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Gulf Today
26-07-2025
- Business
- Gulf Today
Wall Street, dollar firm ahead of a big week for market risk
Wall Street and the dollar firmed on Friday as investors girded themselves for the week ahead, which includes a Federal Reserve policy meeting, crucial corporate results and US President Donald Trump's August 1 deadline for negotiating trade deals. 'Some deals will be done and talks will continue, and Trump may push out the deadline further,' said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. 'Trump's process is to shock and then be reasonable in terms of tariffs.' All three indexes were modestly green in early trading, and were on course for weekly gains. Gold lost some shine, pressured by the dollar as healthy risk appetites lured investors away from the safe-haven metal. With Trump's negotiating deadline just a week away, the US and its trading partners are scrambling to reach trade agreements, with European negotiators heartened by the deal with Japan announced on Tuesday. Intel's shares INTC.O dropped 8.8% after the chipmaker forecast steeper-than-expected quarterly losses and said it had halted or scrapped new factory projects in the US and Europe. More than a third of the companies in the S&P 500 have posted results, 80% of which have beaten estimates, according to LSEG data. Analysts now expect year-on-year second-quarter earnings growth of 7.7%, compared with the 5.8% estimate as of July 1. Four members of the Magnificent 7 group of Artificial Intelligence-related megacap stocks - Amazon, Apple , Meta and Microsoft are on next week's earnings docket, and market participants will scrutinize the companies' conference calls for signs that AI expenditures are beginning to pay off and whether tariff-related uncertainties continue to weigh on forward guidance. US economic data released on Friday showed an unexpected decline in new orders for core capital goods, as companies hold back on big ticket purchases amid the fog of ongoing trade talks. The Fed is expected to convene next week for its two-day monetary policy meeting, which is expected to culminate in a decision to let its federal funds target rate stand in the 4.25% to 4.50% range. The meeting comes at a moment in which Fed Chair Jerome Powell is facing criticism from Trump for not cutting rates. 'I don't expect Powell to change what he does, nor should he,' Ghriskey added. 'The idea of lower interest rates should scare us because Fed has had this huge job of bringing down inflation, and to ease rates at this point is clearly going to be inflationary.' The Dow Jones Industrial Average rose 113.54 points, or 0.25%, to 44,806.30, the S&P 500 rose 16.19 points, or 0.26%, to 6,379.67 and the Nasdaq Composite rose 44.40 points, or 0.21%, to 21,102.36. European shares gave back some of the previous session's gains as market participants parsed mixed corporate earnings and awaited developments in the U.S.-EU trade negotiations. MSCI's gauge of stocks across the globe fell 1.01 points, or 0.11%, to 940.34. The pan-European STOXX 600 index fell 0.29%, while Europe's broad FTSEurofirst 300 index fell 5.34 points, or 0.24%. Emerging market stocks fell 10.36 points, or 0.82%, to 1,256.93. MSCI's broadest index of Asia-Pacific shares outside Japan closed lower by 0.95%, to 661.07, while Japan's Nikkei fell 370.11 points, or 0.88%, to 41,456.23. US Treasury yields drifted higher in a subdued trading as investors braced for a data-heavy week, updates on US trade talks, and a Federal Reserve policy meeting. The yield on benchmark US 10-year notes rose 0.2 basis points to 4.41%, from 4.408% late on Thursday. The 30-year bond yield rose 0.5 basis points to 4.9543% from 4.949% late on Thursday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 0.6 basis points to 3.919%, from 3.925% late on Thursday. The dollar gained strength but remained on course for its biggest drop in a month as investors focused on tariff negotiations and central bank meetings on the calendar for next week. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.28% to 97.72, with the euro down 0.2% at $1.173. Against the Japanese yen, the dollar strengthened 0.4% to 147.57. In cryptocurrencies, bitcoin fell 3.08% to $115,133.22. Ethereum declined 2.63% to $3,641.43. Oil prices softened as investors mulled the global demand outlook and a potential supply increase from Venezuela. US crude fell 0.56% to $65.63 a barrel and Brent fell to $68.91 per barrel, down 0.39% on the day. Gold prices dropped in opposition to the firming dollar, amid growing optimism surrounding U.S.-EU trade talks. Spot gold fell 0.93% to $3,336.52 an ounce. US gold futures fell 0.85% to $3,342.50 an ounce. Canada's main stock index edged higher on Friday, led by technology shares, even as US President Donald Trump suggested the United States may not reach a negotiated trade deal with Canada. The benchmark S&P/TSX Composite Index rose 0.2% to 27,427.78 points, remaining on track for a modest weekly gain. Trump said on Friday that the United States may not reach a trade agreement with Canada, hinting his administration could set a tariff rate unilaterally. Agencies
Time of India
15-05-2025
- Business
- Time of India
S&P 500 barely gains, investors focus on trade, wait for data
The S&P 500 closed slightly higher after flitting between gains and losses during Wednesday's lackluster session as investors waited for the next batch of economic data after a robust start to the week spurred by soft inflation data and a U.S.-China tariff truce. Investors were watching out for more trade developments while President Donald Trump toured the Gulf states and secured $600 billion in commitments from Saudi Arabia. Some U.S. tech companies rallied after the administration announced artificial-intelligence-related deals in the Middle East on Tuesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks "There's overhanging uncertainty about what world leaders, including President Trump are going to say about trade," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, noting that while earlier tariff policies were on pause there were no final deals in place. "The recent announcements have been good and that caused a huge rally, but we still have uncertainty," he said. U.S. stocks had rallied sharply on Monday and advanced again on Tuesday after the United States and China hit pause for 90 days on their fierce tariff dispute. Live Events And it had also helped that data released on Tuesday showed U.S. consumer prices rebounded moderately in April. Prior to this week, the U.S. announcement of a 90-day tariff pause on April 9 for countries other than China and a limited U.S.-UK trade agreement last week had also helped equities. U.S. Federal Reserve Vice Chair Philip Jefferson said on Wednesday that while recent inflation data pointed to progress towards the Fed's 2% inflation goal, the outlook was now uncertain. Chicago Fed President Austan Goolsbee said the data did not necessarily reflect the impact of rising tariffs. Fed Chair Jerome Powell is slated to speak on Thursday, and his comments will be closely watched for clues on how the central bank plans to proceed with monetary policy easing. The Dow Jones Industrial Average fell 89.37 points, or 0.21%, to 42,051.06 and its biggest losers were drug companies Merck & Co, down 4%, and Amgen, which finished down 3%. The S&P 500 gained 6.03 points, or 0.10%, to 5,892.58. This added slightly to its year-to-date gain after closing higher for the year on Tuesday for the first time since February 28. The benchmark is still about 4% below its Feb. 19 record closing high, for its sixth straight day of gains. The Nasdaq Composite gained 136.72 points, or 0.72%, to 19,146.81. Eight of the S&P 500's 11 major industry sectors closed lower with Healthcare, down 2.31%, and materials , down 0.96%, the weakest of the bunch. The biggest gainers were communications services, up 1.6%, and technology, which added about 0.96%. With Wednesday being a relatively quiet day for economic data, Andrew Graham, managing partner and founder of Jackson Square Capital, said investors were holding steady before April's Producer Price Index (PPI) and retail sales readings due on Thursday morning. "People are looking for any sort of evidence that the tariff situation has leaked into the real economy," said Graham, but with 90-day pauses to tariff policies in place, he said he is less concerned about April's data readings. Megacap and growth stocks rose, with Nvidia the biggest S&P 500 boost, rising more than 4%. Chip designer Advanced Micro Devices shares rose 4.7% after it approved a $6 billion share buyback program. Boeing shares rose 0.6% after state carrier Qatar Airways signed a deal to purchase jets from the U.S. planemaker during Trump's visit to Doha. In individual stocks, American Eagle Outfitters shares sank 6.4% after the apparel company withdrew its annual forecasts, citing tariff-fueled economic uncertainty. Declining issues outnumbered advancers by a 1.97-to-1 ratio on the NYSE where there were 132 new highs and 68 new lows. On the Nasdaq, 1,612 stocks rose and 2,807 fell as declining issues outnumbered advancers by a 1.74-to-1 ratio. The S&P 500 posted 3 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 59 new highs and 104 new lows. On U.S. exchanges 19.73 billion shares changed hands compared with the 16.77 billion average for the last 20 sessions.
Economic Times
15-05-2025
- Business
- Economic Times
S&P 500 barely gains, investors focus on trade, wait for data
The S&P 500 closed slightly higher after flitting between gains and losses during Wednesday's lackluster session as investors waited for the next batch of economic data after a robust start to the week spurred by soft inflation data and a U.S.-China tariff truce. ADVERTISEMENT Investors were watching out for more trade developments while President Donald Trump toured the Gulf states and secured $600 billion in commitments from Saudi Arabia. Some U.S. tech companies rallied after the administration announced artificial-intelligence-related deals in the Middle East on Tuesday. "There's overhanging uncertainty about what world leaders, including President Trump are going to say about trade," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, noting that while earlier tariff policies were on pause there were no final deals in place. "The recent announcements have been good and that caused a huge rally, but we still have uncertainty," he said. U.S. stocks had rallied sharply on Monday and advanced again on Tuesday after the United States and China hit pause for 90 days on their fierce tariff dispute. And it had also helped that data released on Tuesday showed U.S. consumer prices rebounded moderately in April. ADVERTISEMENT Prior to this week, the U.S. announcement of a 90-day tariff pause on April 9 for countries other than China and a limited U.S.-UK trade agreement last week had also helped equities. U.S. Federal Reserve Vice Chair Philip Jefferson said on Wednesday that while recent inflation data pointed to progress towards the Fed's 2% inflation goal, the outlook was now uncertain. Chicago Fed President Austan Goolsbee said the data did not necessarily reflect the impact of rising tariffs. ADVERTISEMENT Fed Chair Jerome Powell is slated to speak on Thursday, and his comments will be closely watched for clues on how the central bank plans to proceed with monetary policy easing. The Dow Jones Industrial Average fell 89.37 points, or 0.21%, to 42,051.06 and its biggest losers were drug companies Merck & Co, down 4%, and Amgen, which finished down 3%. ADVERTISEMENT The S&P 500 gained 6.03 points, or 0.10%, to 5,892.58. This added slightly to its year-to-date gain after closing higher for the year on Tuesday for the first time since February 28. The benchmark is still about 4% below its Feb. 19 record closing high, for its sixth straight day of gains. The Nasdaq Composite gained 136.72 points, or 0.72%, to 19,146.81. ADVERTISEMENT Eight of the S&P 500's 11 major industry sectors closed lower with Healthcare, down 2.31%, and materials , down 0.96%, the weakest of the bunch. The biggest gainers were communications services, up 1.6%, and technology, which added about 0.96%. With Wednesday being a relatively quiet day for economic data, Andrew Graham, managing partner and founder of Jackson Square Capital, said investors were holding steady before April's Producer Price Index (PPI) and retail sales readings due on Thursday morning. "People are looking for any sort of evidence that the tariff situation has leaked into the real economy," said Graham, but with 90-day pauses to tariff policies in place, he said he is less concerned about April's data readings. Megacap and growth stocks rose, with Nvidia the biggest S&P 500 boost, rising more than 4%. Chip designer Advanced Micro Devices shares rose 4.7% after it approved a $6 billion share buyback program. Boeing shares rose 0.6% after state carrier Qatar Airways signed a deal to purchase jets from the U.S. planemaker during Trump's visit to Doha. In individual stocks, American Eagle Outfitters shares sank 6.4% after the apparel company withdrew its annual forecasts, citing tariff-fueled economic uncertainty. Declining issues outnumbered advancers by a 1.97-to-1 ratio on the NYSE where there were 132 new highs and 68 new lows. On the Nasdaq, 1,612 stocks rose and 2,807 fell as declining issues outnumbered advancers by a 1.74-to-1 ratio. The S&P 500 posted 3 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 59 new highs and 104 new lows. On U.S. exchanges 19.73 billion shares changed hands compared with the 16.77 billion average for the last 20 sessions.
New Straits Times
15-05-2025
- Business
- New Straits Times
S&P 500 barely gains, investors focus on trade, wait for data
KUALA LUMPUR: The S&P 500 closed slightly higher after flitting between gains and losses during Wednesday's lackluster session as investors waited for the next batch of economic data after a robust start to the week spurred by soft inflation data and a US-China tariff truce. Investors were watching out for more trade developments while President Donald Trump toured the Gulf states and secured US$600 billion in commitments from Saudi Arabia. Some US tech companies rallied after the administration announced artificial-intelligence-related deals in the Middle East on Tuesday. "There's overhanging uncertainty about what world leaders, including President Trump are going to say about trade," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, noting that while earlier tariff policies were on pause there were no final deals in place. "The recent announcements have been good and that caused a huge rally, but we still have uncertainty," he said. US stocks had rallied sharply on Monday and advanced again on Tuesday after the United States and China hit pause for 90 days on their fierce tariff dispute. And it had also helped that data released on Tuesday showed US consumer prices rebounded moderately in April. Prior to this week, the US announcement of a 90-day tariff pause on April 9 for countries other than China and a limited US-UK trade agreement last week had also helped equities. US Federal Reserve Vice Chair Philip Jefferson said on Wednesday that while recent inflation data pointed to progress towards the Fed's 2 per cent inflation goal, the outlook was now uncertain. Chicago Fed President Austan Goolsbee said the data did not necessarily reflect the impact of rising tariffs. Fed Chair Jerome Powell is slated to speak on Thursday, and his comments will be closely watched for clues on how the central bank plans to proceed with monetary policy easing. The Dow Jones Industrial Average fell 89.37 points, or 0.21 per cent, to 42,051.06 and its biggest losers were drug companies Merck & Co, down 4 per cent, and Amgen, which finished down 3 per cent. The S&P 500 gained 6.03 points, or 0.10 per cent, to 5,892.58. This added slightly to its year-to-date gain after closing higher for the year on Tuesday for the first time since February 28. The benchmark is still about 4 per cent below its Feb. 19 record closing high, for its sixth straight day of gains. The Nasdaq Composite gained 136.72 points, or 0.72 per cent, to 19,146.81. Eight of the S&P 500's 11 major industry sectors closed lower with Healthcare, down 2.31 per cent, and materials , down 0.96 per cent, the weakest of the bunch. The biggest gainers were communications services, up 1.6 per cent, and technology, which added about 0.96 per cent. With Wednesday being a relatively quiet day for economic data, Andrew Graham, managing partner and founder of Jackson Square Capital, said investors were holding steady before April's Producer Price Index (PPI) and retail sales readings due on Thursday morning. "People are looking for any sort of evidence that the tariff situation has leaked into the real economy," said Graham, but with 90-day pauses to tariff policies in place, he said he is less concerned about April's data readings. Megacap and growth stocks rose, with Nvidia the biggest S&P 500 boost, rising more than 4 per cent. Chip designer Advanced Micro Devices shares rose 4.7 per cent after it approved a US$6 billion share buyback program. Boeing shares rose 0.6 per cent after state carrier Qatar Airways signed a deal to purchase jets from the US planemaker during Trump's visit to Doha. In individual stocks, American Eagle Outfitters shares sank 6.4 per cent after the apparel company withdrew its annual forecasts, citing tariff-fueled economic uncertainty. Declining issues outnumbered advancers by a 1.97-to-1 ratio on the NYSE where there were 132 new highs and 68 new lows. On the Nasdaq, 1,612 stocks rose and 2,807 fell as declining issues outnumbered advancers by a 1.74-to-1 ratio. The S&P 500 posted 3 new 52-week highs and 9 new lows while the Nasdaq Composite recorded 59 new highs and 104 new lows. On US exchanges 19.73 billion shares changed hands compared with the 16.77 billion average for the last 20 sessions.
The Star
07-05-2025
- Business
- The Star
US stocks close lower as tariff uncertainty weighs
The Dow fell 389.83 points, or 0.95%, to 40,829.00, the S&P 500 lost 43.48 points, or 0.77%, to 5,606.90 and the Nasdaq lost 154.58 points, or 0.87%, to 17,689.66. NEW YORK: US stocks were lower for a second straight session on Tuesday as comments from US President Donald Trump and Treasury Secretary Scott Bessent provided little clarity to the timeline for any trade deals. Trump said he and top administration officials will review potential trade deals over the next two weeks to decide which ones to accept. In addition, Trump met with Canadian Prime Minister Mark Carney for the first time, which yielded no immediate results. Trump's comments ran somewhat counter to earlier statements from Bessent, who said the administration could announce some trade agreements as early as this week. "It is all about negotiating the tariffs and Trump talks like he's going to hit home runs here; he's going to be very happy if we just get more of a level playing field," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "The wild card, the big wild card is China, I don't think the EU is going to be really easy here, I don't think Canada is going to be easy as well. But China is the big one and certainly they are going to be very tough negotiators, and we might have to go it alone without China for a while." The Dow Jones Industrial Average fell 389.83 points, or 0.95%, to 40,829.00, the S&P 500 lost 43.48 points, or 0.77%, to 5,606.90 and the Nasdaq Composite lost 154.58 points, or 0.87%, to 17,689.66. Commerce Department data showed businesses boosted imports of goods in March ahead of the tariff announcements, pushing the country's trade deficit to a record high of US$140.5 billion. Late on Monday Trump said he would announce pharmaceutical tariffs over the next two weeks, his latest announcement regarding levies that have whipsawed global financial markets over the past few months. Healthcare, down 2.8%, was the worst performing of the 11 major S&P sectors, with Eli Lilly, down 5.6%, and Moderna, off 12.3%, among the biggest drags. Vaccine makers such as Vertex Pharmaceuticals, which tumbled 10%, saw additional pressure after an internal email seen by Reuters showed the US Food and Drug Administration has named Vinay Prasad, an oncologist who has previously criticized the FDA and was a fierce critic of COVID-19 vaccine and mask mandates, as the director of its Center for Biologics Evaluation and Research. Stocks have been volatile since Trump announced his first round of tariffs on April 2, with the S&P 500 initially dropping nearly 15%, only to stabilize and briefly recover to levels from before the tariffs were announced. The tariff uncertainty has soured consumer sentiment data, and many companies have withdrawn their profit outlooks. Comments from Federal Reserve officials, including chair Jerome Powell, suggest the central bank would be patient before adjusting monetary policy until the impact of tariffs is reflected in economic data. The Fed started its two-day meeting on Tuesday, with the central bank widely expected to keep interest rates unchanged. Markets are currently pricing in a nearly 80% chance for a cut of at least 25 basis points (bps) to occur at the July meeting, according to data compiled by LSEG. Constellation Energy jumped 10.3% as the best performer on the S&P 500 after its quarterly results, helping to lift the utilities sector 1.2%. In contrast, shares of data analytics firm Palantir, among the best S&P 500 performers on the year, tumbled 12%, as investors were unimpressed by the company's modest revenue beat and inline profit. Declining issues outnumbered advancers by a 1.35-to-1 ratio on the NYSE and by a 1.82-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and nine new lows while the Nasdaq Composite recorded 29 new highs and 106 new lows. Volume on US exchanges was 14.24 billion shares, compared with the 17.95 billion average for the full session over the last 20 trading days. — Reuters
