Friday, the Dow Jones Industrial Average rose 7.64 points, or 0.02 per cent, to 42,330.39, the S&P 500 gained 5.46 points, or 0.09 per cent, to 5,922.39 and the Nasdaq Composite gained 15.17 points, or 0.08 per cent, to 19,127.49. All three main indexes were poised for weekly gains. The market found its footing earlier in the week, rallying on Monday and Tuesday after the United States and China agreed to a 90-day pause in their escalating trade war. As a result, the S&P 500 catapulted back into the green year-to-date – the first time it is in positive territory since late February. Still, the benchmark index remains about 4.0 per cent shy of its all-time peak. "The combination of a deal with the UK and taking a step back from the untenable China tariffs certainly lays out a road map that we can get multiple bilateral trade deals accomplished and that's the largest of the positive catalyst," said Art Hogan, chief market strategist at B Riley Wealth. Trump and UK Prime Minister Keir Starmer had announced a limited bilateral trade agreement last week. Data from earlier in the week showed US retail sales growth losing steam in April while consumer prices staged a moderate rebound. Focus would also be on comments from Federal Reserve policymakers, with at least two officials including Richmond Fed president Thomas Barkin slated to speak throughout the day. Most megacap and growth stocks swung higher, with Alphabet leading gains with a 2.4 per cent rise. Big Tech was one of the biggest drivers on Wall Street this week. The information technology sector was heading towards an 8.0 per cent gain, a weekly jump echoing the surge seen when traders first seized on clear signals the White House was ready to dial back its trade hostilities with China. Shares of UnitedHealth rose 1.4 per cent after a near 11 per cent drop in the last session, when the stock was rocked after a report the US Department of Justice had begun a criminal investigation into the insurer. Applied Materials slipped 6.6 per cent after the chipmaking equipment maker missed estimates for second-quarter revenue. Charter Communications rose 3.0 per cent after the media company said it would buy privately held rival Cox Communications for $21.9 billion. Advancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and no new lows while the Nasdaq Composite recorded 42 new highs and 42 new lows. Wall Street's main indexes are subdued but still on track for robust weekly gains buoyed by a US-China tariff truce and cooling inflation while focus was on a pivotal vote on US President Donald Trump's tax legislations. US equities lost some steam after a measure of consumer sentiment by the University of Michigan slipped to 50.8 for May, compared with April's 52.2, while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent. House Budget Committee chairman Jodey Arrington cautioned that Friday's planned vote on the tax bill might be delayed due to opposition to the measure. In early trading on Friday, the Dow Jones Industrial Average rose 7.64 points, or 0.02 per cent, to 42,330.39, the S&P 500 gained 5.46 points, or 0.09 per cent, to 5,922.39 and the Nasdaq Composite gained 15.17 points, or 0.08 per cent, to 19,127.49. All three main indexes were poised for weekly gains. The market found its footing earlier in the week, rallying on Monday and Tuesday after the United States and China agreed to a 90-day pause in their escalating trade war. As a result, the S&P 500 catapulted back into the green year-to-date – the first time it is in positive territory since late February. Still, the benchmark index remains about 4.0 per cent shy of its all-time peak. "The combination of a deal with the UK and taking a step back from the untenable China tariffs certainly lays out a road map that we can get multiple bilateral trade deals accomplished and that's the largest of the positive catalyst," said Art Hogan, chief market strategist at B Riley Wealth. Trump and UK Prime Minister Keir Starmer had announced a limited bilateral trade agreement last week. Data from earlier in the week showed US retail sales growth losing steam in April while consumer prices staged a moderate rebound. Focus would also be on comments from Federal Reserve policymakers, with at least two officials including Richmond Fed president Thomas Barkin slated to speak throughout the day. Most megacap and growth stocks swung higher, with Alphabet leading gains with a 2.4 per cent rise. Big Tech was one of the biggest drivers on Wall Street this week. The information technology sector was heading towards an 8.0 per cent gain, a weekly jump echoing the surge seen when traders first seized on clear signals the White House was ready to dial back its trade hostilities with China. Shares of UnitedHealth rose 1.4 per cent after a near 11 per cent drop in the last session, when the stock was rocked after a report the US Department of Justice had begun a criminal investigation into the insurer. Applied Materials slipped 6.6 per cent after the chipmaking equipment maker missed estimates for second-quarter revenue. Charter Communications rose 3.0 per cent after the media company said it would buy privately held rival Cox Communications for $21.9 billion. Advancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and no new lows while the Nasdaq Composite recorded 42 new highs and 42 new lows. Wall Street's main indexes are subdued but still on track for robust weekly gains buoyed by a US-China tariff truce and cooling inflation while focus was on a pivotal vote on US President Donald Trump's tax legislations. US equities lost some steam after a measure of consumer sentiment by the University of Michigan slipped to 50.8 for May, compared with April's 52.2, while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent. House Budget Committee chairman Jodey Arrington cautioned that Friday's planned vote on the tax bill might be delayed due to opposition to the measure. In early trading on Friday, the Dow Jones Industrial Average rose 7.64 points, or 0.02 per cent, to 42,330.39, the S&P 500 gained 5.46 points, or 0.09 per cent, to 5,922.39 and the Nasdaq Composite gained 15.17 points, or 0.08 per cent, to 19,127.49. All three main indexes were poised for weekly gains. The market found its footing earlier in the week, rallying on Monday and Tuesday after the United States and China agreed to a 90-day pause in their escalating trade war. As a result, the S&P 500 catapulted back into the green year-to-date – the first time it is in positive territory since late February. Still, the benchmark index remains about 4.0 per cent shy of its all-time peak. "The combination of a deal with the UK and taking a step back from the untenable China tariffs certainly lays out a road map that we can get multiple bilateral trade deals accomplished and that's the largest of the positive catalyst," said Art Hogan, chief market strategist at B Riley Wealth. Trump and UK Prime Minister Keir Starmer had announced a limited bilateral trade agreement last week. Data from earlier in the week showed US retail sales growth losing steam in April while consumer prices staged a moderate rebound. Focus would also be on comments from Federal Reserve policymakers, with at least two officials including Richmond Fed president Thomas Barkin slated to speak throughout the day. Most megacap and growth stocks swung higher, with Alphabet leading gains with a 2.4 per cent rise. Big Tech was one of the biggest drivers on Wall Street this week. The information technology sector was heading towards an 8.0 per cent gain, a weekly jump echoing the surge seen when traders first seized on clear signals the White House was ready to dial back its trade hostilities with China. Shares of UnitedHealth rose 1.4 per cent after a near 11 per cent drop in the last session, when the stock was rocked after a report the US Department of Justice had begun a criminal investigation into the insurer. Applied Materials slipped 6.6 per cent after the chipmaking equipment maker missed estimates for second-quarter revenue. Charter Communications rose 3.0 per cent after the media company said it would buy privately held rival Cox Communications for $21.9 billion. Advancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and no new lows while the Nasdaq Composite recorded 42 new highs and 42 new lows. Wall Street's main indexes are subdued but still on track for robust weekly gains buoyed by a US-China tariff truce and cooling inflation while focus was on a pivotal vote on US President Donald Trump's tax legislations. US equities lost some steam after a measure of consumer sentiment by the University of Michigan slipped to 50.8 for May, compared with April's 52.2, while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent. House Budget Committee chairman Jodey Arrington cautioned that Friday's planned vote on the tax bill might be delayed due to opposition to the measure. In early trading on Friday, the Dow Jones Industrial Average rose 7.64 points, or 0.02 per cent, to 42,330.39, the S&P 500 gained 5.46 points, or 0.09 per cent, to 5,922.39 and the Nasdaq Composite gained 15.17 points, or 0.08 per cent, to 19,127.49. All three main indexes were poised for weekly gains. The market found its footing earlier in the week, rallying on Monday and Tuesday after the United States and China agreed to a 90-day pause in their escalating trade war. As a result, the S&P 500 catapulted back into the green year-to-date – the first time it is in positive territory since late February. Still, the benchmark index remains about 4.0 per cent shy of its all-time peak. "The combination of a deal with the UK and taking a step back from the untenable China tariffs certainly lays out a road map that we can get multiple bilateral trade deals accomplished and that's the largest of the positive catalyst," said Art Hogan, chief market strategist at B Riley Wealth. Trump and UK Prime Minister Keir Starmer had announced a limited bilateral trade agreement last week. Data from earlier in the week showed US retail sales growth losing steam in April while consumer prices staged a moderate rebound. Focus would also be on comments from Federal Reserve policymakers, with at least two officials including Richmond Fed president Thomas Barkin slated to speak throughout the day. Most megacap and growth stocks swung higher, with Alphabet leading gains with a 2.4 per cent rise. Big Tech was one of the biggest drivers on Wall Street this week. The information technology sector was heading towards an 8.0 per cent gain, a weekly jump echoing the surge seen when traders first seized on clear signals the White House was ready to dial back its trade hostilities with China. Shares of UnitedHealth rose 1.4 per cent after a near 11 per cent drop in the last session, when the stock was rocked after a report the US Department of Justice had begun a criminal investigation into the insurer. Applied Materials slipped 6.6 per cent after the chipmaking equipment maker missed estimates for second-quarter revenue. Charter Communications rose 3.0 per cent after the media company said it would buy privately held rival Cox Communications for $21.9 billion. Advancing issues outnumbered decliners by a 1.38-to-1 ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq. The S&P 500 posted 13 new 52-week highs and no new lows while the Nasdaq Composite recorded 42 new highs and 42 new lows.
