Latest news with #PeterCardillo
Economic Times
2 days ago
- Business
- Economic Times
US stocks end down as Fed minutes get digested
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel U.S. stock indexes closed lower on Wednesday as investors digested minutes from the last Federal Reserve meeting and awaited results from AI bellwether report is due after the closing bell. Analysts expect the chipmaker to report a jump in first-quarter revenue, according to LSEG data."The market is spinning its wheels today," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Losses mounted, however, ahead of the closing bell."The Fed minutes really didn't reveal anything new," he said. "They basically indicate the Fed is in a wait-and-see mode and staying the line, trying to get more clarifications on trade."U.S. President Donald Trump backed down over the weekend from his threat of 50% tariffs on imports from the European Union, driving stocks up sharply on Nvidia, Salesforce results are due after the closing in options markets were bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF , the largest semiconductor to preliminary data, the S&P 500 lost 31.59 points, or 0.53%, to end at 5,889.95 points, while the Nasdaq Composite lost 91.27 points, or 0.47%, to 19,107.89. The Dow Jones Industrial Average fell 237.24 points, or 0.56%, to 42, of Cadence Design Systems and Synopsys were down sharply after the Financial Times reported that the Trump administration has ordered U.S. firms that offer software used to design semiconductors to stop selling their services to Chinese groups. The FT report cited people familiar with the to the minutes of the Fed's May 6-7 session, U.S. central bank officials acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising S&P 500 is still down from its record closing high, reached on February 19. It fell as much as 18.9% below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term.A poll of strategists and analysts conducted by Reuters showed that many market participants expected the benchmark index to finish the year near current of sportswear retailer Dick's Sporting Goods gained after its first-quarter results beat estimates.
Time of India
2 days ago
- Business
- Time of India
US stocks end down as Fed minutes get digested
U.S. stock indexes closed lower on Wednesday as investors digested minutes from the last Federal Reserve meeting and awaited results from AI bellwether Nvidia. Nvidia's report is due after the closing bell. Analysts expect the chipmaker to report a jump in first-quarter revenue, according to LSEG data. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank-Repossessed Cars in the Philippines at Bargain Prices! SUV Deals | Search Ads Search Now Undo "The market is spinning its wheels today," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Losses mounted, however, ahead of the closing bell. "The Fed minutes really didn't reveal anything new," he said. "They basically indicate the Fed is in a wait-and-see mode and staying the line, trying to get more clarifications on trade." U.S. President Donald Trump backed down over the weekend from his threat of 50% tariffs on imports from the European Union, driving stocks up sharply on Tuesday. Live Events Besides Nvidia, Salesforce results are due after the closing bell. Traders in options markets were bracing for industry-wide volatility, with defensive options contracts drawing heavy attention for the VanEck Semiconductor ETF , the largest semiconductor ETF. According to preliminary data, the S&P 500 lost 31.59 points, or 0.53%, to end at 5,889.95 points, while the Nasdaq Composite lost 91.27 points, or 0.47%, to 19,107.89. The Dow Jones Industrial Average fell 237.24 points, or 0.56%, to 42,106.41. Shares of Cadence Design Systems and Synopsys were down sharply after the Financial Times reported that the Trump administration has ordered U.S. firms that offer software used to design semiconductors to stop selling their services to Chinese groups. The FT report cited people familiar with the move. According to the minutes of the Fed's May 6-7 session, U.S. central bank officials acknowledged they could face "difficult tradeoffs" in coming months in the form of rising inflation alongside rising unemployment. The S&P 500 is still down from its record closing high, reached on February 19. It fell as much as 18.9% below that level in the wake of Trump's erratic tariff announcements that have whipsawed markets for much of his second term. A poll of strategists and analysts conducted by Reuters showed that many market participants expected the benchmark index to finish the year near current levels. Shares of sportswear retailer Dick's Sporting Goods gained after its first-quarter results beat estimates.
RTHK
3 days ago
- Business
- RTHK
US stocks close lower while bond yields climb
US stocks close lower while bond yields climb A trader works on the floor of the New Stock Exchange. Photo: AFP Wall Street stocks retreated on Wednesday ahead of earnings from artificial intelligence titan Nvidia, with US Treasury bond yields ticking higher. Results from chip company Nvidia have been the most anticipated event of the week, given the company's influence as a leader in AI. Nvidia shares fell 0.5 percent on Wednesday. US Treasury yields resumed their upward climb. Yields had moderated in recent days after spiking to multi-month highs last week in a sign of unease about the US fiscal outlook. The Dow Jones Industrial Average ended down 0.6 percent at 42,098.70. The broad-based S&P 500 also dropped 0.6 percent to 5,888.55, while the tech-rich Nasdaq Composite Index shed 0.5 percent to 19,100.94. Minutes from the most recent Federal Reserve meeting reported that US firms had warned the central bank that the cost of President Donald Trump's tariffs would likely be borne by consumers. At that meeting, policymakers voted to hold the US central bank's benchmark lending rate between 4.25 and 4.50 percent as they continued to fight inflation, which remains above the Fed's long-term target of two percent. Peter Cardillo of Spartan Capital Securities described the minutes as in line with expectations, adding that the market is focused on Nvidia and Friday's US inflation report. "The next big hurdle for the market will be Nvidia's earnings this evening, and then on Friday we have the (inflation) index," said Cardillo. Shares of Cadence Design System and Synopsys slumped following a Financial Times report that the Trump administration had told the companies to stop supplying technology to China. US officials did not immediately respond to queries on the issue. (AFP)
New Straits Times
3 days ago
- Business
- New Straits Times
Wall Street slips ahead of Nvidia earnings, bond yields climb
Wall Street stocks retreated Wednesday ahead of earnings from artificial intelligence titan Nvidia, with US Treasury bond yields ticking higher. Results from chip company Nvidia have been the most anticipated event of the week, given the company's influence as a leader in AI. Nvidia shares fell 0.5 per cent on Wednesday. US Treasury yields resumed their upward climb. Yields had moderated in recent days after spiking to multi-month highs last week in a sign of unease about the US fiscal outlook. The Dow Jones Industrial Average ended down 0.6 per cent at 42,098.70. The broad-based S&P 500 also dropped 0.6 per cent to 5,888.55, while the tech-rich Nasdaq Composite Index shed 0.5 per cent to 19,100.94. Minutes from the most recent Federal Reserve meeting reported that US firms had warned the central bank that the cost of President Donald Trump's tariffs would likely be borne by consumers. At that meeting, policymakers voted to hold the US central bank's benchmark lending rate between 4.25 and 4.50 per cent as they continued to fight inflation, which remains above the Fed's long-term target of two percent. Peter Cardillo of Spartan Capital Securities described the minutes as in line with expectations, adding that the market is focused on Nvidia and Friday's US inflation report. "The next big hurdle for the market will be Nvidia's earnings this evening, and then on Friday we have the (inflation) index," said Cardillo. Shares of Cadence Design System and Synopsys slumped following a Financial Times report that the Trump administration had told the companies to stop supplying technology to China. US officials did not immediately respond to queries on the issue.-AFP
Business Times
3 days ago
- Business
- Business Times
US: Stocks retreat as Treasury bond yields climb
[NEW YORK] Wall Street stocks retreated on Wednesday ahead of earnings from artificial intelligence titan Nvidia, with US Treasury bond yields ticking higher. Results from chip company Nvidia have been the most anticipated event of the week, given the company's influence as a leader in AI. Nvidia shares fell 0.5 per cent on Wednesday. US Treasury yields resumed their upward climb. Yields had moderated in recent days after spiking to multi-month highs last week in a sign of unease about the US fiscal outlook. The Dow Jones Industrial Average ended down 0.6 per cent at 42,098.70. The broad-based S&P 500 also dropped 0.6 per cent to 5,888.55, while the tech-rich Nasdaq Composite Index shed 0.5 per cent to 19,100.94. Minutes from the most recent Federal Reserve meeting reported that US firms had warned the central bank that the cost of President Donald Trump's tariffs would likely be borne by consumers. 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 At that meeting, policymakers voted to hold the US central bank's benchmark lending rate between 4.25 and 4.50 per cent as they continued to fight inflation, which remains above the Fed's long-term target of two percent. Peter Cardillo of Spartan Capital Securities described the minutes as in line with expectations, adding that the market is focused on Nvidia and Friday's US inflation report. 'The next big hurdle for the market will be Nvidia's earnings this evening, and then on Friday we have the (inflation) index,' said Cardillo. Shares of Cadence Design System and Synopsys slumped following a Financial Times report that the Trump administration had told the companies to stop supplying technology to China. US officials did not immediately respond to queries on the issue. AFP
