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Economic Times
23 minutes ago
- Business
- Economic Times
Wall Street choppy, oil dips as US holds back from Mideast military action
Live Events FED SPLIT (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Major Wall Street indexes closed lower on Friday while oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran eyes remained trained on the Middle East one week after an initial Israeli assault drew Iranian retaliation. The U.S. imposed Iran-related sanctions a day after Trump said he might take two weeks to decide on further to preliminary data, the S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42, had been broadly positive at the open, and dipped in and out of negative territory during the benchmark Brent crude futures fell 2.3% to settle at $77.01 a barrel, but gained 3.6% in the week. Front-month U.S. crude - which did not settle on Thursday due to a U.S. holiday and expires on Friday - ended down 0.28% at $74.93, with a weekly gain of 2.7%."Investors are a little bit nervous about buying stocks right in front of this situation and, more specifically, right in front of this weekend," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New new sanctions target entities, individuals and vessels providing Iran with defence machinery, and were seen as a sign of a diplomatic approach from the Trump administration."However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans foreign ministers urged Iran to engage with the U.S. over its nuclear programme after high-level talks in Geneva about a potential new nuclear deal ended with little sign of main bourses had ended their session a touch higher, following similar gains across Asia. MSCI's gauge of stocks across the globe fell 0.01% on the on Hong Kong's Hang Seng, and South Korea's Kospi linked to newly elected President Lee Jae Myung's stimulus, had boosted Asian shares during that Reserve policymakers made their first public comments since Chair Jerome Powell said on Wednesday that borrowing costs were likely to fall this year, but that he expects "meaningful" inflation ahead as Trump's tariffs raise prices for close split between governors on how to manage the risks was in full view as Governor Christopher Waller said the central bank should consider cutting as soon as the next meeting, while the Richmond Fed's Tom Barkin said there was no urgency to had also cautioned on Wednesday against holding on too strongly to the yields fell after Waller's comments, and as concerns about the Middle East conflict supported demand for safe haven yield on benchmark 10-year notes fell 2 basis points to 4.375%, from 4.395% late on rose for the U.S. dollar, pushing the greenback to a three-week high against the dollar rose 0.03% against a basket of currencies including the yen and the euro, with the euro up 0.3% at $1.1528. The index is poised to rise 0.6% this for gold, another traditional refuge, fell 0.13% to $3,365.91 and were poised for a weekly loss.
Mint
8 hours ago
- Business
- Mint
Wall Street choppy, oil dips as US holds back from Mideast military action
NEW YORK (Reuters) -Major Wall Street indexes closed lower on Friday while oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran conflict. All eyes remained trained on the Middle East one week after an initial Israeli assault drew Iranian retaliation. The U.S. imposed Iran-related sanctions a day after Trump said he might take two weeks to decide on further action. According to preliminary data, the S&P 500 lost 0.21%, while the Nasdaq Composite shed 0.49%. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09%, to 42,210.13. Stocks had been broadly positive at the open, and dipped in and out of negative territory during the session. Global benchmark Brent crude futures fell 2.3% to settle at $77.01 a barrel, but gained 3.6% in the week. Front-month U.S. crude - which did not settle on Thursday due to a U.S. holiday and expires on Friday - ended down 0.28% at $74.93, with a weekly gain of 2.7%. [O/R] "Investors are a little bit nervous about buying stocks right in front of this situation and, more specifically, right in front of this weekend," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. The new sanctions target entities, individuals and vessels providing Iran with defence machinery, and were seen as a sign of a diplomatic approach from the Trump administration. "However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans said. European foreign ministers urged Iran to engage with the U.S. over its nuclear programme after high-level talks in Geneva about a potential new nuclear deal ended with little sign of progress. Europe's main bourses [.EU] had ended their session a touch higher, following similar gains across Asia. MSCI's gauge of stocks across the globe fell 0.01% on the day. Gains on Hong Kong's Hang Seng, and South Korea's Kospi linked to newly elected President Lee Jae Myung's stimulus, had boosted Asian shares during that session. Federal Reserve policymakers made their first public comments since Chair Jerome Powell said on Wednesday that borrowing costs were likely to fall this year, but that he expects "meaningful" inflation ahead as Trump's tariffs raise prices for consumers. The close split between governors on how to manage the risks was in full view as Governor Christopher Waller said the central bank should consider cutting as soon as the next meeting, while the Richmond Fed's Tom Barkin said there was no urgency to cut. Powell had also cautioned on Wednesday against holding on too strongly to the forecasts. Treasury yields fell after Waller's comments, and as concerns about the Middle East conflict supported demand for safe haven bonds. The yield on benchmark 10-year notes fell 2 basis points to 4.375%, from 4.395% late on Wednesday. Demand rose for the U.S. dollar, pushing the greenback to a three-week high against the yen. The dollar rose 0.03% against a basket of currencies including the yen and the euro , with the euro up 0.3% at $1.1528. The index is poised to rise 0.6% this week. Prices for gold, another traditional refuge, fell 0.13% to $3,365.91 and were poised for a weekly loss. (Reporting by Isla Binnie in New York, additional reporting by Caroline Valetkevitch, Karen Brettel and Georgina McCartney, Editing by Louise Heavens, Rod Nickel and Marguerita Choy)
CNA
8 hours ago
- Business
- CNA
Wall Street choppy, oil dips as US holds back from Mideast military action
NEW YORK :Major Wall Street indexes closed lower on Friday while oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran conflict. All eyes remained trained on the Middle East one week after an initial Israeli assault drew Iranian retaliation. The U.S. imposed Iran-related sanctions a day after Trump said he might take two weeks to decide on further action. According to preliminary data, the S&P 500 lost 0.21 per cent, while the Nasdaq Composite shed 0.49 per cent. The Dow Jones Industrial Average, however, rose 38.47 points, or 0.09 per cent, to 42,210.13. Stocks had been broadly positive at the open, and dipped in and out of negative territory during the session. Global benchmark Brent crude futures fell 2.3 per cent to settle at $77.01 a barrel, but gained 3.6 per cent in the week. Front-month U.S. crude - which did not settle on Thursday due to a U.S. holiday and expires on Friday - ended down 0.28 per cent at $74.93, with a weekly gain of 2.7 per cent. "Investors are a little bit nervous about buying stocks right in front of this situation and, more specifically, right in front of this weekend," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. The new sanctions target entities, individuals and vessels providing Iran with defence machinery, and were seen as a sign of a diplomatic approach from the Trump administration. "However, while Israel and Iran carry on pounding away at each other, there can always be an unintended action that escalates the conflict and touches upon oil infrastructure," PVM analyst John Evans said. European foreign ministers urged Iran to engage with the U.S. over its nuclear programme after high-level talks in Geneva about a potential new nuclear deal ended with little sign of progress. Europe's main bourses [.EU] had ended their session a touch higher, following similar gains across Asia. MSCI's gauge of stocks across the globe fell 0.01 per cent on the day. Gains on Hong Kong's Hang Seng, and South Korea's Kospi linked to newly elected President Lee Jae Myung's stimulus, had boosted Asian shares during that session. FED SPLIT Federal Reserve policymakers made their first public comments since Chair Jerome Powell said on Wednesday that borrowing costs were likely to fall this year, but that he expects "meaningful" inflation ahead as Trump's tariffs raise prices for consumers. The close split between governors on how to manage the risks was in full view as Governor Christopher Waller said the central bank should consider cutting as soon as the next meeting, while the Richmond Fed's Tom Barkin said there was no urgency to cut. Powell had also cautioned on Wednesday against holding on too strongly to the forecasts. Treasury yields fell after Waller's comments, and as concerns about the Middle East conflict supported demand for safe haven bonds. The yield on benchmark 10-year notes fell 2 basis points to 4.375 per cent, from 4.395 per cent late on Wednesday. Demand rose for the U.S. dollar, pushing the greenback to a three-week high against the yen. The dollar rose 0.03 per cent against a basket of currencies including the yen and the euro , with the euro up 0.3 per cent at $1.1528. The index is poised to rise 0.6 per cent this week.
Yahoo
06-03-2025
- Automotive
- Yahoo
Stocks climb as Trump to delay some auto tariffs; euro up
By Caroline Valetkevitch NEW YORK (Reuters) - Stock indexes rose sharply on Wednesday after the White House said President Donald Trump will exempt automakers from his 25% tariffs on Canada and Mexico for one month, while the U.S. dollar fell against most currencies and the euro hit its highest in four months. The automakers will be exempted as long as they comply with an existing free trade agreement, the White House said, noting that Trump is also open to hearing about other products that should be exempted from the tariffs, which took effect on Tuesday. The new 25% tariffs on imports from Mexico and Canada were imposed along with fresh duties on Chinese goods, sparking trade wars that fueled worries about economic growth. Stocks were volatile near flat in early trading before turning sharply higher by the afternoon. "It's not a very consistent message that comes from the administration in the sense that they always seem open to changes, and yet the policies they're announcing are pretty dramatic," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey. Investors took comfort in Trump's commitment to cutting taxes in a major address to Congress late on Tuesday, but voiced concerns about his continued focus on tariffs and other plans. The Dow Jones Industrial Average rose 485.60 points, or 1.14%, to 43,006.59, the S&P 500 rose 64.48 points, or 1.12%, to 5,842.63 and the Nasdaq Composite rose 267.57 points, or 1.46%, to 18,552.73. MSCI's gauge of stocks across the globe rose 12.57 points, or 1.49%, to 858.71. The pan-European STOXX 600 index rose 0.91%. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro,fell 1.19% to 104.31, with the euro up 1.55% at $1.0789. The euro was on track for its best week since November 2022. It got a boost late Tuesday when German political parties agreed to a 500 billion-euro ($534.75 billion) infrastructure fund and, crucially, an overhaul in borrowing limits that economists billed as "a really big bazooka". The euro also gained against other currencies, including the British pound, the Japanese yen and the Swiss franc. The overhaul to German government borrowing also triggered the biggest sell-off in the country's debt since the late 1990s. Germany's 10-year yield was last up 1.6 basis points at 2.8%. U.S. Treasury yields climbed as investors assessed the latest U.S. economic data while weighing developments on Trump's tariffs. Yields initially dipped after the ADP National Employment Report showed private payrolls increased by only 77,000 jobs last month, well short of the 140,000 estimate of economists polled by Reuters, after an upwardly revised 186,000 gain in January. A string of data has raised concerns about a slowing economy and nudged up market expectations for the timing and size of interest rate cuts by the Federal Reserve this year. The benchmark U.S. 10-year Treasury note yield rose 5.9 basis points to 4.269% after reaching 4.284%, its highest since February 27. Investors also scrutinized the start of China's annual sessions of its parliament, the National People's Congress, at which Beijing retained a goal of roughly 5% economic growth for 2025. The dollar weakened 0.22% to 7.236 versus the offshore Chinese yuan. Oil prices ended lower after U.S. crude oil stockpiles posted a larger-than-expected build, adding to other headwinds. Brent futures settled down $1.74, or 2.45% to $69.30 a barrel. U.S. West Texas Intermediate crude (WTI) settled down $1.95, or 2.86%, to $66.31 a barrel. Sign in to access your portfolio
