Latest news with #MatthewWeller
Yahoo
5 days ago
- Business
- Yahoo
The S&P 500 closes at 6,000 as bulls aim for return to record territory
The S&P 500 finished just a hair above 6,000 Friday — a key psychological level that technicians see potentially setting the stage for a possible run back to a record high as investors continue to shake off tariff jitters and recession fears that rocked the market earlier this year. The S&P 500 SPX ended Friday at 6,000.36, after a gain of 1%. That leaves it just 2.3% below its record finish of 6,144.15 set on Feb. 19 and marks the first close above 6,000 since Feb. 21. My new husband gave me a contract and told me to 'sign here' — but I refused. It was the best decision of my life. 'The situation is extreme': I'm 65 and leaving my estate to only one grandchild. Can the others contest my will? I help my elderly mother every day and drive her to appointments. Can I recoup my costs from her estate? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. My daughter's boyfriend, a guest in my home, offered to powerwash part of my house — then demanded money 'While no one's made a hat for it that I've seen, the 6,000 level on the S&P 500 is a key psychological threshold that the market has struggled to establish a firm foothold above for eight months now,' Matthew Weller, global head of market research at StoneX, said in an email Friday morning. After its February record, the S&P 500 began a pullback that took it nearly 20% lower — the threshold for a bear market — on April 8, before it subsequently set off on a recovery. That bounce has seen stocks take back all of their tariff-induced April losses and then some, with the S&P 500 coming within a whisker of 6,000 and hitting an intraday high of 5,999.70 in Thursday's session before turning back. It finally pushed back above the threshold on Friday as investors cheered the May jobs report, trading as high as 6,016.87 in early trading before trimming its gain. 'What people are looking for is to see if the S&P can close above 6,000,' said Louis Navellier, founder of Navellier & Associates, in a Friday note ahead of the close. 'Clearly, the trend remains positive.' At the same time, market watchers warn that the tariffs are still likely to have an effect on employment, inflation and, of course, corporate earnings. After a strong first quarter, earnings expectations for the remainder of the year have declined in recent weeks, Larry Adam, chief investment officer at Raymond James, said in a Friday note. 'Given the rebound in equities and elevated expectations, the bar has been raised to break out to a fresh high, likely requiring an increase in earnings expectations,' said Mark Hackett, chief market strategist at Nationwide. Don't miss: The two rules investors need to follow right now as the S&P 500 returns to 6,000 Weller said that from a near-term perspective, 6,000 marks the top of a three-week ascending-triangle pattern. That means a confirmed weekly close above it 'could set the stage for a retest of the record highs near 6,150 in short order.' An ascending triangle consists of a horizontal line marking two or more recent highs near the same level and an ascending trend line drawn off a series of rising market lows (see below). Investors may still want to see a more convincing move above 6,000 for reassurance, analysts said. Meanwhile, a big downside reversal off of 6,000 'would raise fears of a lower high in the broader index and would raise the odds of a deeper retracement back toward the mid-5,000s after the torrid rally off the April lows,' Weller said. 'I'm not wildly wealthy, but I've done well': I'm 79 and have $3 million in assets. Should I set up 529 plans for my grandkids? The S&P 500 closes at 6,000 as bulls aim for return to record territory How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? Circle's stock is having another big day. What the blockbuster IPO has meant for other cryptocurrency plays. What's at stake if world's most powerful market finally buckles after decades-long U.S. debt splurge 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
Business Times
11-05-2025
- Business
- Business Times
Greenback set for weekly gain amid US trade deal optimism
THE US dollar was on track for a weekly gain against major currencies, including the Swiss franc, yen and euro on Friday (May 9), after a US-UK trade deal increased optimism about upcoming US-China talks. Financial markets headed into the weekend with the focus squarely on the ongoing trade negotiations between Washington and Beijing in Switzerland. President Donald Trump announced on Thursday a US-UK trade deal that left in place a 10 per cent baseline tariff on British goods, but lowered prohibitive duties on vehicle imports. 'There's strong optimism across the market of progress in US-China trade talks in particular and more broadly more trade deals,' said Matthew Weller, head of market research at StoneX. 'It does seem like the Trump administration is perhaps extending a series of olive branches to different countries and perhaps the worst of the trade wars and tariffs is ... behind us. That's what the market is starting to price in.' The US dollar is on track for the fourth straight week of gains against the Swiss franc. But it was down 0.01 per cent to 0.83150 franc on the session. 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 The euro was set for the third straight week of losses against the dollar. It was, however, last up 0.17 per cent on the day at US$1.125025. The US currency was on track for a third consecutive week of gains against the Japanese yen although it was down 0.39 per cent to 145.355 yen on the session. Sterling was trading higher and was set for a weekly gain after losing ground on Thursday following the announcement of the US-UK trade deal. It strengthened 0.50 per cent to US$1.3306. 'The trade war has progressed to the point where policymakers seem eager to show some payoff,' Goldman Sachs analysts led by Kamakshya Trivedi wrote in an investor note. 'Even though there are reasons to be sceptical ... it will be hard to ignore the policy intent of setting a more positive tone.' Central bank decisions this week diverged: The Federal Reserve left rates unchanged while the Bank of England cut rates. The central banks of Sweden and Norway held them steady. In contrast with other G10 currencies, the dollar was lower against several Asian currencies during the week after a shock surge in the Taiwan dollar. After a volatile few days, it has settled around 30 to the dollar, more than 6 per cent stronger than at the end of April. The greenback weakened 0.02 per cent to 7.241 versus the offshore Chinese yuan but was set for a weekly gain. The Korean won strengthened 0.12 per cent against the dollar to 1,395.86 per dollar, also on track to finish the week higher. Bitcoin climbed back above US$100,000, reflecting a refreshed appetite for risk-taking in markets' more speculative corners. It gained 0.38 per cent to US$103,023.28. REUTERS
Mint
09-05-2025
- Business
- Mint
Dollar set for weekly gain amid US trade deal optimism
NEW YORK -The dollar was on track for a weekly gain against major currencies, including the Swiss franc, yen and euro on Friday, after a U.S.-UK trade deal increased optimism about upcoming U.S.-China talks. Financial markets headed into the weekend with the focus squarely on trade negotiations between Washington and Beijing due to begin on Saturday in Switzerland. President Donald Trump announced on Thursday a U.S.-UK trade deal that left in place a 10% baseline tariff on British goods, but lowered prohibitive duties on vehicle imports. "There's strong optimism across the market of progress in U.S.-China trade talks in particular and more broadly more trade deals," said Matthew Weller, head of market research at StoneX. "It does seem like the Trump administration is perhaps extending a series of olive branches to different countries and perhaps the worst of the trade wars and tariffs is ... behind us. That's what the market is starting to price in." The U.S. dollar is on track for the fourth straight week of gains against the Swiss franc. But it was down 0.01% to 0.83150 franc on the session. The euro was set for the third straight week of losses against the dollar. It was, however, last up 0.17% on the day at $1.125025. The U.S. currency was on track for a third consecutive week of gains against the Japanese yen although it was down 0.39% to 145.355 yen on the session. Sterling was trading higher and was set for a weekly gain after losing ground on Thursday following the announcement of the U.S.-UK trade deal. It strengthened 0.50% to $1.3306. "The trade war has progressed to the point where policymakers seem eager to show some payoff," Goldman Sachs analysts led by Kamakshya Trivedi wrote in an investor note. "Even though there are reasons to be skeptical ... it will be hard to ignore the policy intent of setting a more positive tone." Central bank decisions this week diverged: The Federal Reserve left rates unchanged while the Bank of England cut rates. The central banks of Sweden and Norway held them steady. In contrast with other G10 currencies, the dollar was lower against several Asian currencies this week after a shock surge in the Taiwan dollar. After a volatile few days, it has settled around 30 to the dollar, more than 6% stronger than at the end of April. The dollar weakened 0.02% to 7.241 versus the offshore Chinese yuan but was set for a weekly gain. The Korean won strengthened 0.12% against the dollar to 1,395.86 per dollar, also on track to finish the week higher. Bitcoin climbed back above $100,000, reflecting a refreshed appetite for risk-taking in markets' more speculative corners. It gained 0.38% to $103,023.28.
Wall Street Journal
29-04-2025
- Business
- Wall Street Journal
Asian Currencies Consolidate; U.S. Tariff Policy Uncertainty May Support
0038 GMT — Asian currencies consolidate against the dollar, but uncertainty over U.S. tariff policy may support. 'One big factor weighing on greenback is the lack of clarity about what the tariffs are ultimately meant to accomplish,' says Matthew Weller, global head of Research at and City Index, in an email. 'Faced with this immense uncertainty on a month-to-month, week-to-week, or even day-to-day basis, forex traders are opting out of owning U.S. dollar at the margin, preferring instead to park their funds in currencies where they have more certainty about future policies,' Weller adds. USD/KRW edges 0.1% higher to 1,439.48; AUD/USD is little changed at 0.6424. (
