Latest news with #PatrickKing
CTV News
17 hours ago
- Business
- CTV News
U.S. stocks edge lower as oil prices return to rising
Traders Drew Cohen, left, and Joseph Lawler, center, work with specialist Patrick King on the floor of the New York Stock Exchange, Tuesday, June 10, 2025. (AP Photo/Richard Drew) NEW YORK — U.S. stocks are nudging lower on Tuesday, and oil prices are rising again. It's a modest return to form for financial markets after worries had seemed to calm on Wall Street Monday. The S&P 500 was down 0.3% in morning trading following signals that one of the U.S. economy's main engines, spending by households, is weakening while Israel's conflict with Iran may be worsening. The Dow Jones Industrial Average was down 89 points, or 0.2%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.4% lower. Treasury yields also edged lower in the bond market after a report said shoppers spent less last month at U.S. retailers than the month before and than economists expected. Solid such spending has been one of the linchpins keeping the economy out of a recession, but part of May's drop may have simply been a return to more normal trends. In April, some shoppers had rushed to buy automobiles to get ahead of President Donald Trump's tariffs. 'Today's data suggests consumers are downshifting, but they haven't yet slammed the brakes,' according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management Trump, meanwhile, left a Group of Seven summit early and warned that people in Iran's capital should evacuate 'immediately.' It took only about eight hours for Trump to go from suggesting a nuclear deal with Iran remained 'achievable' to urging Tehran's 9.5 million residents to flee for their lives. Israel's continuing fight with Iran has the potential to drive up prices for crude oil and gasoline because Iran is a major producer of oil, and it also sits on the narrow Strait of Hormuz, through which much of the world's crude passes. Crude prices climbed in their latest see-saw move after leaping roughly 7% on Friday and then calming on Monday with hopes that the fighting could remain relatively contained. A barrel of benchmark U.S. crude rose 2.6% to $72.12. Brent crude, the international standard, added 2.8% to $75.28 per barrel. Often, higher oil prices will help stocks of companies in the solar industry because they increase the incentive to switch to alternative energy sources. But solar stocks tumbled amid worries that Congress may phase out tax credits for solar, wind and other energy sources that produce fewer emissions that change the Earth's climate. Enphase Energy dropped 23.6%, and First Solar fell 18.2%. On the winning side of Wall Street was Jabil, which jumped 10.7% after reporting a stronger profit for the latest quarter than analysts expected. CEO Mike Dastoor credited strength from accelerated demand related to artificial-intelligence technology, among other things. Verve Therapeutics soared 73.8% after Eli Lilly said it would buy the company developing genetic medicines for cardiovascular disease in a deal that could be worth up to $1.3 billion if certain conditions are met. Lilly's stock slipped 1%. All of the action was taking place as the Federal Reserve got set to begin a two-day meeting on interest rates. The nearly unanimous expectation among traders and economists is that the Fed will make no move. The Fed has been hesitant to lower interest rates, and it's been on hold this year after cutting at the end of last year, because it's waiting to see how much Trump's tariffs will hurt the economy and raise inflation. Inflation has remained relatively tame recently, and it's near the Fed's target of 2%. More important for financial markets on Wednesday will likely be the latest set of forecasts that Fed officials will publish for where they see the economy and interest rates heading in upcoming years. In the bond market, the yield on the 10-year Treasury fell to 4.43% from 4.46% late Monday. The two-year yield, which more closely tracks expectations for what the Fed will do with its overnight interest rate, edged down to 3.96% from 3.97%. In stock markets abroad, indexes fell across much of Europe after finishing mixed in Asia. Tokyo's Nikkei 225 index rose 0.6% after the Bank of Japan opted to keep its key interest rate unchanged. It's been gradually raising its rate from near zero and cutting back on its purchases of Japanese government bonds to help counter inflation. ___ AP business writer Elaine Kurtenbach contributed. By Stan Choe
CTV News
19 hours ago
- Business
- CTV News
Stocks slip on Wall Street on signs of weaker spending by U.S. consumers
Traders Drew Cohen, left, and Joseph Lawler, center, work with specialist Patrick King on the floor of the New York Stock Exchange, Tuesday, June 10, 2025. (AP Photo/Richard Drew) NEW YORK — U.S. stocks are falling following signals that one of the economy's main engines, spending by households, is weakening while Israel's conflict with Iran may be worsening. The S&P 500 was 0.3% lower in early trading Tuesday. The Dow Jones Industrial Average was down 163 points, or 0.4%, and the Nasdaq composite was 0.3% lower. Treasury yields also nudged lower in the bond market after a report said shoppers spent less last month at retailers than the month before and less than economists expected. Solar stocks fell amid worries that Congress may phase out tax credits for renewable energy. Elaine Kurtenbach, The Associated Press
Yomiuri Shimbun
03-05-2025
- Business
- Yomiuri Shimbun
Wall Street Extends Its Gains to a 9th Straight Day, Reclaiming Losses since Tariff Escalation
The Associated Press Specialist Patrick King works on the floor of the New York Stock Exchange, Friday, May 2, 2025. Wall Street extended its gains to a ninth straight day Friday, marking the stock market's longest winning streak since 2004 and reclaiming the ground it lost since President Donald Trump escalated his trade war in early April. The rally was spurred by a better-than-expected report on the U.S. job market and resurgent hope for a ratcheting down in the U.S. trade showdown with China. The S&P 500 climbed 1.5%. The Dow Jones Industrial Average added 1.4%, and the Nasdaq composite rose 1.5%. The gains were broad. Roughly 90% of stocks and every sector in the S&P 500 advanced. Technology stocks were among the companies doing the heaviest lifting. Microsoft rose 2.3% and Nvidia rose 2.5%. Apple, however, fell 3.7% after the iPhone maker estimated that tariffs will cost it $900 million. Banks and other financial companies also made solid gains. JPMorgan Chase rose 2.3% and Visa closed 1.5% higher. Employers added 177,000 jobs in April. That marks a slowdown in hiring from March, but it was solidly better than economists anticipated. However, the latest job figures don't yet reflect the effects on the economy of President Donald Trump's across-the-board tariffs against America's trading partners. Many of the more severe tariffs that were supposed to go into effect in April were delayed by three months, with the notable exception of tariffs against China. 'We've already seen how financial markets will react if the administration moves forward with their initial tariff plan, so unless they take a different tack in July when the 90-day pause expires, we will see market action similar to the first week of April,' said Chris Zaccarelli, chief investment officer for Northlight Asset Management. The S&P 500 slumped 9.1% during the first week of April as Trump announced a major escalation of his trade war with more tariffs. The market has now clawed back its losses since then, helped by a string of resilient earnings reports from U.S. companies, hopes for de-escalation of trade tensions with China and expectations that the Federal Reserve will still be able to cut rates a few times this year. The benchmark index is still down 3.3% so far this year, and 7.4% below the record it reached in February. All told, the S&P 500 rose 82.53 points to 5,686.67. The Dow gained 564.47 points to 41,317.43, and the Nasdaq added 266.99 points to 17,977.73. The job market is being closely watched for signs of stress amid trade war tensions. Strong employment has helped fuel solid consumer spending and economic growth over the last few years. Economists are now worried about the impact that taxes on imports will have on consumers and businesses, especially about how higher costs will hurt hiring and spending. The economy is already showing signs of strain. The U.S. economy shrank at a 0.3% annual pace during the first quarter of the year. It was slowed by a surge in imports as businesses tried to get ahead of Trump's tariffs. The current round of tariffs and the on-again-off-again nature of Trump's policy has overshadowed planning for businesses and households. Companies have been cutting and withdrawing financial forecasts because of the uncertainty over how much tariffs will cost them and how much they will squeeze consumers and sap spending. Hopes remain that Trump will roll back some of his tariffs after negotiating trade deals with other countries. China has been a key target, with tariffs of 145%. Its Commerce Ministry said Beijing is evaluating overtures from the U.S. regarding the tariffs. Investors had a relatively quiet day of earnings reports following a busy week. Exxon Mobil rose 0.4%, recovering from an early slide, after reporting its lowest first-quarter profit in years. Rival Chevron rose 1.6% after it also reported its smallest first-quarter profit in years. Falling crude oil prices have weighed on the sector. Crude oil prices in the U.S. are down about 17% for the year. They fell below $60 per barrel this week, which is a level at which many producers can no longer turn a profit. Block slumped 20.4% after reporting a sharp drop in first-quarter profit that fell short of analysts' forecasts. The financial technology company behind Cash App cited a pullback in consumer spending on travel and other discretionary items as a key reason for the results. Treasury yields rose in the bond market. The yield on the 10-year Treasury rose to 4.31% from 4.22% late Thursday.
The Guardian
11-04-2025
- Entertainment
- The Guardian
Real Lies: We Will Annihilate Our Enemies review – lad laureate meets euphoric synths
The third album by London electronic duo Real Lies might be the perfect record for our unseasonably warm spring. Beneath its chilly 1990s and 2000s nostalgic exterior, it's actually a profoundly optimistic album, one that suggests love and connection might offer a way out of our angry, disconnected moment. Opening with the sweeping, Knife-esque club track Loverboy – whose spacey synth intro becomes a refrain throughout the album – We Will Annihilate Our Enemies captures the frantic, sometimes depressing, often exciting feeling of life in a big city, where everyone is fighting and partying and working all the time. Throughout, vocalist Kevin Lee Kharas positions himself as a kind of poet laureate of lad society, delivering his party polemics with an imperious, 2am wisdom: muttering about friendship and youthful hedonism on Wild Sign I Choose You; paying tribute to the endless grind of the city on Loverworld. It's potent, sometimes ridiculous stuff that producer Patrick King makes sound grand and romantic, girding it with wandering synth lines or exhilarating beats that recall Underworld or, on a song like Towards Horses, even Pet Shop Boys. It's a heady, euphoric combination.
