Latest news with #Kourkafas
Hamilton Spectator
12 hours ago
- Business
- Hamilton Spectator
Oil prices help S&P/TSX composite close higher on Tuesday, U.S. markets fall
TORONTO - Canada's main stock index finished higher to cap off trading on Tuesday, benefiting from a rise in oil prices, while U.S. markets moved lower. The S&P/TSX composite index closed up 134.46 points at 27,539.88. 'It's been a mixed day, following a very strong rally over the last three months. What's unique about the TSX in Canada is that it is getting the benefit of higher oil prices today,' said Angelo Kourkafas, a senior global investment strategist at Edward Jones. Kourkafas said oil prices were rising on the news that U.S. President Donald Trump said Monday he is giving Russian President Vladimir Putin 10 to 12 days to stop the killing in Ukraine, shortening a 50-day deadline he had given the Russian leader two weeks ago. He said the move triggered a rally in crude prices, 'boosting the energy sector which has a large representation in the TSX.' The September crude oil contract was up US$2.50 at US$69.21 per barrel. Aside from energy names, other companies that also traded higher on Tuesday included Celestica Inc., which rose after reporting second-quarter earnings Monday and raising its full-year outlook. Shares of the Toronto-based tech firm gained about 17 per cent on the day. Meanwhile, Air Canada shares fell 12.3 per cent during the trading session after reporting its latest results. The airline said it has been shifting capacity toward high-demand international markets as Canadians' appetite for U.S. travel continues to lag. 'Airlines, and Air Canada, have been impacted by what is going on on the trade front and lower traffic with Canadians travelling less to the U.S.,' Kourkafas said. In New York, the Dow Jones industrial average was down 204.57 points at 44,632.99. The S&P 500 index was down 18.91 points at 6,370.86, while the Nasdaq composite was down 80.29 points at 21,098.29. The S&P 500 slipped 0.3 per cent for its first drop after closing at an all-time high in six successive days. The Nasdaq composite shaved 0.4 per cent off its own record. On the trade front, Kourkafas said markets are 'taking a glass half full approach' ahead of the looming Aug. 1 tariff deadline, when a pause on a slew of U.S. tariffs is set to expire. 'It is encouraging that some of the trade policy uncertainty is reduced as we got the EU-U.S. trade agreement, and also with Japan the week before. As it relates to Canada, it seems like negotiations remain challenging, but talks are continuing to find a late breakthrough,' he said. A deal struck by the U.S. with the European Union on Sunday imposes a 15 per cent tariff on most goods imported into the U.S., including European automobiles, and no carveouts for key products like pharmaceuticals and steel. Going forward, Kourkafas said there could be some market volatility, but he expects more clarity to emerge in 2026. 'We've enjoyed over the past month a period of strong returns and very low volatility, so the best of both worlds, which as we know, this unique combination doesn't last forever. So, potentially there are some catalysts for volatility ahead at the same time, continuing to highlight that the broader backdrop remains positive,' he said. 'Especially as we look into 2026 with more clarity, hopefully on trade, lower interest rates by the Fed and corporate profits that continue to grow.' The Canadian dollar traded for 72.62 cents US compared with 72.87 cents US on Monday. The August gold contract was up US$14 at US$3,324 an ounce. — With files from The Associated Press This report by The Canadian Press was first published July 29, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD, TSX: AC, TSX: CLS)
Business Times
a day ago
- Business
- Business Times
US: Stocks pause at records at start of heavy earnings week
[NEW YORK] Wall Street stocks finished little changed on Monday as markets awaited key earnings and economic data later in the week while weighing the potential for more gains after a heady period. Investors greeted Sunday's announcement that the United States had reached a trade deal with the European Union, as well as fresh talks that begun on Monday in Stockholm between Washington and Beijing. But Angelo Kourkafas said the market's 'muted' reaction made sense given the heavy number of economic news releases this week that could move the market. The tech-rich Nasdaq Composite Index finished up 0.3 per cent at 21,178.58, a new record. The broad-based S&P 500 also nudged higher to a new record at 6,389.77, a gain of less than 0.1 per cent from Friday's record. The Dow Jones Industrial Average dipped 0.1 per cent to 44,837.56. 'Because markets have run a lot in a short amount of time, we may get some good enough news, but they may not elicit the same reaction as some of the good news over the last couple of weeks when valuations were lower than they are today,' Kourkafas said. Besides ongoing trade negotiations, markets this week are looking ahead to earnings from large tech companies including Apple and Facebook parent Meta, as well as from industrial giants such as Boeing and ExxonMobil. The calendar also includes a Federal Reserve decision on Wednesday, as well as the July jobs report and other key economic releases. Among individual companies, Nike shot up 3.9 per cent following an upgrade from JPMorgan Chase. attributed some of the optimism to a US trade accord with Vietnam, which has eased worries about a major cost hit from tariffs. AFP
Straits Times
2 days ago
- Business
- Straits Times
US stocks pause at records at start of heavy earnings week
Find out what's new on ST website and app. Traders working on the floor of the New York Stock Exchange on July 28, in New York City. NEW YORK - Wall Street stocks finished little changed on July 28 as markets awaited key earnings and economic data later in the week while weighing the potential for more gains after a heady period. Investors greeted the July 27 announcement that the United States had reached a trade deal with the European Union, as well as fresh talks begun on July 28 in Stockholm between Washington and Beijing. But Angelo Kourkafas said the market's 'muted' reaction made sense given the heavy number of economic news releases this week that could move the market. The tech-rich Nasdaq Composite Index finished up 0.3 per cent at 21,178.58, a new record. The broad-based S&P 500 also nudged higher to a new record at 6,389.77, a gain of less than 0.1 per cent from a July 25 record. The Dow Jones Industrial Average dipped 0.1 per cent to 44,837.56. 'Because markets have run a lot in a short amount of time, we may get some good enough news, but they may not elicit the same reaction as some of the good news over the last couple of weeks when valuations were lower than they are today,' Mr Kourkafas said. Top stories Swipe. Select. Stay informed. Asia Cambodia, Thailand agree to 'immediate and unconditional ceasefire' to de-escalate border row Singapore Tanjong Katong sinkhole: Road recovery works progressing steadily, tests under way Singapore ST Explains: What we know about the Tanjong Katong sinkhole so far Singapore Foreign workers who rescued woman from sinkhole given tokens of appreciation Sport Gan Ching Hwee breaks 2 national records, qualifies for World Aquatics C'ships 1,500m final Asia Gunman kills 5 near Bangkok's Chatuchak market before taking own life Business SIA Q1 profit falls 59%; airline group sees volatile times ahead Singapore Man exposed daughter's identity despite court order after she was removed from his care Besides ongoing trade negotiations, markets this week are looking ahead to earnings from large tech companies including Apple and Facebook parent Meta, as well as from industrial giants such as Boeing and ExxonMobil. The calendar also includes a Federal Reserve decision on July 30, as well as the July jobs report and other key economic releases. Among individual companies, Nike shot up 3.9 per cent following an upgrade from JPMorgan Chase. attributed some of the optimism to a US trade accord with Vietnam, which has eased worries about a major cost hit from tariffs. AFP
Business Times
4 days ago
- Business
- Business Times
US: S&P 500 closes at 5th straight record
[NEW YORK] The S&P 500 and Nasdaq finished at fresh all-time records on Friday (Jul 25) amid optimism over US trade deals, concluding a winning week on a positive note. Markets stayed hopeful that US President Donald Trump's trade deal with Japan this week will be followed by accords with other major trade partners, averting major tariffs due at the White House's Aug 1 deadline. Investors have also greeted generally benign data that suggest the US economy is on solid ground, said Angelo Kourkafas of Edward Jones. 'That might change in the months ahead, but for now, we have an economy that is holding up,' Kourkafas said. The broad-based S&P 500 finished at 6,388.64, up 0.4 per cent, its fifth straight closing record. The tech-rich Nasdaq Composite Index rose 0.2 per cent to 21,108.32, closing at a third straight record, while the Dow Jones Industrial Average climbed 0.5 per cent to 44,901.92. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Besides trade negotiations, investors are looking ahead to a heavy earnings calendar next week, with Apple, Amazon and other large tech companies reporting results. Those are the market's largest companies, 'so any hiccups there will have an implication for the broader market,' Kourkafas said. Among individual companies, Intel dropped 8.5 per cent after reporting a US$2.9 billion loss as it announced further cost-cutting initiatives. The company said it has cut about 15 per cent of its workforce. But Deckers Outdoor surged 11.4 per cent after reporting better than expected results. Revenues at the footwear retailer jumped 16.9 per cent to US$964.5 million. AFP
RTHK
4 days ago
- Business
- RTHK
US stocks see more all-time highs on US trade deals
US stocks see more all-time highs on US trade deals Wall Street is also looking ahead to a heavy earnings calendar next week. Photo: Reuters The S&P 500 and Nasdaq finished at fresh all-time records on Friday amid optimism over US trade deals, concluding a winning week on a positive note. Markets stayed hopeful that US President Donald Trump's trade deal with Japan this week will be followed by accords with other major trading partners, averting major tariffs due at the White House's August 1 deadline. Investors have also greeted generally benign data that suggest the US economy is on solid ground, said Angelo Kourkafas of Edward Jones. "That might change in the months ahead, but for now, we have an economy that is holding up," Kourkafas said. The S&P 500 finished at 6,388, up 0.4 percent, its fifth straight closing record. The Nasdaq rose 0.2 percent to 21,108, closing at a third straight record, while the Dow Jones climbed 0.5 percent to 44,901. Besides trade negotiations, investors are looking ahead to a heavy earnings calendar next week, with Apple, Amazon and other large tech companies reporting results. Those are the market's largest companies, "so any hiccups there will have an implication for the broader market," Kourkafas said. Among individual companies, Intel dropped 8.5 percent after reporting a US$2.9 billion loss as it announced further cost-cutting initiatives. The company said it has cut about 15 percent of its workforce. But Deckers Outdoor surged 11.4 percent after reporting better than expected results. Revenues at the footwear retailer jumped 16.9 percent to US$964.5 million. (AFP)
