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Canada News.Net
23-07-2025
- Business
- Canada News.Net
Wall Street makes hay on Trump trade deals
NEW YORK, New York - U.S. stocks rose sharply Wednesday as investors and traders started to come round to the benefits of recent trade deals secured by President Trump. Following the trade deal negotiated with the Philippines earlier in the week, Trump on Wednesday announced what he called a "massive" trade deal with Japan,. "So far, the tariff strategy Trump is pursuing looks very inspired, generating serious income, resulting in major investments in the U.S. to avoid the tariffs, and has yet to cause the disruptions and inflation that the naysayers said were certain," Louis Navellier, founder and chief investment officer at Navellier & Associates told CNBC Wednesday. "The stock market certainly reflects no fear of negative consequences." The Wall Street rally on Wednesday, saw the Dow Jones Industrial Average surging more than 500 points as strong corporate earnings and easing inflation concerns boosted investor sentiment. The Standard and Poor's 500 and Nasdaq Composite also posted solid gains. U.S. Markets Rally Broadly The Dow Jones Industrial Average (^DJI) led the charge, climbing 507.85 points or 1.14 percent to close at 45,010.29, marking its best day in three weeks. The blue-chip index was lifted by gains in financial and industrial stocks. The Standard and Poor's 500 (^GSPC), a broader measure of U.S. equities, advanced 49.33 points or 0.78 percent to finish at 6,358.95, with all 11 sectors ending in positive territory. The technology-heavy Nasdaq Composite (^IXIC) rose 127.33 points or 0.61 percent to 21,020.02, supported by rebounds in major tech names. Market Drivers Analysts attributed Wednesday's bullish momentum to: Global Forex Markets Show Mixed Movements Wednesday as Euro and Pound Gain Against the Dollar The foreign exchange market saw mixed trading on Wednesday, with the euro and British pound strengthening against the US dollar, while the yen and Canadian dollar weakened slightly. Key Currency Movements The euro (EUR/USD) rose 0.16 percent, trading at 1.1772, as investors weighed the latest economic data from the Eurozone. Meanwhile, the British pound (GBP/USD) climbed 0.40 percent to 1.3579, supported by stronger-than-expected UK retail sales figures. The U.S. dollar (USD/JPY) dipped 0.03 percent against the Japanese yen, settling at 146.54, as traders awaited further signals from the Sunday's election results. The greenback also edged lower against the Canadian dollar (USD/CAD), falling 0.06 percent to 1.3596, following a rebound in oil prices. Commodity Currencies Strengthen The Australian dollar (AUD/USD) surged 0.71 percent to 0.6599, its highest level in a week, boosted by rising commodity demand. Similarly, the New Zealand dollar (NZD/USD) gained 0.71 percent, reaching 0.6043, as risk appetite improved in Asian trading. The Swiss franc (USD/CHF) saw minimal movement, with the dollar inching up 0.03 percent to 0.7920, as markets remained cautious. Market Outlook Analysts attributed the euro and pound's gains to shifting expectations on U.S. President Donald Trump's trade policies, while commodity-linked currencies benefited from stronger global risk sentiment. Global Markets Close Higher on Wednesday, Led by Strong Gains in Asia and Europe Global stock markets mostly climbed higher on Wednesday, with major indices across Europe and Asia posting solid gains, while the Nikkei 225 surged more than 3 percent. Canadian Market Sees Modest Gains North of the U.S. border, the S&P/TSX Composite Index (^GSPTSE) in Toronto added 51.98 points or 0.19 percent to close at 27,416.41. The more muted performance reflected mixed movements in energy and materials stocks as commodity prices fluctuated. UK and European Markets Rally The FTSE 100 (UK) rose 37.68 points, or 0.42 percent, closing at 9,061.49. Meanwhile, Germany's DAX jumped 198.92 points, or 0.83 percent, to 24,240.82, and France's CAC 40 surged 106.02 points, or 1.37 percent, ending at 7,850.43. The broader EURO STOXX 50 index gained 53.77 points, up 1.02 percent, settling at 5,344.25. Belgium's BEL 20 also climbed 48.81 points, a 1.07 percent increase, closing at 4,596.22. Asian and Pacific Markets Show Strength In Asia, Japan's Nikkei 225 soared 1,396.40 points, or 3.51 percent, to 41,171.32, marking one of the strongest performances globally. Hong Kong's Hang Seng Index rose 408.04 points, or 1.62 percent, finishing at 25,538.07. Singapore's STI Index edged up 23.02 points, or 0.55 percent, to 4,231.28, while Australia's S&P/ASX 200 gained 60.00 points, or 0.69 percent, closing at 8,737.20. The broader All Ordinaries index in Australia added 59.90 points, or 0.67 percent, ending at 9,001.40. India's S&P BSE SENSEX climbed 539.83 points, or 0.66 percent, to 82,726.64, and Indonesia's IDX Composite surged 124.49 points, or 1.70 percent, to 7,469.23. Malaysia's KLSE rose 10.39 points, or 0.68 percent, closing at 1,529.79. In Taiwan', the TWSE Index advanced 330.75 points, or 1.44 percent, to 23,318.67, while South Korea's KOSPI gained 13.83 points, or 0.44 percent, ending at 3,183.77. China's Shanghai Composite inched up just 0.44 points, or 0.01 percent, to 3,582.30. In New Zealand the S&P/NZX 50 was one of the few decliners, slipping 39.68 points, or 0.31 percent, to 12,794.06. Egypt's EGX 30 also dipped slightly, losing 4.50 points, or 0.01 percent, to 34,125.10. Israel's TA-125 rose 36.36 points, or 1.17 percent, to 3,152.46. African markets on the rise
Yahoo
05-06-2025
- Business
- Yahoo
Consumers- What Confidence and Costco Tell Us About the Spending Outlook
The good news recently was that the Conference Board announced its consumer confidence index surged in May to 98, up from 85.7 in April. Especially encouraging is that the expectations component soared to 72.8 in May, up from 55.4 in April, notes Louis Navellier, founder and chairman of Navellier & Associates. To get a FREE copy of the complete MoneyShow 2025 Top Picks Report, click HERE.) Other components, like business conditions, employment prospects, and future income also rose in May. So, after consumer confidence declined for five straight months, the May resurgence is very hopeful for the summer, since consumers are now suddenly upbeat! ( Louis will be speaking at the 2025 MoneyShow Masters Symposium Las Vegas, scheduled for July 15-17. Click HERE to register.) Another good sign of consumer confidence is that Costco Wholesale Corp. (COST) announced its earnings on Thursday, with quarterly same-store sales rising 8%, which is a sign that consumer spending remains strong. Since Costco is a major gasoline retailer, the fact that its same-store sales rose despite lower gasoline prices is an important signal. Costco will also be key to helping move the bloated inventory of goods that were 'dumped' in the US in the first quarter in an effort to beat the coming US tariffs. The company has stockpiled many goods, such as patio furniture, with no price increases foreseen for the summer months. See also: CTRI: A Utility Play That Just Landed Large, New Contracts All in all, the Commerce Department reported that personal spending rose only 0.1% in April after surging 0.7% in March. The data is not very inflationary, so the Federal Reserve has all the reasons its needs to cut key interest rates as soon as it can overcome its inflation fears. Disclosure: Navellier & Associates owns COST in managed accounts. Louis Navellier and his family own COST via a Navellier managed account and in a personal account. More From SPX: Yes, We Could Finish 2025 at 6,600 Given Earnings, AI Growth Earnings, Jobs Data to Drive Next Market Moves Market Minute 6/3/25: Wet-Blanket Forecasts Weigh on Markets Sign in to access your portfolio
Yahoo
11-04-2025
- Business
- Yahoo
Asia markets ended mixed after volatile trading
Asian markets are mixed in volatile trade on Friday with sentiment remaining jittery. Investors remain wary due to ongoing US-China trade tensions and high tariff rates. "The tariff story is far from over," wrote one investor. Asian markets closed mixed in volatile trade on Friday as sentiment remained jittery over President Donald Trump's trade war. Markets in Hong Kong and China ended higher after state-owned funds and firms pledged support earlier this week, pointing to potential state-backed buying. Investors are also expecting stimulus from Beijing amid its escalating trade war with Washington. Here is where major indexes stood at the close of the trading day: Nikkei 225: -3% Kospi: -0.5% ASX 200: -0.8% Hang Seng Index: +1.3% CSI 300: +0.4% Despite Trump's tariffs suspension, markets are not out of the woods as uncertainty remains extremely elevated and keeping investors on edge ahead of the weekend. "There isn't even a clean 'Trump trade,' the original iteration of which (as many have pointed out) has aged very badly," wrote Vishnu Varathan, Mizuho's macro research head for Asia, excluding Japan. Investors are particularly concerned about the intensifying trade war between the US and China — which did not get a reprieve from Trump. The US's tariff rate against Chinese imports is now 145%. Louis Navellier, the founder and chief investment officer of investment manager Navellier & Associates, said the selloff wasn't surprising following the historic spike on Trump's tariff pause. "It was a postponement, not a cancellation," Navellier wrote in a Thursday note. "The tariff story is far from over." Read the original article on Business Insider
Yahoo
11-04-2025
- Business
- Yahoo
Asia markets ended mixed after volatile trading
Asian markets are mixed in volatile trade on Friday with sentiment remaining jittery. Investors remain wary due to ongoing US-China trade tensions and high tariff rates. "The tariff story is far from over," wrote one investor. Asian markets closed mixed in volatile trade on Friday as sentiment remained jittery over President Donald Trump's trade war. Markets in Hong Kong and China ended higher after state-owned funds and firms pledged support earlier this week, pointing to potential state-backed buying. Investors are also expecting stimulus from Beijing amid its escalating trade war with Washington. Here is where major indexes stood at the close of the trading day: Nikkei 225: -3% Kospi: -0.5% ASX 200: -0.8% Hang Seng Index: +1.3% CSI 300: +0.4% Despite Trump's tariffs suspension, markets are not out of the woods as uncertainty remains extremely elevated and keeping investors on edge ahead of the weekend. "There isn't even a clean 'Trump trade,' the original iteration of which (as many have pointed out) has aged very badly," wrote Vishnu Varathan, Mizuho's macro research head for Asia, excluding Japan. Investors are particularly concerned about the intensifying trade war between the US and China — which did not get a reprieve from Trump. The US's tariff rate against Chinese imports is now 145%. Louis Navellier, the founder and chief investment officer of investment manager Navellier & Associates, said the selloff wasn't surprising following the historic spike on Trump's tariff pause. "It was a postponement, not a cancellation," Navellier wrote in a Thursday note. "The tariff story is far from over." Read the original article on Business Insider Sign in to access your portfolio
Yahoo
05-04-2025
- Business
- Yahoo
Stock Market Today: Stocks extend plunge as China hits back on U.S. tariffs
Updated at 4:30 PM EDT by Rob Lenihan Stocks resumed their violent-selloff Friday and ended sharply lower, following on from the worst session for the S&P 500 in nearly five years, as the fallout from President Donald Trump's sweeping global tariff plan stokes further concerns about damaging recession in the world's biggest economy. The Dow Jones Industrial Average plummeted 2,231.07 points, or 5.5%, to 38,314.86, its biggest decline since June 2020 during the pandemic, while the S&P 500 tumbled 5.97% to 5,074.08, the biggest decline since March 2020, and the tech-heavy Nasdaq sank 5.8%, to 15,587.79. The CBOE Volatility Index VIX, which measures the stock market's expectation of volatility based on S&P 500 index options, was up nearly 48% at last check. Louis Navellier, chairman and founder of Navellier & Associates said the major damage is in the tech and consumer discretionary sectors, while defensive sectors, such as healthcare, consumer staples, and utilities, are in the green. Updated at 11:34 AM EDT Fed Chair Jerome Powell said President Trump's tariff regime is "bigger than expected" and risk stoking inflation pressures while slowing U.S. growth prospects. In prepared remarks to an economic even in Virginia, Powell repeated his view that it's "too soon" determine whether rate cuts, or even rate hikes, will be needed to offset the tariff impact, but noted the economy remains "in a good place" to weather the uncertainty. "While uncertainty remains elevated, it is now becoming clear that the tariff increases will be significantly larger than expected," Powell said. "The same is likely to be true of the economic effects, which will include higher inflation and slower growth." "The size and duration of these effects remain uncertain," he added. "While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent." The hawkish tone sent stocks back near their session lows, with the S&P 500 falling 206 points, or 3.84%, and the Nasdaq down 645 points, or 3.84%. Updated at 11:16 AM EDT President Donald Trump, who arrived at his favorite golf course in Mar-a-Lago, Florida earlier this morning, has renewed his recent pressure on the Federal Reserve interests rates, just minutes ahead of a keynote address on the economy from Chairman Jerome Powell, saying it would be a "perfect time" for a rate cut. "This would be a perfect time for Fed Chairman Jerome Powell to cut interest rates," the President said on his Truth Social account. "He is always 'late', but he could change his image, and quickly. Stocks pared some of their earlier declines, but the market's key volatility gauge is still trading at the highest levels since August, at $40.91, a level that stiff suggests daily swings of 2.56%, or 133 points, for the S&P 500. Updated at 10:39 AM EDT Stocks are sliding into session lows, with the S&P 500 last marked 220 points, or 4.1% lower and the Dow giving away another 1,400 points in the opening hour of trading. The Nasdaq, meanwhile, was marked 756 points, or 4.58%, in a slump that drags the tech-focused benchmark into bear market territory, defined as a 20% decline from its mid-December peak. Updated at 9:41 AM EDT The S&P 500 was marked 173 points, or 3.27% lower in the opening minutes of trading, with the Nasdaq down 595 points, or 3.56% The Dow slumped another 1,173 points while the Russell 200 fell 82 points, or 2.78%. "Stocks are moving lower because investors tend to have a knee jerk reaction to uncertain events, such as tariffs and tariff retaliation fears," said Glen Smith, chief investment officer at GDS Wealth Management. "Even with the stock market breaking below its mid-March low, it's still within the bounds of a garden variety correction," he added. "Stock market corrections tend to be quick on the way down and quick on the way up, and we believe investors should be on the lookout for buying opportunities." Updated at 8:51 AM EDT President Donald Trump warned investors Friday that he is unwilling to negotiate his recent tariff increases, saying in message on his Truth Social media platform that foreign investors are set to gain from his restrictive trade policies. "To the many investors coming into the united states and investing massive amounts of money, my policies will never change," the President said. "This is a great time to get rich, richer than ever before!!!" Updated at 8:40 AM EDT The U.S. economy added a bigger-than-expected tally of net new jobs last month, data indicated Friday, providing markets with a small kernel of relief amid the extended tariff-triggered selloff. The Bureau of Labor Statistics reported that 228,000 new jobs were created in March, a tally that topped Wall Street's 140,000 forecast and the downwardly-revised February reading of 117,000. January's tally was revised to a gain of 111,000. Average hourly earnings were steady in March, rising 0.3% from the previous month, but slowed to an annual pace of 3.8%, just inside Wall Street's 3.9% forecast. U.S. stock futures pared some of their premarket declines following the data release, with futures tied to the S&P 500 indicating a 135 point opening bell slump and the Nasdaq called 480 points higher. The Dow Jones Industrial Average was last called 1,050 lower. Benchmark 10-year Treasury note yields rose 1 basis point to 3.905% following the data release while rate-sensitive 2-year notes also rose 1 basis point to 3.565%. The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.1% lower at 101.911, the lowest since October. Updated at 7:36 AM EDT Stocks are extending declines following China's tariff retaliation, with the S&P 500 now set to open 207 points lower from last night's close, which was the lowest since early August. The Nasdaq is called 755 points lower while the Dow is set for another 1,500 point plunge. Benchmark 10-year note yields were last trading at 3.88%, while the VIX index surged to 51.6% $45.52, a level that suggests a 2.8% swing for the S&P at 6:17 AM EDT China unveiled its first round of reprisals to U.S. tariffs, announcing a 34% levy on all American goods starting April 10, a move that effectively confirms the prospects of an escalating trade war between the world's two biggest economies. Stock futures extended declines immediately following the statement from China's Finance Ministry, with the S&P 500 now called 85 points lower and the Nasdaq looking at a 306 point pullback. Stock Market Today Stocks suffered their biggest single-day decline since June 2020 last night, with the S&P 500 falling 4.84%, wiping out more than $2.4 trillion in market value and closing at the lowest level since Aug. 12. The Nasdaq, meanwhile, shed around $1.4 trillion in value as it lost more than 1,000 points on the day, with the tech-focused benchmark now some 18% south of its mid-December peak. President Donald Trump's tariff plans are set to include the steepest U.S. import levies in more than a century, with a baseline duty of 10% on goods from every country in the world. They're seen as both stoking inflation and slowing GDP growth, which is already flirting with recession following what is likely the weakest first quarter since 2022. "US tariff increases add to the downside risks for global growth," Bank of America strategists wrote Friday. "Our economists highlight that the US tariff increases announced this week could lower global GDP growth by at least 50 basis points, with a potential 100 to 150 basis point drag to US GDP growth, a similar drag on China and a 40 to 60 basis point hit to Eurozone GDP growth," the bank markets are clearly reflecting Wall Street's grim outlook, with benchmark 10-year Treasury note yields now marked 20 basis points lower from pre-announcement levels and trading at 3.951% heading into the start of the New York session. At the front end of the curve, rate-sensitive 2-year notes were last marked 24 basis points lower from Wednesday levels at 3.611%. The move in large part mirrors the odds of more Federal Reserve rate cuts between now and the end of the year as the economy weakens. Investors will get key insights on that outlook from today's March employment report, expected at 8:30 a.m. U.S. Eastern Time, as well as a keynote speech from Fed Chairman Jerome Powell at an economic event in Virginia at 11:25 a.m. Eastern. Heading into the start of the trading day on Wall Street, markets are expecting another hectic session, with the CBOE Group's VIX index trading at $30.88, the highest since the global market turmoil in August. At that level, options traders are expecting daily swings of around 1.9%, or 104 points, for the S&P 500. The benchmark itself, which is down 8.04% for the year, is priced for another sharp decline of around 48 points at the start of trading, with the Dow Jones Industrial Average called 468 points lower after last night's near-1,700 point plunge. The Nasdaq, meanwhile, is called 105 points lower, with the equal-weighted Roundhill Magnificent 7 ETF now trading a full 24% south of its mid-December peak, a move that represents a bear market for the world's biggest tech Europe, the fallout from last night's rout on Wall Street continued into overseas markets, with the regional Stoxx 600 benchmark falling 2.16% in Frankfurt and Britain's FTSE 100 down 2.1% in London. Overnight in Asia, Japan's Nikkei 225 tumbled 2.75% to take the benchmark to its lowest level since August, capping its worst week in five years and pegging the index in bear market territory compared to its August peak. The regional MSCI ex-Japan index, meanwhile, slumped 1.1% into the close of trading as the MSCI World index suffered its biggest weekly decline in seven months. More Economic Analysis: Gold's price hit a speed bump; where does it go from here? 7 takeaways from Fed Chairman Jerome Powell's remarks Retail sales add new complication to Fed rate cut forecasts Sign in to access your portfolio
