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Economic Times
33 minutes ago
- Business
- Economic Times
US stocks fall after reports that President Trump likely to fire Fed chair Jerome Powell
US stocks Synopsis U.S. stock indexes reversed course to fall on Wednesday after Bloomberg News reported that President Donald Trump was likely to fire Federal Reserve Chair Jerome Powell soon, citing a White House official. U.S. stock indexes reversed course to fall on Wednesday after Bloomberg News reported that President Donald Trump was likely to fire Federal Reserve Chair Jerome Powell soon, citing a White House official. ADVERTISEMENT At 11:27 a.m. ET, the Dow Jones Industrial Average fell 100.39 points, or 0.23%, to 43,922.90, the S&P 500 lost 16.14 points, or 0.26%, to 6,227.62 and the Nasdaq Composite lost 56.76 points, or 0.27%, to 20,621.04. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
35 minutes ago
- Business
- Time of India
US stocks fall after reports that President Trump likely to fire Fed chair Jerome Powell
U.S. stock indexes reversed course to fall on Wednesday after Bloomberg News reported that President Donald Trump was likely to fire Federal Reserve Chair Jerome Powell soon, citing a White House official. At 11:27 a.m. ET, the Dow Jones Industrial Average fell 100.39 points, or 0.23%, to 43,922.90, the S&P 500 lost 16.14 points, or 0.26%, to 6,227.62 and the Nasdaq Composite lost 56.76 points, or 0.27%, to 20,621.04. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo
Bloomberg
an hour ago
- Business
- Bloomberg
Wizz Exit From Abu Dhabi Leaves Hundreds of Staff in Limbo
Wizz Air Holdings Plc 's decision to suspend its Abu Dhabi operation has put up to 450 jobs in limbo, as some employees will find it impossible to relocate to Europe. Every employee in Abu Dhabi will have the opportunity to take another job across the budget carrier's European network, Chief Executive Officer Jozsef Varadi said on a video call with staff seen by Bloomberg News. Affected employees also are due a bonus payment in September, he said at the Monday meeting after announcing the shutdown.
Time of India
6 hours ago
- Business
- Time of India
Indira IVF Hospital files for IPO via confidential route, newspaper ad shows
Bengaluru: Indian fertility services provider Indira IVF Hospital has filed draft papers confidentially with the country's markets regulator for an initial public offering , a newspaper advertisement showed on Wednesday. The offering could be worth around 35 billion rupees ($407.2 million), Bloomberg News reported on Tuesday, citing people familiar with the matter. The deal will not include the issuance of new shares as existing shareholders will offload their stakes, the report said. The company, backed by Hong Kong-based investment firm BPEA EQT , had filed for the IPO in February. However, it later withdrew its draft documents in March after the release of a Bollywood biopic about the company's founder raised concerns with the Securities and Exchange Board of India , the markets regulator, according to The Economic Times, a business daily. The confidential route allows companies to submit draft IPO papers to SEBI for feedback without making the details public, giving them greater flexibility on timing and disclosure. Indira IVF Hospital did not immediately respond to a Reuters request for comment.
Mint
7 hours ago
- Business
- Mint
Nvidia's win on chips reduces China tensions, raises questions on tech rivalry
Nvidia's ability to get a reprieve from restrictions on chip sales to China could mark a shift in the U.S.-China technology rivalry, as well as pave the way to a further de-escalation in the tensions that rattled markets just months ago. The chip manufacturer said overnight that it had been given assurances that it could sell its H20 artificial-intelligence chips in China again, despite restrictions that were put in place in April. The news came shortly after Chief Executive Jensen Huang met with President Donald Trump and as he embarked on a China trip. In a Bloomberg News interview Tuesday, Treasury Secretary Scott Bessent said the loosening of restrictions 'was a negotiating chip" used in talks held earlier in Geneva and London. The two sides had met as they tried to reset their relationship after a ratcheting up of tensions that left tariffs at three-digit levels and China curtailing U.S. access to critical minerals, including those used in magnets crucial to autos, other industrial products, and some military applications. The U.S. has increasingly relied on a web of export controls to limit China's access to advanced technology as the rivalry between the countries has deepened. The restrictions have been a major sticking point for Chinese leader Xi Jinping, who has been seeking a loosening of those rules. Paul Triolo, a partner at geopolitical consultancy DGA-Albright Stonebridge Group, described the easing of restrictions on AI chips as 'a major and surprising U.S. concession." 'This was a big moment in U.S. China technology competition, as the U.S. blinked, given the criticality of rare earths and particularly magnets," he said. 'The leverage Beijing gained from these controls has been parlayed deftly into a major concession on export controls." Among some U.S. officials, including David Sacks, the government's artificial-intelligence and cryptocurrency czar, there is a recognition that controls on advanced AI hardware, such as the H20 chips that are primarily used for AI inference, were counterproductive, Triolo said. The concern, he said, is that the restrictions could hurt U.S. technology companies like Nvidia. Blocking sales to China could erode their dominance in AI hardware and software, while hastening Chinese companies' use of domestic alternatives, That would increase the chance the Chinese companies become entrenched in AI infrastructure elsewhere. 'The reversal in policy is a win for those who believe that the best way to stay ahead in the tech race is for American companies like Nvidia to be able to sell advanced technologies, unhindered, globally," said Navin Girishankar, president of the economic and security department at the Center for Strategic and International Studies. He previously served as a Commerce Department official, working on issues including critical and emerging technologies in the Biden administration. 'It also signals the sobering reality that the U.S. has a lot less leverage in its economic relationship with China that previously thought." Analysts said the move not only shows China's leverage, with its dominance in critical minerals, but it also followed a pattern seen in the president's first term: Trump is willing to listen to corporate and finance titans and grant exemptions and exceptions. 'If you get a CEO who has a great story—and Jensen Huang has a fantastic story as the most successful company in the world by market cap—[Trump] loves it," said Derek Scissors, senior fellow at American Enterprise Institute, who briefly worked in the first administration. 'I have recommended it to other CEOs and it works." Others expect de-escalatory moves to continue, at least for a bit, as Trump eyes a trip to China to meet with Xi, possibly alongside U.S. chief executives this fall. 'It seems like there are some 'play-nice' moves going on both sides," said Arthur Kroeber, head of research at Gavekal, noting Beijing's recent approval of a merger between Synopsys and Ansys that had been in limbo for a while. The latest de-escalation could add to the market's growing view that coming tariff deadlines, including the Aug. 12 one for China tariffs to resume, could be extended and that the U.S. and China, for now, are trying to dial down the temperature. Write to Reshma Kapadia at
