Latest news with #DowJonesIndustrials
Straits Times
23-05-2025
- Business
- Straits Times
STI inches up on May 23, tracking regional indexes
SINGAPORE – A calmer session on American bond markets following progress of President's Trump's tax-and-spend bill steadied Wall Street and gave regional markets a lift as well on May 23. The better mood nudged the Straits Times Index (STI) up 0.1 per cent or 2.33 points to 3,882.42 while gainers just beat losers 232 to 213 on trade of 1.2 billion shares worth $1.2 billion. The local banks all rose: DBS added 0.6 per cent to $44.46; UOB advanced 0.1 per cent to $35.32; and OCBC put on 0.9 per cent to $16.29 and the index's top gainer. The biggest loser was Yangzijiang Shipbuilding, down 3.7 per cent to $2.06. The upbeat sentiment stemmed from a placid day on Wall Street that mirrored the more stable bond market. The S&P 500 and Dow Jones Industrials each dipped 0.1 per cent while the tech-heavy Nasdaq rose 0.3 per cent. US stocks are recovering from a sell-off sparked by May 21's Treasury auction, as the bond vigilantes approved the taxation bill passed by the US House of Representatives, said Mr Jose Torres, senior economist at Interactive Brokers. More expenditure reductions were offered compared with the original, appeasing fiscal hardliners. He added that equities are also being bolstered by promising data in services and manufacturing following the Opec+ discussions favouring further oil production increases. AMP chief economist Shane Oliver noted that US and global shares have recovered more than 80 per cent since the April falls sparked by the Trump tariffs and are now within 2 to 3 per cent of their record highs. Major regional indexes were mostly higher. The Nikkei 25 in Japan was up 0.5 cent, Hong Kong's Hang Seng added 0.2 per cent and Malaysian stocks put on 0.6 per cent but the Kospi in Seoul closed down 0.1 per cent. Australia's bourse nudged head 0.2 per cent in quiet trading before long weekend holidays in the US and Britain. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
26-03-2025
- Automotive
- Yahoo
Trump announces 25% tariffs on autos, light trucks made outside U.S.
March 26 (UPI) -- President Donald Trump on Wednesday signed a 25% tariff on new autos and light trucks built outside the United States that will go into effect Tuesday in an effort to spur domestic manufacturing No duties will be placed on car parts made elsewhere, and Trump said he expects the entire vehicle ultimately to be made in the United States. His executive order will apply to "foreign-made cars and light trucks," including vehicles made in Mexico, Canada, Japan, South Korea, China and Europe. These tariffs are on top of any existing ones already in effect. The order will "spur domestic protection," resulting in $100 billion of new revenue, supporters said. Trump said the tariffs are "going to make our country rich." "This is very exciting," Trump said about the order that "that's going to lead to tremendous growth in the automotive industry." As part of the order, he allowed an interest tax deduction for American-made cars. "When you get a loan to buy a car, and think it will pay for itself, you will only get that deduction if the car is made in the United States of America," he said at the signing in the Oval Office. European Union officials earlier announced plans to allow tariffs during Trump's first term to return, and have said they will place a new set of tariffs on a wide variety of American goods -- from lingerie to soy products -- by mid-April. Trump also plans to announce more tariffs on Tuesday. The Canadian Chamber of Commerce said, according to The New York Times: "Throwing away tens of thousands of jobs on both sides of the border will mean giving up North America's auto leadership role, instead encouraging companies to build and hire anywhere else but here. This tax hike puts plants and workers at risk for generations, if not forever." The United States is the largest market for the Japanese automakers, including Toyota, Honda, Nissan, Mazda and Subaru. Most Japanese vehicles sold to buyers in the United States are made in their nation. Of the 2.3 million cars Toyota sold last year in the United States, about one million were made outside the country. Before the announcement, the Wall Street Journal said they would be on "finished vehicles" and not on auto parts. Shares in the U.S.' largest automakers initially fell before the announcement but rallied after the Wall Street Journal reported details of auto tariffs. Before Trump's announcement, Ford rose 0.01 to 10.30, General Motors dropped 1.64 to 50.95 and Stellantis declined 0.44 to 11.96. Tesla declines 16.08 to 272.06, but ahead of its five-month low of 222.15 on March 10. Trump said he hasn't spoken with Tesla CEO Elon Musk, who runs the Department of Government Efficiency about the tariffs. Tesla's cars are made in the United States as well as outside the United States. At the 4 p.m. close, stock prices broadly were lower. The Dow Jones Industrials were down 132.71, or 0.31%, to 42,454.79, Standard & Poors 500 declined 64.45, or 1.12%, to 5,712.2 and tech-heavy Nasdaq Composite slid 372.84, or 1.2%, to 17,899.01. Car prices predicted to rise The cost of producing vehicles built at US plants will rise by several thousand dollars, according to analysis by Michigan-based think tank Anderson Economic Group. "It's almost $9,000 per car for a full-size SUV with substantial Mexican content," CEO Patrick Anderson said last month on an Automotive Press Association webcast. "If you don't make production adjustments or shut down lines, it could be above $10,000." Mexico is the largest source of U.S. auto imports, accounting for approximately 14% of all cars bought in the United States. Japan is second followed by South Korea, the European Union and Canada. A total of 4 million vehicles were built in Mexico in 2024, according to data from S&P Global Mobility, with 2.5 million, or 61%, were shipped to the United States. In Canada, 1.3 million vehicles last year, of which 1.1 million, or 86%, were exported to US dealerships. Conversely, the United States exported $35.8 billion in parts to Mexico last year, according to federal trade data, and another $28.4 billion to Canada. The Big Three U.S. automakers -- Stellantis, Ford and General Motors -- successfully lobbied to delay by one month 25% tariffs on all goods coming to the United States from Canada and Mexico. They were set to go into effect earlier this month. Trump also waived all those covered by the U.S.-Mexico-Canada free-trade agreement. "I gave the American car companies a break because it would have been unfair if I didn't," Trump said last week. Cox Automotive estimates 30% fewer vehicles will be sold in the United States because of tariffs, recession fears and higher costs. Cox reports the average price of a new car is $48,039 this year, way up from $30,000in 2012. Cox predicts 15.6 million to 16.3 million new car sale in the United States. Trump said he spoke to Ford, General Motors and Stellantis leaders about the next tariffs. "If they have factories here, they're thrilled," Trump said. "If you don't have factories here, you're going to have to get going and build them because otherwise they have to pay tariffs, very simple." Other tariffs Trump has announced new tariffs would be rolled out Tuesday on a range of products that could include pharmaceuticals and lumber. He described it as "Liberation Day." "We're going to make it all countries, and we're going to make it very lenient," Trump said Wednesday. "We think people will be very surprised. In many cases it will be less than the tariff they've been charging us for decades. We think they'll be pleasantly surprised." These would include reciprocal taxes imposed by other nations. On Monday, Trump announced the United States would impose a 25% tariff on the imports of any country involved in Venezuela's oil industry. He was done via an executive order.
Yahoo
28-02-2025
- Business
- Yahoo
Stocks Inch Lower on Economic Data
Futures for Canada's main stock index fell on Friday as investors avoided big bets ahead of crucial domestic and U.S. economic data. The TSX Composite Index fell 200.12 points to close Thursday at 25,309.08 March futures lost 0.1% Friday. The Canadian dollar backpedaled 0.12 cents to 69.63 cents U.S. early Thursday. In corporate news, Laurentian Bank reported first-quarter profit above analysts' estimates. On the economic calendar, Statistics Canada says this country's GDP increased 0.6% in the fourth quarter, after rising 0.5% in the third quarter. Growth in the fourth quarter was driven by higher household final consumption expenditures and increased exports and business investment. ON BAYSTREET The TSX Venture Exchange hurtled lower 14.02 points, or 2.2%, Thursday to 615.84 ON WALLSTREET Stock futures rose slightly on Friday as investors looked to the end of a losing week and month and awaited key inflation data. Futures for the Dow Jones Industrials popped 197 points, or 0.5%, to 43,494 Read: StrikePoint Gold gains momentum in Nevada's renowned Walker Lane World Cancer Day Sparks Big Questions About Pollution, Genetics, and Innovation Miner combines cash-flowing production with potential exploration growth in Mexico Healthcare AI Market to Surge 43% Annually—Key Stocks to Watch Optimism in War on Cancer on the Rise, as Biotech Companies Roll Out More Wins Futures for the S&P 500 index gathered 10.75 points, or 0.2%, to 5,887. Futures for the tech-heavy NASDAQ dropped 10.75 points, or 0.1%, to 21,366.30. The S&P 500 has slid 2.5% week to date, while the Dow has seen more modest losses with a retreat of just 0.4%. Both are down nearly 3% on the month. Traders have been rattled by President Donald Trump's promise of tariffs and recent economic reports flashing warning signs. A decline of 8.5% in megacap tech titan Nvidia in Thursday's session the back of earnings threw more cold water on investor sentiment. The personal consumption expenditures price index — the Federal Reserve's preferred inflation metric — is due for release at 8:30 a.m. ET. Economists polled by Dow Jones expect the measure of price changes for consumers to rise 0.3% from December for an annualized gain of 2.5%. Excluding volatile food and energy prices, so-called core PCE is expected to increase by 0.3% month over month and 2.6% year over year. In Japan, the Nikkei 225 tumbled 2.9%, while in Hong Kong, the Hang Seng collapsed 3.3%. Oil prices fell 89 cents to $69.46 U.S. a barrel. Gold prices dwindled $22.30 to $2,873.600 U.S. an ounce.
The Hill
05-02-2025
- Business
- The Hill
Stock market today: Wall Street drifts lower, dragged down by tech and anxiety over China tariffs
Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports while considering the impact of tariffs being imposed by the United States and China. Futures for the S&P 500 were off 0.4%, while technology stocks dragged Nasdaq futures down 0.8% before the bell. Futures for the Dow Jones Industrials were off 0.1%. Google parent company Alphabet tumbled 7.1% after its latest earnings report disappointed investors, who had been expecting more robust revenue from the company's cloud business related to artificial intelligence. Despite beating analysts' sales and profit targets for the most recent quarter, shares of Advanced Micro Devices skidded nearly 10% as revenue from its data centers fell short of Wall Street expectations. Walt Disney Co. shares rose about 1% after the entertainment giant beat first-quarter profit expectations thanks in part to the box office success of 'Moana 2.' Mattel soared more than 13% in premarket after the toy and game maker beat Wall Street's earnings projections and gave a strong profit outlook for 2025. Some analysts see tariffs on China as separate from Trump's moves against other trading partners. Trump may be more likely to keep tariffs on China longer, as he did in his first presidential term, to separate the United States more from its geopolitical rival. Trump is pressing ahead with a 10% tariff on U.S. companies importing things from China. And China retaliated on Tuesday by announcing its own tariffs on some U.S. products and an antitrust investigation into Google. Media reports on Wednesday suggested that Chinese regulators are considering a similar probe in to Apple's App Store policies. Shares of Apple slid more than 2% before the bell. China's 15% tariff on U.S. coal and liquefied natural gas products, as well as a 10% tariff on crude oil, agricultural machinery and large-engine cars imported from the United States won't take effect until Monday. That leaves time for negotiations between Trump and Chinese President Xi Jinping. 'Trade tensions haven't exploded yet, but they're simmering dangerously close to a full boil, and anyone brushing them off does so at their own risk,' said Stephen Innes, managing partner at SPI Asset Management. Trump on Monday agreed to delay his taxes on U.S. imports of Canadian and Mexican products for a month. Some traders hope Trump would likely be turned off by the damage Wall Street would take if a worst-case, long-term trade war were to occur. Trump has pointed in the past to the stock market as a real-time measure of his performance. But a trade war is still possible, and some analysts say more swings may be coming because Trump's threats should be taken seriously. At midday in Europe, France's CAC 40 shed 0.2%, while Germany's DAX fell 0.1%. Britain's FTSE 100 was up 0.2%. Earlier in the global day in Asia, Japan's benchmark Nikkei 225 recouped earlier losses and was little changed, finishing up less than 0.1% at 38,831.48. Among Japanese issues, the stock price of Honda Motor Co. shot up 8.2% after Japanese media reports said its talks to set up a joint holding company with rival Nissan Motor Corp. were unraveling. Nissan stock tumbled 4.9%. Australia's S&P/ASX 200 rose 0.5% to 8,416.90. The Hang Seng dropped 0.9% to 20,597.09, while the Shanghai Composite lost 0.7% to 3,229.49. South Korea's Kospi jumped 1.1% to 2,509.27, as investors found bargains after the recent price dips and found optimism from the overnight Wall Street rally. In energy trading, benchmark U.S. crude fell 83 cents to $71.89 a barrel. Brent crude, the international standard, declined 88 cents to $75.32 a barrel.
Yahoo
29-01-2025
- Business
- Yahoo
TSX Surges as BoC Lowers Rate
Canada's main stock index kept its win streak alive on Wednesday led by energy and consumer staple shares, as investors cheered the Bank of Canada's decision to cut interest rates by a quarter percentage point. The TSX index gained 53.85 points to conclude Wednesday at 25,473.30. The Canadian dollar subsided 0.12 cents at 69.31 cents U.S. The Bank of Canada today reduced its target for the overnight rate to 3%, with the Bank Rate at 3.25% and the deposit rate at 2.95%. In corporate news, consulting services firm CGI reported first-quarter revenue below estimates. CGI shares took on 80 cents to $ Space fell $2.57, or 9.5%, to $24.53. In the energy sector, Veren Inc. grabbed 17 cents, or 2.3%, to $7.54, while Precision Drilling added $2.16, or 2.5%, to $88.17. Consumer staples also made gains, with Metro hiking $3.05, or 3.4%, to $91.61, while Saputo advanced 30 cents, or 1.3%, to $23.95. In materials, Capstone Mining gained 43 cents, or 5.4%, to $8.41, while First Majestic Silver Mines tacked on 31 cents, or 4%, to $8.02. Real-estate issues brought the house down, however, as units of Boardwalk REIT fell $1.93, or 3%, $61.69, while Dream Industrial REIT dipped 32 cents, or 2.7%, to $11.75. In the health-care field, Tilray floundered six cents, or 3.8%, to $1.52, while Bausch Health Companies sagged 18 cents, or 1.6%, to $10.77. In the utilities sector, Innergex collapsed 32 cents, or 4.3%, to $7.15, while Superior Plus shares gave back 17 cents, or 2.7%, to $6.12. ON BAYSTREET The TSX Venture Exchange added 4.16 points to 613.59. The 12 TSX subgroups were evenly split, with energy soaring 1%, consumer staples ahead 0.8%, and materials up 0.7%. The half-dozen laggards were weighed most by real-estate, sliding 1.5%, health-care, ailing 1.2%, and utilities off 0.8%. Read: Potential Revolution in Healthcare Brewing, Powered by AI Innovation Oncology Experts Predict 2025 Will Be a Year of Breakthroughs in Treatment and Prevention Pro-Crypto Administration Sparks Wave of Bitcoin Investments from Various Sectors Explosive Growth: Healthcare AI Market Set to Expand at 18.2% CAGR How Advanced Drug Delivery is Revolutionizing Global Healthcare in 2025 ON WALLSTREET The S&P 500 slid on Wednesday after the Federal Reserve left interest rates unchanged in its first policy decision of the year, while Nvidia slipped following a strong session. The Dow Jones Industrials finished in the red 136.83 points to 44,713.52 The much-broader index faded 28.39 points to 6,039.31. The NASDAQ Composite dipped 101.26 points to 19,632.32. Nvidia shares hit their lows of the session, tumbling 5% after Bloomberg News reported Trump administration officials have discussed curbing chip sales of the company to China following the emergence of the DeepSeek AI model. For the week, the AI darling is down more than 14%. A volley of Big Tech earnings are also due Wednesday afternoon, with Meta Platforms, Microsoft and Tesla issuing their quarterly reports. The Fed left the federal funds rate in the range of 4.25% to 4.5%. The Fed's post-meeting statement offered a more cautious view towards sticky inflation, providing investors with an explanation behind Wednesday's interest rate pause. Prices for the 10-year Treasury sagged, raising yields to 4.55% from Tuesday's 4.54%. Treasury prices and yields move in opposite directions. Oil prices docked 86 cents to $72.91 U.S. a barrel. Prices for gold jumped $2.70 an ounce to $2,770.20 in to access your portfolio
