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Mint
a day ago
- Business
- Mint
Wall Street Today: Dow, Nasdaq, S&P 500 open flat as Trump's trade deal, company results in focus; Nvidia down 3.3%
Wall Street Today: The Dow Jones, Nasdaq Composite, and S&P 500 opened flat on Tuesday's market session as US investors focused on President Donald Trump's trade deal with world nations and company results. The US market investors are focusing on the trade negotiations ahead of Trump's 1 August 2025 deadline for the US tariffs. Shares like Nvidia Corp. are down 3.3%, according to the early market session. At 9:30 a.m. (EDT) opening bell, the Dow Jones Industrial Average rose 0.04% to open at 44,338.62 points, compared to 44,323.07 points at the previous market session. The benchmark index is now trading 0.10% higher at 44,374.90 points as of 11:28 a.m. (EDT) on the US market. Amgen Inc., Merck & Co. Inc., Travelers Cos. Inc., Procter & Gamble Co., UnitedHealth Group Inc., Verizon Communications Inc., Johnson & Johnson, Caterpillar Inc., Salesforce Inc., American Express Co., Visa Inc., HomeDepotInc., Walt Disney Co., JPMorgan Chase & Co., Nike Inc., Walmart Inc., Honeywell International Inc., McDonald's Corp., Apple Inc., Cisco Systems Inc., and Boeing Co. were the top gainers according to Marketwatch data. Microsoft Corp., Chevron Corp., International Business Machines Corp., Coca-Cola Co., Goldman Sachs Group Inc., Inc., 3M Co., Nvidia Corp., and Sherwin-Williams Co. were among the top laggers on Tuesday. The S&P 500 opened 0.02% higher at 6,306.6 points, compared to 6,305.60 points at the previous market close. The index is currently trading 0.10% lower at 6,299.19 points as of 11:12 a.m. (EDT), according to MarketWatch data. IQVIA Holdings Inc., D.R. Horton Inc., Northrop Grumman Corp., PulteGroup Inc., Lennar Corp., Charles River Laboratories International Inc., Quest Diagnostics Inc., Interpublic Group of Cos., NVR Inc., and Omnicom Group Inc. were among the top gainers on Tuesday. Philip Morris International Inc., General Motors Co., Equifax Inc., Lockheed Martin Corp., Pentair PLC, Super Micro Computer Inc., Micron Technology Inc., Sherwin-Williams Co., MSCI Inc., and LamResearchCorp. were among the losers on the US market session on 22 July 2025. The tech-heavy Nasdaq Composite rose 0.04% to open at 20,982.205 points, compared to 20,974.17 points at the previous Wall Street close. The index is currently trading 0.47% lower at 20,974.17 points as of 11:33 a.m. (EDT). Dragonfly Energy, Holdings Corp., Fusion Fuel Green PLC, Polyrizon Ltd., ZOOZ Power Ltd., Medpace Holdings Inc., QVC Group Inc., Wang & Lee Group Inc., Cardlytics Inc., Faraday Future, Intelligent Electric Inc., and JX Luxventure Group Inc. were among the top gainers on Tuesday. Replimune Group Inc., Oriental Rise Holdings Ltd., E-Home Household Service Holdings Ltd., reAlpha Tech Corp., 180 Life Sciences Corp., PicoCELA Inc. ADR, ProMIS Neurosciences Inc., Garden Stage Ltd., Autonomix Medical Inc., and Anbio Biotechnology were among the top losers. Read all stories by Anubhav Mukherjee
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
TSMC profit surges again after AI drives big jump in sales
TAIWAN Semiconductor Manufacturing Co. reported a better-than-expected 61% jump in profit for the June quarter, bolstering confidence in the momentum of the global AI spending spree. The world's biggest contract chipmaker on Thursday said net income for the period was NT$398.3 billion ($13.5 billion), extending a streak of beating analysts' estimates that dates back to 2021. The company previously posted a 39% surge in revenue. TSMC's performance underscores resilient demand for high-end artificial intelligence chips from the likes of Nvidia Corp. and Advanced Micro Devices Inc., which is outpacing its production capacity. Chief Executive Officer C.C. Wei affirmed in a shareholder meeting in June that AI orders continue to run hot and TSMC anticipates 2025 sales will grow in the mid-20% range in US dollar terms. The company's revenue has grown roughly 40% over the first half of the year, even with a stronger Taiwanese dollar suppressing that figure. It's pledged to spend another $100 billion ramping up manufacturing in Arizona, in addition to an expansion in Japan, Germany and back home. A day before TSMC's results, key chipmaking gear supplier ASML Holding NV triggered anxiety across markets by walking back its growth forecast for 2026. Geopolitics and the global economy are sources of 'increasing uncertainty,' Chief Executive Officer Christophe Fouquet said. Its shares dropped more than 11%. –BLOOMBERG
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Business Standard
16-07-2025
- Business
- Business Standard
Gold outlook: Analyst suggests buying on dips as tariff concerns linger
Gold: Down as the US Dollar Index firms up further Gold – July 15, 2025 In the week ending July 11, the yellow metal extending its winning weekly streak to the second straight week, closed with a weekly gain of 0.53 per cent on safe haven demand as the US President unexpectedly imposed steep tariff rates on key economies like Japan, South Korea, Brazil and Canada. On July 15, spot gold traded between $3320 and $3367 as markets closely monitor tariff related developments and the US Dollar Index moves. At the time of writing this report, the yellow metal was trading at $3,329, down around 0.50 per cent for the day, as the US Dollar Index extended its rally. Data roundup: Much-awaited US CPI report did not offer much comfort on rate cut front as CPI in June rose by 0.25 per cent M-o-M that matched the estimate; it accelerated from 0.1 per cent M-o-M rise in May. CPI Y-o-Y was up 2.7 per cent vs the forecast of 2.6 per cent (prior 2.4 per cent). Core CPI rising 0.2 per cent M-o-M as against the expectation of 0.3 per cent rise was reassuring but core CPI Y-o-Y rose 2.9 per cent that matched the forecast. The CPI report showed that companies are beginning to pass some tariff-related costs, especially in items like apparels, furniture, etc., to consumers. Traders pared their rate cut expectations on the CPI report. China's data dump on July 15 presented a somewhat encouraging economic scenario as 2Q GDP Y-o-Y came in at 5.2 per cent vs the forecast of 5.1 per cent, while industrial production (June) accelerated by 6.8 per cent vs the estimate of 5.6 per cent (prior 5.8 per cent); however, retail sales (June) rose by 4.8 per cent Y-o-Y, which trailed the estimate of 5.3 per cent (prior 6.4 per cent). Property market continues to struggle. Property investment YTD registered a decline of 11.2 per cent as against the expectation of -10.90 per cent as residential property sales YTD declined 5.2 per cent Y-o-Y (prior -2.8 per cent). New home prices dipped 0.27 per cent in June; thus, extending the streak of declining prices to 25th straight month. Tariff developments: Canadian PM Carney said that he sees trade talks with the US intensifying. President Trump said that the US and Indonesia have secured a great trade deal. Indonesia will pay 19 per cent tariffs on its exports to the US, while US goods will not attract any import duties. It is to be noted that he slapped 35% tariffs on Indonesia a week ago. Brazil said that it will intensify trade deal talks with the US. Nvidia and AMD to resume AI chip sales to China: Nvidia Corp. and Advanced Micro Devices Inc. plan to resume sales of some AI chips to China after Washington's assurances that such shipments would be approved. The US decision is a reversal from its earlier stance that aimed at limiting Beijing's AI ambitions. US treasury Secretary Bessent said that markets should not worry about US-China trade deadline of August 12. US Dollar Index and yields: Buoyed by elevated CPI inflation data and trade deal hopes, the US Dollar Index extended its rally to the seventh straight day. The Index, at the time of writing this article, was hovering around 98.60, up around 0.5 per cent for the day. Ten-year US yields at 4.47 per cent were up around 0.86 per cent, while thirty-year yields, up around 0.59 per cent for the day, were knocking at 5 per cent. Two-year US yields at 3.94 per cent were up by more than 1 per cent. Long-term yields are rising globally once again. Gold ETF and COMEX inventory: As of July 14, total known global gold ETF holdings stood at 91.03 MOz - near 2-year high. COMEX gold inventory at 36.74MOz are down around 18.48 per cent YTD on physical delivery demand. Upcoming data: Major US data to be released today week include PPI (June) and industrial production (June). Other major data due this week include retail sales advance (June), housing starts (June), University of Michigan sentiment and inflation expectations (July) and import and export price indices (June). UK's CPI (June) will also be released today. Pressure on Powell: US Treasury Secretary Scott Bessent suggested that the Fed Chair Powell should step down from the Fed Board when his term as the Fed Chair is up in May 2026 as his presence may send confusing signals to the markets. It is to be noted that Powell's term as a governor ends in January 2028. Outlook: Gold price is likely to be influenced primarily by the US Dollar Index and tariff news flow. Growing risk to the Fed's independence because of Trump's team putting pressure on Powell is supportive for the metal. The US Dollar Index may extend its gains in short-term on elevated US CPI data and rising yields as the US assets continue to hold well. US allowing some relaxation in AI chip exports to China eases some of the trade tensions and is somewhat negative for the yellow metal. Buying the dips with a stoploss below $3280 (MCX August gold contract ₹95,700) is advisable as tariff concerns linger. Gold may push to the upper end of its recent range, that is $3425 (₹100,000), should trade tensions escalate. Next support is at $3247 (₹94,800)/ $3224 (₹94,000), while interim resistance is at $3375 (₹98,500).
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Business Standard
16-07-2025
- Business
- Business Standard
Trump AI czar Sacks defends reversal of chip export curbs to China
By Brunella Tipismana Urbano and Ed Ludlow White House AI adviser David Sacks defended the Trump administration's decision to allow Nvidia Corp. and Advanced Micro Devices Inc. to resume sales of some artificial intelligence chips to China, reversing export curbs imposed by the US earlier this year. In an interview Tuesday, Sacks said that allowing Nvidia to restart shipments of its H20 chips would position the US to compete more effectively abroad and blunt efforts by Chinese tech giant Huawei Technologies Co. to gain a bigger slice of the global market. 'We are not selling the latest and greatest chips to China, but we can deprive Huawei of having this giant market share in China that they can then use to scale up and compete globally,' Sacks said on Bloomberg Television. 'The policy is nuanced and it makes a lot of sense.' The move is seen as a win for Nvidia's Chief Executive Officer Jensen Huang, who met last week with President Donald Trump after spending months arguing for a letup in US restrictions on sales to Chinese customers. 'Jensen has been making the case publicly for competing in China and there are a lot of merits to the argument,' Sacks said. Revived sales of the H20 promise to restore billions in revenue for Nvidia this year, according to the company. The H20 was originally designed to comply with export controls imposed under the Biden administration, but in April, the Trump administration tightened those rules to block sales to China of the H20 and AMD's MI308 chip without a license. The tighter curbs prompted Nvidia to announce a $4.5 billion writedown on H20 chip inventory in its fiscal first quarter and warn of an additional potential loss of $8 billion in sales. AMD said it would take an $800 million charge for its second quarter of 2025. Sacks pushed back on criticism that allowing H20 sales to China poses a security risk, calling the H20 'a deprecated chip.' He warned that other countries are choosing between US and Chinese technology. 'If you don't let these countries buy American tech, you're pushing them into China's arms,' he said. Trump officials had previously insisted the H20 chip sales curbs weren't up for negotiation. Sacks said the policy shift fits into what he described as a broader push to establish an 'American AI stack' — encompassing chips, operating systems, and the AI models that run on them. 'It's a zero-sum game,' he said. 'We want it all to be American-made and American-powered. If we hobble our own companies, we're handing an advantage to China.' The reversal follows months of diplomacy between Washington and Beijing. As part of a trade truce unveiled last month, the US has eased some restrictions on exports, including chip-design software, in exchange for greater Chinese cooperation on sales of rare-earth minerals — a key input for many high-tech products. Earlier Tuesday, Treasury Secretary Scott Bessent acknowledged that restrictions on Nvidia's H20 chips were part of US-China talks in London, despite his own earlier assertions that there was no such quid pro quo tying semiconductors and rare earths.
Newsweek
15-07-2025
- Automotive
- Newsweek
Nvidia in for Big Win in China Amid US Tech War
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Nvidia says it expects U.S. government approval to export advanced artificial intelligence (AI) chips to the Chinese market. The green light would be a breakthrough for the chipmaker after months of navigating controls on semiconductor technology aimed at slowing China's progress on AI technologies with military applications. Newsweek reached out to the White House via written request for comment. Why It Matters China is a critical market for Nvidia, accounting for about 15.5 percent of its business as of April. That month, the White House said a special license would be required to export Nvidia's H20 GPU—a chip widely viewed as having contributed to the development of the Chinese AI model DeepSeek. Just days later, U.S. President Donald Trump said delivery of "all necessary permits" would be expedited after the tech giant announced a $500 billion investment in supercomputer production in the U.S. What To Know Nvidia's new chips, including the Blackwell series and a repurposed H20, are designed to comply with U.S. export rules, the company has said. CEO Jensen Huang continued his public relations offensive last week in Washington, D.C. Jensen Huang, cofounder and CEO of Nvidia Corp., attends the VivaTech trade show in Paris on June 11. Jensen Huang, cofounder and CEO of Nvidia Corp., attends the VivaTech trade show in Paris on June 11. Getty Images In meetings with policymakers and Trump, Huang pledged that Nvidia remained committed to the administration's efforts to create jobs and bolster onshore manufacturing and domestic AI infrastructure, the company said in a statement published Monday. The government has given assurances that licenses to sell the H20 GPU would be granted, Nvidia said, adding that it hopes to resume deliveries soon. "General-purpose, open-source research and foundation models are the backbone of AI innovation. We believe that every civil model should run best on the U.S. technology stack, encouraging nations worldwide to choose America," Huang said. Nvidia shares closed at a record $170.70 on Tuesday after rising more than 4 percent in early trading. What People Have Said Lin Jian, Chinese Foreign Ministry spokesperson, said during Tuesday's press briefing: "I would like to point out that China's opposition to politicizing, instrumentalizing and weaponizing tech and trade issues and malicious attempts to blockade and keep down China is consistent and clear. These actions will destabilize the global industrial and supply chains, and serve no one's interests." Lia Holmgren, independent trader and trading coach, wrote on X: "$NVDA does it again, this move is unreal. Another all-time high today, and the stock tacked on $200B in market cap like it was nothing. Nvidia's now worth $4.1 trillion, that's 3.6 percent of global GDP." What's Next The resumption of H20 chip exports could unlock billions in revenue for Nvidia, currently the world's largest company by market cap, and shape the contours of the global AI industry, projected to be worth $50 billion by the end of the decade.
