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The Star
2 hours ago
- Automotive
- The Star
Wall St set for mixed start as investors digest Alphabet, Tesla results
A woman walks down Wall Street in New York City, U.S., April 8, 2025. REUTERS/Kylie Cooper/File Photo WALL Street was on track for a mixed open on Thursday as investors digested uneven earnings from megacaps like Alphabet and Tesla and monitored progress in U.S. trade negotiations. Alphabet rose 3.4% in premarket after the Google parent raised its 2025 capital spending forecast by $10 billion to $85 billion, shrugging off trade jitters, while electric vehicle maker Tesla tumbled 6.1% as CEO Elon Musk warned of "a few rough quarters" due to cuts in EV incentives. At 8:43 a.m. ET, S&P 500 E-minis were up 0.5 points, or 0.01%, Nasdaq 100 E-minis were up 42 points, or 0.18%, and Dow E-minis were down 292 points, or 0.65%. UnitedHealth fell 4.5%. The insurer said it is cooperating with the Department of Justice's formal criminal and civil requests following reports of investigations into its Medicare participation. The S&P 500 and the tech-heavy Nasdaq soared to record closes on Wednesday as investors cheered reports of an imminent trade deal between Washington and the European Union. Meanwhile, the Dow closed over 1.1% higher, just below its all-time peak. An EU spokesperson on Thursday signaled that a deal was "within reach", which, as per diplomats, would result in broad 15% import tariffs on the 27-member bloc. Anticipation of further trade pacts was also reinforced by President Donald Trump's announcement of a deal with Japan on Tuesday, cutting import levies on the Asian country to just 15%. Meanwhile, China and South Korea are racing to strike agreements to dodge Trump's hefty duties. "A U.S. tariff agreement with Japan has increased market confidence that the worst of the global trade conflict could be over, adding to hopes of a deal with the European Union," said Mark Haefele, chief investment officer, UBS Global Wealth Management. Among other stocks, American Airlines fell 3.3% after forecasting a bigger-than-expected third-quarter loss, hurt by sluggish domestic travel demand. IBM slid 6.3% as its second-quarter earnings failed to impress investors, especially due to its lower-than-expected sales in its mainstay software segment. Honeywell slipped 2.8% despite raising its annual forecasts after beating Wall Street expectations for second-quarter results. Shares of ServiceNow jumped 7.4% after the software firm raised its annual subscription revenue forecast. Markets were also monitoring developments after the White House surprised investors that Trump - fresh from stepping up his criticism of Federal Reserve Chair Jerome Powell - would pay a visit to the U.S. central bank's headquarters later in the day. With the Fed widely expected to keep rates steady at next week's meeting, traders are now eyeing a 62% chance of a September rate cut, according to CME's FedWatch tool. A Labor Department's report showed jobless claims for the week ended July 18 stood at 217,000 versus an estimate of 235,000, signalling resilience in the job market. S&P Global's flash PMI data will be released at 9:45 a.m. ET. - Reuters
The Standard
2 days ago
- Business
- The Standard
Apple supplier Goertek to buy Luen Fung Commercial's units for $10.4 billion
FILE PHOTO: A person walks by the Apple store on Fifth Avenue in New York City, U.S., May 1, 2025. REUTERS/Kylie Cooper/File Photo
The Star
3 days ago
- Business
- The Star
Ether Machine, backed by crypto giants, set to raise over $1.6 billion in Nasdaq debut
FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq stock market site in New York City, U.S., July 16, 2025. REUTERS/Kylie Cooper/File photo (Reuters) -The Ether Reserve, a new crypto venture backed by prominent crypto investors, will list on the Nasdaq through a merger with blank-check firm Dynamix Corporation and is expected to raise over $1.6 billion. The combined entity, to be named The Ether Machine, aims to launch with more than 400,000 Ether on its balance sheet, positioning it as the largest public vehicle for institutional exposure to the world's second-largest cryptocurrency.
The Standard
6 days ago
- Business
- The Standard
Wells Fargo suspends China travel after employee exit ban, source says
People walk by a Wells Fargo bank branch in New York City, U.S., June 4, 2025. REUTERS/Kylie Cooper/File Photo
The Star
17-07-2025
- Automotive
- The Star
Waymo expands coverage in Austin, Texas, as robotaxi competition heats up
FILE PHOTO: A self-driving Waymo car drives through Los Angeles, California, U.S., May 12, 2025. REUTERS/Kylie Cooper/File Photo (Reuters) -Alphabet's Waymo is expanding its service in Austin, Texas, to 90 square miles from 37 square miles earlier, the software giant's self-driving unit said on Thursday, seeking to protect its top position in the city from rivals such as Tesla. Waymo, which has over 100 vehicles on the Uber platform in Austin, will now cover new neighborhoods such as Crestview, Windsor Park, Sunset Valley and Franklin Park, the company said. After cautiously expanding its self-driving taxi services across the U.S. for years, Waymo is now largely seen as the frontrunner in the space. It has about 1,500 vehicles across San Francisco and other Bay Area cities, Los Angeles, Phoenix, Atlanta and others. Rival Tesla is looking to catch up, having conducted a small trial last month of about a dozen of its Model Y SUVs in a limited area of Austin. But Tesla still faces a steep challenge to commercialize this technology on a large scale and clear regulatory hurdles. The automaker also does not use sensors such as radar and lidar like Waymo and most rivals; instead, it depends solely on cameras and artificial intelligence. "Austin remains one of the fastest growing cities in the country, and we are doing our part to grow with it," Shweta Shrivastava, the senior director of product management at Waymo, said. Earlier this week, Waymo's vehicles logged a milestone of 100 million miles driven without a human behind the wheel, doubling its mileage in about six months. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Sahal Muhammed)
