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Yahoo
11 hours ago
- Business
- Yahoo
Top Stock Movers Now: United Airlines, AMD, Lockheed Martin, and More
U.S. equities rose and oil futures fell at midday on hopes the fighting between Israel and Iran will ease. Airline and cruise line shares advanced on optimism fuel prices won't jump because of the Middle East fighting. Tumbling oil prices sent shares of oil producers lower.U.S. equities jumped and oil prices plunged at midday on optimism the fighting between Israel and Iran will be contained. The Dow Jones Industrial Average, S&P 500, and Nasdaq all added 1%. Shares of United Airlines (UAL), Carnival Corp. (CCL), and others in the airline and cruise line industries took off on hopes an easing of Middle East tensions will help keep fuel costs from rising. Advanced Micro Devices (AMD) was the best-performing stock in the S&P 500 when Piper Sandler boosted the price target, pointing to enthusiasm for its latest product launches, especially its Helios server. Shares of Dish Network owner EchoStar (SATS) soared following a report that President Donald Trump had intervened to try to settle an issue that threatened the satellite TV provider's valuable spectrum licenses. MGM Resorts International (MGM) stock gained as BetMGM, which it co-owns with London-traded Entain, raised its full-year outlook. Shares of rival casino operators Las Vegas Sands (LVS) and Wynn Resorts (WYNN) also advanced. A potentially limited conflict in the Middle East that drove down crude prices sent shares of APA (APA) and rival oil producers lower. Also falling were shares of defense contractors Lockheed Martin (LMT) and Northrop Grumman (NOC). Sarepta Therapeutics (SRPT) shares plunged after the biotech company reported a second patient with Duchenne muscular dystrophy who was taking its Elevidys treatment died of acute liver failure (ALF). Gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar lost ground to the euro and pound, and was little changed against the yen. Major cryptocurrencies traded higher. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12 hours ago
- Business
- Yahoo
MGM Resorts International Stock Rises on Lifted BetMGM Outlook
MGM Resorts International (MGM) shares surged over 6% in intraday trading Monday as the casino operator and London-traded firm Entain lifted their full-year outlook for their co-owned BetMGM sports betting and iGaming operator. "BetMGM's positive momentum seen during 1Q 2025 has continued for the period 2Q 2025 to June 13, 2025, with strong Net Revenue growth across both iGaming and Online Sports, driven by handle growth," MGM and Entain said. The firms added that trading "is broadly consistent with" the 34% year-over-year revenue growth in the first quarter. As a result, the companies now expect BetMGM's fiscal 2025 revenue of "at least $2.6 billion," up from the prior outlook range of $2.4 billion to $2.5 billion, and EBITDA of "at least $100 million," compared to "EBITDA positive" previously. The news also lifted shares of gaming rivals Wynn Resorts (WYNN) and Las Vegas Sands (LVS) on Monday. They both were up roughly 5% in recent trading, joining MGM Resorts International among the top S&P 500 gainers. Read the original article on Investopedia
Reuters
08-04-2025
- Business
- Reuters
Iron ore, coking coal hold up amid tariff chaos, but for how long?: Russell
LAUNCESTON, Australia, April 8 (Reuters) - Iron ore is probably the commodity most exposed to China and while the price of the steel raw material has eased, it has held up better than other major commodities like crude oil and copper in the wake of U.S. President Donald Trump's tariff turmoil. Iron ore futures traded on the Singapore Exchange ended at $99.54 a metric ton on Monday, a three-month low and down 4.1% from the $103.77 close on April 2, the day Trump imposed sweeping tariffs on U.S. trading partners. The Singapore contracts largely reflect the views of market participants outside of China, which buys about three-quarters of all global seaborne iron ore and produces just over half of the world's steel. But even China's domestic iron ore futures on the Dalian Commodity Exchange have held up, losing just 3.6% since April 2 to Monday's close of 762.50 yuan ($104.31) a ton. In contrast to iron ore's relatively modest declines, Brent crude futures shed 14.1% from April 2 to Monday's close of $64.36 a barrel, a four-year low, while London-traded copper contracts dropped 10% to end at $8.732 a ton. China is the world's biggest buyer of crude and copper, but unlike iron ore these commodities have a broader investor base and tend to more rapidly reflect changes in market sentiment and dynamics. But even so, iron ore's performance seems at odds with Trump's announcement last week of a 34% tariff on U.S. imports from China, which was on top of 20% already imposed. The mercurial U.S. president doubled down on Monday, threatening an additional 50% on imports from China after Beijing responded with a 34% tariff of its own on imports from the United States, as well as export controls on a series of minor metals, many of the critical to defence and technology. If all the threatened tariffs go ahead, China's exports to the United States will face an impost of 104%, which would likely have the effect of ending all trade between the world's two largest economies. OUTLOOK DARKENS In this scenario it's hard to construct a case that iron ore will continue to outperform other major commodities, it's actually easier to see it suffering more. Manufacturing accounts for about 25% of China's steel demand, so any major hit to this sector from weaker demand for exported goods such as appliances and vehicles will flow directly through to steel consumption. The question is whether Beijing will take decisive action to stimulate both parts of the economy hit by tariffs and other sectors not as exposed but capable of helping boost overall economic growth. If China does act to boost its economy through stimulus of sectors such as infrastructure and consumer spending on manufactured goods, it becomes a matter of whether this will be enough to keep steel demand at relatively strong levels. If steel demand and output hold up, then so too should iron ore imports, and thus prices. It's too early to say if iron ore imports are weakening amid the tariff concern, with March data compiled by commodity analysts Kpler suggesting a solid, if unspectacular, result. China imported 102.1 million tons of iron ore in March, up from 84.36 million in February, although that month's total was lower than expected because of weather disruptions in top supplier Australia. The March figure was only slightly below the 104.9 million tons from the same month in 2024, according to Kpler data. In addition to iron ore, the other key steel raw material is metallurgical coal, and it has also shown a somewhat subdued reaction to the escalating tariff war. Singapore Exchange contracts , which track the price of metallurgical coal from Australia, the world's biggest exporter of the fuel also called coking coal, have actually risen, gaining 5.9% from the close on April 2 to end at $186 a ton on Monday. However, the price increase is because of weather-related disruptions in Australia's Queensland state, home to the bulk of the country's metallurgical coal mines. China's coking coal contracts have slipped 3.1% from April 2 to the close of 971.50 yuan a ton on Monday, perhaps a better reflection of some demand concerns emerging amid the tariff uncertainty. The views expressed here are those of the author, a columnist for Reuters.
