Latest news with #NeilCatania
Los Angeles Times
22-07-2025
- Business
- Los Angeles Times
Wall Street ticks up to another record as GM and others show how tariffs are impacting them
Traders Neil Catania, left, and Daniel Kryger work on the floor of the New York Stock Exchange. Wall Street inched to another record on Tuesday following some mixed profit reports, as General Motors and other big U.S. companies gave updates on how much President Donald Trump's tariffs are hurting or helping them. The S&P 500 added 0.1% to the all-time high it had set the day before. The Dow Jones Industrial Average rose 179 points, or 0.4%, though the Nasdaq composite slipped 0.4% from its own record. General Motors dropped 8.1% despite reporting a stronger profit for the spring than analysts expected. The automaker said it's still expecting a $4 billion to $5 billion hit to its results over 2025 because of tariffs and that it hopes to mitigate 30% of that. GM also said it will feel more pain because of tariffs in the current quarter than it did during the spring. Advertisement That helped to offset big gains for some homebuilders after they reported stronger profits for the spring than Wall Street had forecast. D.R. Horton rallied 17%, and PulteGroup jumped 11.5%. That was even as both companies said homebuyers are continuing to deal with challenging conditions, including higher mortgage rates and an uncertain economy. So far, the U.S. economy seems to be powering through the uncertainty created by Trump's on-and-off tariffs. Many of Trump's proposed taxes on imports are currently on pause, and the next big deadline is Aug. 1. Talks are underway on possible trade deals with other countries that could lower the stiff proposals before they kick in. Trump said he reached a trade agreement with the Philippines following a meeting Tuesday at the White House, that will see the U.S. slightly drop its tariff rate for the Philippines without paying import taxes for what it sells there. Advertisement Companies are already feeling effects. Genuine Parts, the Atlanta-based company that sells auto and industrial replacement parts around the world, trimmed its profit forecast for the full year in order to incorporate 'all U.S. tariffs currently in effect,' along with its updated expectations for business conditions in the second half of the year. Its stock rose 7.6% after it reported a stronger profit for the latest quarter than analysts expected. RTX fell 1.6% after cutting its forecast for profit in 2025 but also raising its forecast for revenue. It made the changes to incorporate what CEO Chris Calio called 'our current assessment of the impact of tariffs,' along with other changes anticipated from Washington's recent approval of big tax changes. Advertisement Coca-Cola slipped 0.6% even though it delivered a stronger profit than forecast. Its revenue for the quarter only edged past analysts' expectations, and it said that higher prices that it charged helped offset sales of fewer cases during the spring. Opendoor Technologies, a company that caught interest among investors looking for the next 'meme stock' that could rise regardless of how its profits are doing, lost momentum and dropped 10.3% to $2.88. It had climbed as high as $3.99 in the morning, more than quintuple its price of 78 cents from just two Fridays ago. All told, the S&P 500 rose 4.02 points to 6,309.62. The Dow Jones Industrial Average added 179.37 to 44,502.44, and the Nasdaq composite fell 81.49 to 20,892.68. In the bond market, Treasury yields sank as traders continue to expect the Federal Reserve to wait until September at the earliest to resume cutting interest rates. Fed Chair Jerome Powell has been insisting he wants to see more data about how Trump's tariffs are affecting inflation and the economy before the Fed makes its next move. That's despite often angry criticism from Trump, who has been lobbying for more cuts to rates to happen sooner. The yield on the 10-year Treasury eased to 4.34% from 4.38% late Monday. In overseas markets, Japan's benchmark jumped and then fell back as it reopened from a holiday Monday following the ruling coalition's loss of its upper house majority in Sunday's election. The Nikkei 225 shed 0.1%. Advertisement Analysts said the market initially climbed on relief that Prime Minister Shigeru Ishiba vowed to stay in office despite a loss for his ruling coalition in an upper-house election Sunday. But the results have only added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there's been scant sign of progress in negotiating away the threat of higher tariffs on Japan's exports to the U.S. beginning Aug. 1. Indexes were mixed elsewhere in Asia and Europe. Choe writes for the Associated Press.
CTV News
22-07-2025
- Business
- CTV News
U.S. stocks hang around their records following mixed profit reports
Traders Neil Catania, left, and Daniel Kryger work on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew) NEW YORK — Wall Street is hanging around its records following some mixed profit reports, as General Motors and other big U.S. companies give updates on how much U.S. President Donald Trump's tariffs are hurting or helping them. The S&P 500 was flat in early trading Tuesday, a day after inching to its latest all-time high. The Dow Jones Industrial Average was down 30 points, and the Nasdaq composite was down 0.1 per cent from its own record. General Motors dropped 3.6 per cent despite reporting a stronger profit than expected. The automaker said it's still expecting a US$4 billion to $5 billion hit this year from tariffs. By Elaine Kurtenbach and Matt Ott
CTV News
22-07-2025
- Business
- CTV News
Wall Street dips in premarket but remains near record highs as another raft of earnings pours in
Traders Neil Catania, left, and Daniel Kryger work on the floor of the New York Stock Exchange, Monday, July 21, 2025. (AP Photo/Richard Drew) Wall Street dipped in premarket trading Tuesday, but indexes remained near record highs on another big day for corporate earnings reports. Futures for the S&P 500 lost 0.1 per cent before the bell, while futures for the Dow Jones Industrial Average and Nasdaq were each off 0.2 per cent. Homebuilders were the early winners, with D.R. Horton climbing nearly seven per cent after easily surpassing Wall Street's third-quarter sales and profit expectations. PulteGroup also topped analysts' forecasts, rising 1.7 per cent, while Lennar rode the wave of optimism and was up 2.1 per cent. General Motors shed 3.6 per cent in the early going after the automaker reported that its profit and revenue declined from the previous quarter. GM maintained its full-year guidance from May, however that forecast was cut as the company braced for a potential impact from auto tariffs as high as US$5 billion in 2025. Shares of Coca-Cola Co. were largely unchanged after the soda giant beat Wall Street profit expectations but fell a tad short on revenue projections. Coke said that its pricing rose six per cent for the April-June period, making up for the one per cent decline in case volumes both globally and in North America. Elsewhere, in Europe at midday, Germany's DAX lost 1.1 per cent, the CAC 40 in Paris gave up 0.9 per cent and Britain's FTSE 100 was nearly unchanged. In Asian trading, Japan's benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition's loss of its upper house majority in Sunday's election. The Nikkei 225 shed 0.1 per cent to 39,774.92. Analysts said the market initially climbed as investors were relieved that Prime Minister Shigeru Ishiba vowed to stay in office despite the setback. But the election's outcome has added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the U.S. might win Ishiba a reprieve, but so far there's been scant sign of progress in negotiating away the threat of higher tariffs on Japan's exports to the U.S. beginning Aug. 1. 'Relief may be fleeting. Ishiba's claim to leadership now rests on political duct tape, and history isn't on his side. The last three LDP leaders who lost the upper house didn't last two months,' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere, Hong Kong's Hang Seng rose 0.5 per cent to 25,130.03, while the Shanghai Composite index advanced 0.6 per cent to 3,581.86. South Korea's Kospi sank 1.3 per cent to 3,169.94, with investors concerned over next week's deadline for making a deal with U.S. President Donald Trump or facing 25 per cent tariffs on all the country's exports to the U.S. Many of Trump's stiff proposed tariffs are paused after he extended the deadline to Aug. 1 to allow more time to reach potential trade deals that could lower those rates. Australia's S&P/ASX 200 added 0.1 per cent to 8,677.20. India's Sensex was flat. In Thailand, the SET sank 1.1 per cent after the government named Vitai Ratanakorn as the new future governor of the central bank. He is viewed as likely to be less independent than the current governor, raising concerns about the bank's independence, analysts said. In energy trading, U.S. benchmark crude oil lost 61 cents to $65.34 per barrel, while Brent crude, the international standard, gave up 65 cents to $68.56 per barrel. The U.S. dollar inched up to 147.40 Japanese yen from 147.38 yen. The euro gained to $1.1701 from $1.1696. By Elaine Kurtenbach and Matt Ott
