Latest news with #JasonBarsema
Business Recorder
2 days ago
- Business
- Business Recorder
Wall Street lifted by strong data; Nasdaq flies to record
NEW YORK: The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines' results. US retail sales bounced back sharply in June, signaling renewed economic momentum and giving the Federal Reserve more reason to hold off on rate cuts as it weighs the inflationary impact of import tariffs. Another pointer for the consumer health, PepsiCo forecast upbeat results, fueled by demand for energy drinks and healthier sodas, helping it offset concerns about a dip in annual core profit. The company's shares jumped 6.8%. Investors have already weathered a whirlwind of mixed economic signals this week - producer prices stalled in June, while a spike in consumer inflation dashed hopes for aggressive Fed easing. Traders now peg the odds of a September rate cut at just over 54%, with a July move nearly ruled out, according to CME's FedWatch tool. 'The Fed is going to be more cautious and data-driven than what the market wants them to do,' said Jason Barsema, president of Halo Investing. US Treasury yields also edged lower following the retail sales data. At 11:26 a.m. ET, the Dow Jones Industrial Average rose 120.53 points, or 0.27%, to 44,375.31, the S&P 500 gained 23.93 points, or 0.38%, to 6,287.63 and the Nasdaq Composite gained 144.32 points, or 0.70%, to 20,874.81. United Airlines gained 3.4% after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump's budget cuts and trade tensions. Rivals Delta and American Airlines also climbed over 1% each. US chipmakers edged up after TSMC, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. US-listed shares of TSMC gained 3.7%, Marvell rose 2% and Nvidia added 1%. The technology sector was leading the pack among sectors, with 1% gain. Wall Street also watched Netflix ahead of its quarterly results after the market's close. Its shares were up 0.6%. Markets whipsawed on Wednesday after reports suggested Trump was mulling over the ouster of Fed Chair Jerome Powell. Though Trump quickly shot down the reports, his persistent criticism of the central bank - and hints at a possible ouster - kept investors jittery over the Fed's independence. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many US trading partners. Trump told Real America's Voice on Wednesday that the US is closing in on a deal with India and may soon reach an agreement with Europe as well. Advancing issues outnumbered decliners by a 1.9-to-1 ratio on the NYSE and by a 2.56-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and four new lows, while the Nasdaq Composite recorded 78 new highs and 23 new lows.
The Star
2 days ago
- Business
- The Star
Wall Street lifted by United Airlines, strong data
At 11:26 a.m. ET, the Dow rose 120.53 points, or 0.27%, to 44,375.31, the S&P 500 gained 23.93 points, or 0.38%, to 6,287.63 and the Nasdaq gained 144.32 points, or 0.70%, to 20,874.81. The Nasdaq rose to a record high on Thursday, leading a cautious climb across Wall Street's major indices, as strong economic data lifted spirits and airline stocks took off on United Airlines' results. US retail sales bounced back sharply in June, signalling renewed economic momentum and giving the Federal Reserve more reason to hold off on rate cuts as it weighs the inflationary impact of import tariffs. Another pointer for the consumer health, PepsiCo forecast upbeat results, fuelled by demand for energy drinks and healthier sodas, helping it offset concerns about a dip in annual core profit. The company's shares jumped 6.8%. Investors have already weathered a whirlwind of mixed economic signals this week – producer prices stalled in June, while a spike in consumer inflation dashed hopes for aggressive Fed easing. Traders now peg the odds of a September rate cut at just over 54%, with a July move nearly ruled out, according to CME's FedWatch tool. "The Fed is going to be more cautious and data-driven than what the market wants them to do," said Jason Barsema, president of Halo Investing. Echoing this cautious stance, Fed governor Adriana Kugler warned that rate cuts are on hold for now, as Trump-era tariffs begin to push up consumer prices and tight policy remains key to keeping inflation expectations in check. US Treasury yields also edged lower following the retail sales data. At 11:26 a.m. ET, the Dow Jones Industrial Average rose 120.53 points, or 0.27%, to 44,375.31, the S&P 500 gained 23.93 points, or 0.38%, to 6,287.63 and the Nasdaq Composite gained 144.32 points, or 0.70%, to 20,874.81. "Today is a day of somewhat justification of consumer health and earnings that continue to impress in a way that offer relief to markets," said Keith Buchanan, senior portfolio manager at Globalt Investments. United Airlines gained 3.4% after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump's budget cuts and trade tensions. Rivals Delta and American Airlines also climbed over 1% each. US chipmakers edged up after TSMC, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. US-listed shares of TSMC gained 3.7%, Marvell rose 2% and Nvidia added 1%. The technology sector was leading the pack among sectors, with 1% gain. Wall Street also watched Netflix ahead of its quarterly results after the market's close. Its shares were up 0.6%. Markets whipsawed on Wednesday after reports suggested Trump was mulling over the ouster of Fed chair Jerome Powell. Though Trump quickly shot down the reports, his persistent criticism of the central bank – and hints at a possible ouster – kept investors jittery over the Fed's independence. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many US trading partners. Trump told Real America's Voice on Wednesday that the US is closing in on a deal with India and may soon reach an agreement with Europe as well. Advancing issues outnumbered decliners by a 1.9-to-1 ratio on the NYSE and by a 2.56-to-1 ratio on the Nasdaq. The S&P 500 posted 25 new 52-week highs and four new lows, while the Nasdaq Composite recorded 78 new highs and 23 new lows. — Reuters
Reuters
3 days ago
- Business
- Reuters
Wall Street lifted as data, corporate earnings show consumer strength
July 17 (Reuters) - The Nasdaq Composite (.IXIC), opens new tab rose to a record high on Thursday, with Wall Street's other major indexes also advancing, as strong economic data and positive earnings reports cheered investors. U.S. retail sales bounced back sharply in June, signaling renewed economic momentum and confidence among consumers. The data was the latest set in a week regarded as a proving ground for the staying power of strong market gains since April and a clue to the timing of potential interest rate cuts by the Federal Reserve. Economic data has been somewhat mixed, with strong retail sales combined with stalled producer prices and a spike in consumer inflation in June, and a spike in consumer inflation in the same month. Investors believe the U.S. central bank will hold off on rate cuts as it weighs the inflationary impact of President Donald Trump's import tariffs. Traders now peg the odds of a September rate cut at just over 54%, with a July move nearly ruled out, according to CME's FedWatch tool. "The Fed is going to be more cautious and data-driven than what the market wants them to do," said Jason Barsema, president of Halo Investing. Fed Governor Adriana Kugler warned that rate cuts are on hold for now, as Trump's tariffs begin to push up consumer prices and tight policy remains key to keeping inflation expectations in check. U.S. Treasury yields also edged lower following the retail sales data. At 2:15 p.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab rose 202.04 points, or 0.46%, to 44,457.00, the S&P 500 (.SPX), opens new tab increased 28.94 points, or 0.46%, to 6,292.72, and the Nasdaq Composite (.IXIC), opens new tab gained 153.86 points, or 0.74%, to 20,884.35. Accompanying strong retail sales was upbeat commentary from consumer-facing American companies. PepsiCo (PEP.O), opens new tab forecast upbeat results, fueled by demand for energy drinks and healthier sodas, helping offset concerns about a dip in annual core profit. The company's shares jumped 6.9%. United Airlines (UAL.O), opens new tab gained 3.2% after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump's budget cuts and trade tensions. Rivals Delta (DAL.N), opens new tab and American Airlines (AAL.O), opens new tab also climbed over 1% each. "Today is a day of somewhat justification of consumer health and earnings that continue to impress in a way that offer relief to markets," said Keith Buchanan, senior portfolio manager at Globalt Investments. Technology stocks were also buoyed, with the index (.SPLRCT), opens new tab on course for another record finish. Its 1% gain was the highest among the 11 S&P sectors. U.S. chipmakers edged up after TSMC ( opens new tab, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. U.S.-listed shares of TSMC gained 3.7%, Marvell (MRVL.O), opens new tab rose 2.1% and Nvidia (NVDA.O), opens new tab added 1.1%. Wall Street also watched Netflix (NFLX.O), opens new tab ahead of its quarterly results after the market's close. Its shares were up 1.6%. On Wednesday, markets whipsawed after reports suggested Trump was mulling the ouster of Fed Chair Jerome Powell. Though Trump quickly shot down the reports, his persistent criticism of the Fed and hints at a possible ouster kept investors jittery. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners.
