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Yahoo
an hour ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip with fate of Trump tariffs, key inflation data in focus
US stock futures edged lower on Friday as legal battles fed a fresh wave of uncertainty around President Trump's tariffs, in the wait for a key inflation reading to provide clues to their impact on the US economy. Futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.1%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3%. A US appeals court on Thursday temporarily paused a ruling from a trade court that had blocked many of Trump's tariffs as illegal just the day before. The pause gives the appeals court time to consider the case, and the Trump administration must file its briefings by June 9. Read more: The latest on Trump's tariffs The White House said it's prepared to go to the Supreme Court if needed and, in the meantime, will explore other ways to implement Trump's tariffs without relying on emergency powers. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy On Friday, Wall Street's attention will turn to the April reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE). Any indication of tariffs putting upward pressure on inflation will be in high focus, although many analysts don't expect levies to impact the data until the following month. Overall, stocks this week steadily rose. Highlights for investors included signs of improving prospects of a US-EU trade deal early in the week as well as Nvidia's earnings report on Wednesday. Economic data: PCE inflation (April); University of Michigan consumer sentiment (May final) Earnings: Canopy Growth (CGC) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's China setback is a tariffs bargaining chip Obscure tax item in Trump's big bill is spooking Wall Street Bessent: US-China trade talks are a 'bit stalled' Trump-Xi phone call needed to reach a deal: Bessent S&P 500's banner month faces off with June's lackluster record Trump to celebrate Nippon Steel 'deal' at Pennsylvania plant China's big techs prepare for AI future without Nvidia Yahoo Finance's Hamza Shaban reports: Read more here from today's Morning Brief. Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged. The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday. Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half. Reuters reported: Read more here. Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs. Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation. In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate. Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 ( sli0.3% Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1% Newsmax (NMAX) Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value. Ulta Beauty (ULTA) Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share. The Gap (GAP) Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51. Economic data: PCE inflation (April); University of Michigan consumer sentiment (May final) Earnings: Canopy Growth (CGC) Here are some of the biggest stories you may have missed overnight and early this morning: Nvidia's China setback is a tariffs bargaining chip Obscure tax item in Trump's big bill is spooking Wall Street Bessent: US-China trade talks are a 'bit stalled' Trump-Xi phone call needed to reach a deal: Bessent S&P 500's banner month faces off with June's lackluster record Trump to celebrate Nippon Steel 'deal' at Pennsylvania plant China's big techs prepare for AI future without Nvidia Yahoo Finance's Hamza Shaban reports: Read more here from today's Morning Brief. Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged. The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday. Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half. Reuters reported: Read more here. Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs. Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation. In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate. Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 ( sli0.3% Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1% Newsmax (NMAX) Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value. Ulta Beauty (ULTA) Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share. The Gap (GAP) Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Japan Today
5 hours ago
- Business
- Japan Today
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 30, 2025. (AP Photo/Lee Jin-man) By YURI KAGEYAMA Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
CNBC
5 hours ago
- Business
- CNBC
CNBC Daily Open: Certainty of 'reciprocal' tariffs better than confusing legal tussle
A U.S. federal trade court striking down President Donald Trump's "reciprocal" tariffs on a broad swathe of countries seems, on the surface, a positive development all around. A lack of tariffs leads to cheaper goods, likely more consumer spending and higher corporate revenue, which tends to flow back to stock prices. This ideal scenario, however, rests on the assumption that the court's decision is final and the Trump administration does not have other ways of reinstating its muscular trade policies. Events on Thursday have already shown us that is not the case. An appeals court temporarily paused the tariff ruling to allow the Trump administration to respond to the case. "Even if we lose, we will do it another way," Trump trade advisor Peter Navarro told reporters at the White House Thursday afternoon. This uncertainty could roil markets and trade negotiations with countries further. If tariffs could pop in and out of existence based on policy and judicial decisions, how do nations discuss trade deals, and how do investors allocate their capital efficiently? Indeed, the S&P 500 was up nearly 0.9% when trading began, but fell sharply after the Trump administration said it may ask the Supreme Court to halt the federal trade court's ruling. "In general, markets don't like uncertainty, because it makes forecasting more difficult," said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. "We expect the tariff news cycle to be an extended process, which can lead to higher short-term volatility." A concrete tariff of 10% would still be a tax — but the surety of it could be better for markets and economies globally in the long run. Trump 'reciprocal' tariffs reinstated for nowA U.S. federal appeals court on Thursday granted the Trump administration's request to temporarily pause a lower-court ruling that struck down most of Trump's tariffs. Trump officials maintain that they have other options for imposing tariffs, even if they do not prevail in the case. Earlier in the day, the White House said it would seek "emergency relief" from the Supreme Court if the ruling was not paused. Rocky U.S.-China negotiationsU.S.-China trade talks "are a bit stalled," Treasury Secretary Scott Bessent told Fox News in an interview Thursday local time, adding that there may be a call between Trump and Chinese President Xi Jinping "at some point." Even though Washington and Beijing have agreed to roll back tariffs for 90 days, the U.S. has pushed ahead with tech restrictions on China, while the latter has yet to significantly ease restrictions on exports of rare earths. U.S. market gains capped by tariff confusionU.S. stocks rose Thursday. They were buoyed by Nvidia — which climbed 3.3% on its positive earnings — but were held back from bigger gains by uncertainty around tariffs. The S&P 500 added 0.4%, the Dow Jones Industrial Average gained 0.28% and the Nasdaq Composite climbed 0.39%. Asia-Pacific markets fell Friday. Japan's Nikkei 225 retreated 1.15% at 1:30 p.m. Singapore time as data showed annual core inflation in Tokyo hitting 3.6% in May, the highest since January 2023. Powell stressed rate decisions cannot be politicalFederal Reserve Chair Jerome Powell met Trump Thursday, according to a release by the U.S. central bank. "Chair Powell did not discuss his expectations for monetary policy," the statement said. However, Powell did "stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook" — essentially, that interest rates cannot be swayed by politics. SEC dropped its lawsuit against BinanceThe SEC has formally dropped its lawsuit against Binance and founder Changpeng Zhao, which was first brought in June 2023. The case had accused the crypto exchange of illegally serving U.S. users, inflating trading volumes and commingling customer funds. The dismissal marks a symbolic end to the agency's crypto crackdown and comes as the Trump administration attempts to prove it's an ally to the industry. [PRO] European sectors to play: JPMorganEuropean equities have fared better than those in the U.S. so far this year. JPMorgan analysts think the trend could continue, with non-U.S. markets trading "increasingly more favorably" against their American counterparts for the next 12 to 18 months. Here are the bank's preferred sectors for this period. South Korea's Hybe opens China office amid hopes of a K-pop reversal from Beijing South Korea's largest K-pop agency Hybe, which established its first office in China on April 2 and announced the launch on Thursday, has been preparing to enter the Chinese market since last year, a Hybe official said recently. There have been indications that Beijing might be softening its stance on K-pop in the face of weak domestic consumption and stalled trade talks with China. And in another sign of thawing relations, China announced its decision to waive visas for South Koreans last November. South Korea followed suit in March 2025 with its plans to offer a visa exemption to Chinese visitors in the third quarter. "In contrast with semiconductors or autos, where global trade policy directly impacts supply chains and pricing, K-pop consumption is far less sensitive to protectionist measures," Shinhan Securities said in a note in April.
6 hours ago
- Business
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
TOKYO -- Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367.
Yahoo
8 hours ago
- Business
- Yahoo
Watch These Boeing Price Levels After Stock Jumps to Highest Level in 15 Months
Boeing shares closed at their highest level since February 2024 following news that the company will resume delivering planes to China next month. The stock broke above a flag pattern in Thursday's trading session, setting the stage for a continuation move higher. Investors should watch key support levels on Boeing's chart around $199 and $187, while also monitoring resistance levels near $234 and $ (BA) shares closed at their highest level since February last year on news that the company will resume delivering planes to China next month. CEO Kelly Ortberg said that the country's airlines had indicated they would begin taking first deliveries in June, with the development coming after China earlier this month reportedly reversed a ruling barring its airlines from taking deliveries of Boeing planes. Sentiment likely received an added boost after Ortberg said Boeing plans to increase production of its top selling 737 Max jets to 42 per month in the near-term and 47 per month by the end of the year. Boeing shares have rebounded 62% from their early-April low and trade 18% higher since the start of the year through Thursday's close, lifted by growing optimism that the jet maker could become a beneficiary of a broader U.S-China trade deal. The stock was the top gainer in the Dow Jones Industrial Average on Thursday, rising more than 3% to around $208. Below, we take a closer look at Boeing's chart and apply technical analysis to identify price levels worth watching out for. Boeing shares broke out above the neckline of a double bottom earlier this month before consolidating in a flag, a chart pattern that signals a continuation of the stock's strong uptrend that has been in play since early April. Indeed, the shares broke out from the flag in Thursday's trading session, setting the stage for another move higher. However, it's worth pointing out that, while the relative strength index confirms bullish price momentum, the indicator also cautions overbought condition with a reading above the 70 threshold. Let's identify key support and resistance levels on Boeing's chart. The first lower level to watch sits around $199. This area would likely provide solid support near a horizontal line that connects the low of the flag pattern with multiple peaks and troughs on the chart extending back to the fourth quarter of 2023. A close below this key level could see the shares descend to $187. Investors may look for entry points in this location near the double bottom pattern's neckline, an area on the chart that may flip from prior resistance into future support. A continuation of the stock's recent bullish momentum could trigger a move toward $234, where the shares may encounter overhead selling pressure near a range of corresponding price action that followed a stock gap in January last year. Finally, buying above this level could see Boeing shares take off to the $265 region. Investors who bought at lower prices may decide to lock in profits in this area near a series of trading activity situated around the December 2023 swing high. The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info. As of the date this article was written, the author does not own any of the above securities. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
