Latest news with #DakotaWealth
New Straits Times
16 hours ago
- Business
- New Straits Times
Wall Street dips as investors focus on Middle East tension
Wall Street dipped on Wednesday, with investors spooked by Middle East tensions, while a tame inflation report calmed concerns around tariff-driven price pressures and traders awaited more details on China-US trade talks. The S&P 500 erased modest gains after a US source said the US embassy in Iraq was preparing for evacuation due to heightened security risks in the region. A senior Iranian official said earlier that Tehran will strike US bases in the region if nuclear negotiations fail and conflict arises with the United States. Data showed consumer prices increased only marginally in May, while economists expect inflation to accelerate in the coming months due to the Trump administration's import tariffs. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "There's still concern about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders project a 70 per cent chance that the Federal Reserve will cut interest rates by its September policy meeting, according to the CME Group's FedWatch tool. A day after officials from Washington and Beijing agreed on a framework to put their tariff truce back on track, President Donald Trump said the US deal with China was done, with Beijing to supply magnets and rare earth minerals. With investors betting the United States will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record high. "The worst-case scenario is probably behind us. There's a little bit of face-saving for both sides," said John Praveen, managing director at Paleo Leon in Princeton, New Jersey. "They got an agreement. The question is whether it will be implemented." According to a White House official, the agreement with China allows the US to charge a 55 per cent tariff on imported Chinese goods, including a 10 per cent baseline "reciprocal" tariff, a 20 per cent tariff for fentanyl trafficking and a 25 per cent tariff reflecting pre-existing tariffs. China will charge a 10 per cent tariff on US imports, the official said. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. The S&P 500 was down 0.34 per cent at 6,018.27 points. The Nasdaq declined 0.56 per cent to 19,605.32 points, while the Dow Jones Industrial Average was down 0.02 per cent at 42,857.30 points. Of the 11 S&P 500 sector indexes, eight declined, led lower by consumer discretionary, down 1.06 per cent, followed by a 0.94 per cent loss in materials. "Stable inflation, range-bound interest rates and rising earnings provide valuation support and - in our view - a basis for stocks to trend higher," said Terry Sandven, chief equity strategist at US Bank Wealth Management. Nine of the 11 major S&P 500 sub-sectors rose, led by a 0.4 per cent gain in information technology shares. Tesla was up 0.5 per cent after CEO Elon Musk said he regretted some of the negative social media posts he made last week about Trump as they had gone "too far". Software development platform provider GitLab lost 6 per cent after its quarterly results disappointed investors. Shares of videogame retailer GameStop fell 3.9 per cent after it reported a decline in first-quarter revenue. Declining stocks outnumbered rising ones within the S&P 500 by a 1.9-to-one ratio. The S&P 500 posted 10 new highs and 2 new lows; the Nasdaq recorded 77 new highs and 34 new lows.
The Advertiser
a day ago
- Business
- The Advertiser
Wall Street ticks higher after May inflation data
Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows. Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows. Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows. Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows.
West Australian
a day ago
- Business
- West Australian
Wall Street ticks higher after May inflation data
Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows.
Perth Now
a day ago
- Business
- Perth Now
Wall Street ticks higher after May inflation data
Wall Street's main indexes have nudged higher as a cooler-than-expected inflation report calmed concerns around tariff-driven price pressures and fanned expectations for interest rate cuts. Data showed consumer prices increased only marginally in May but inflation is expected to accelerate in the coming months due to the import tariffs of US President Donald Trump's administration. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "Longer term there's still concerns about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders are pricing in 48 basis points of rate cuts by year-end, per data compiled by LSEG. They are pencilling in a 57 per cent chance of a 25 bps cut in September, according to the CME Group's FedWatch tool. The S&P 500 and Nasdaq also traded near record levels, with the S&P 500 about 1.6 per cent below all-time highs touched in February and the Nasdaq about 2.0 per cent below its record peaks reached in December. A day after officials from the US and China agreed on a framework to put their tariff truce back on track, Trump said the US deal with China was done, with China to supply magnets and rare earth minerals. Investors are awaiting more details from the two-day meeting and hoping for a lasting resolution to the trade tensions that have disrupted global markets for much of the year. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. In early trading on Wednesday, the Dow Jones Industrial Average rose 55.84 points, or 0.13 per cent, to 42,922.71, the S&P 500 gained 6.13 points, or 0.10 per cent, to 6,044.94 and the Nasdaq Composite gained 26.66 points, or 0.14 per cent, to 19,742.60. Six of the 11 major S&P 500 sub-sectors rose, led by healthcare stocks with an about 0.4 per cent rise. On the flip side, materials fell 0.7 per cent. Among stocks, Tesla advanced 1.7 per cent after CEO Elon Musk said he regrets some of the posts he made last week about Trump, following an abrupt rift that has roiled the electric-vehicle maker's shares. Software development platform provider GitLab dropped 10.2 per cent after reporting quarterly results. Shares of videogame retailer GameStop fell 4.4 per cent after it reported a decline in first-quarter revenue. Summit Therapeutics was down 1.9 per cent after brokerage Leerink Partners started coverage on the drug developer with an "underperform" rating. Advancing issues outnumbered decliners by a 2.25-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P 500 posted 7 new 52-week highs and one new low while the Nasdaq Composite recorded 48 new highs and 19 new lows.
Business Recorder
21-05-2025
- Business
- Business Recorder
S&P 500 set to snap six-day winning streak
NEW YORK: Wall Street's main indexes fell on Tuesday, with the benchmark S&P 500 on track to end its six-day winning streak as investors awaited commentary from central bank officials to gauge the impact of US tariffs on the Federal Reserve's policy path. The Nasdaq Composite was set to follow the benchmark index to record its first loss in three sessions, if declines held. At least seven Fed officials including St. Louis Fed President Alberto Musalem are scheduled to speak through the day. 'With a market that has rallied so much in a pretty short amount of time on very little news that's substantial, it's just trying to digest it all and figure out what the next catalyst is,' said Robert Pavlik, senior portfolio manager at Dakota Wealth. US stocks have had a solid month so far, with the S&P 500 now more than 17% higher than its April lows, when US President Donald Trump's reciprocal tariffs roiled global markets. A pause in the tariffs, a temporary trade truce between the US and China and tame inflation data pushed equities higher, although the S&P 500 is still about 3% from its record highs. Earlier in the week, Fed officials flagged the ramifications of the latest downgrade of the US government's sovereign credit rating and uneasy market conditions. Traders currently expect at least two 25-basis-point rate cuts from the US Federal Reserve by the end of 2025, with the first one expected in September, according to data compiled by LSEG. Retailer Home Depot pared earlier gains but was still slightly up after beating Wall Street estimates for first-quarter sales. Most megacap and growth stocks fell, though Tesla was an outlier with a 1.8% rise after Elon Musk said at an economic forum in Qatar that he was still committed to being the company's CEO in five years. Nine of the 11 S&P sub-sectors traded lower, with information technology, which was down nearly 0.7%, being the worst hit. At 11:49 a.m. ET, the Dow Jones Industrial Average fell 106.45 points, or 0.25%, to 42,684.69, the S&P 500 lost 20.96 points, or 0.35%, to 5,942.64, and the Nasdaq Composite lost 77.89 points, or 0.40%, to 19,137.57. The S&P 500 ended flat on Monday as investors assessed the implications of Moody's downgrading the US sovereign credit rating to 'Aa1' from a pristine 'Aaa', citing the government's $36-trillion outstanding debt and interest.
