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Economic Times
a day ago
- Business
- Economic Times
S&P 500 ends lower; traders focus on Middle East tension and await details on trade deal
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The S&P 500 ended lower on Wednesday, with investors spooked by Middle East tensions , while a tame inflation report calmed concerns around tariff-driven price pressures and traders awaited more details on China-U.S. trade Street erased modest gains after sources said the United States is preparing a partial evacuation of its Iraqi embassy due to heightened security risks in the region. A senior Iranian official said earlier that Tehran will strike U.S. bases in the region if nuclear negotiations fail and conflict arises with the United lost 2% and Nvidia dipped 0.8%, with both weighing on the S&P showed consumer prices increased only marginally in May, while economists expect inflation to accelerate in the coming months due to the Trump administration's import headline inflation stood at 2.4%, lower than the 2.5% rise estimated by economists polled by Reuters."There's still concern about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota project a 70% chance that the Federal Reserve will cut interest rates by its September policy meeting, according to the CME Group's FedWatch tool.A U.S.-China trade deal is "done," U.S. President Donald Trump said , hours after negotiators from Washington and Beijing agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other critical industrial S&P 500 declined 0.27% to end the session at 6,022.24 Nasdaq declined 0.50% to 19,615.88 points, while the Dow Jones Industrial Average ended essentially unchanged at 42,865.77 the 11 S&P 500 sector indexes, seven declined, led lower by consumer discretionary, down 1.02%, followed by a 0.98% loss in investors betting the United States will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record high."The worst-case scenario is probably behind us. There's a little bit of face-saving for both sides," said John Praveen, managing director at Paleo Leon in Princeton, New Jersey. "They got an agreement. The question is whether it will be implemented."According to a White House official, the agreement with China allows the U.S. to charge a 55% tariff on imported Chinese goods, including a 10% baseline "reciprocal" tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China will charge a 10% tariff on U.S. imports, the official said. Tesla edged up 0.1% after CEO Elon Musk said he regretted some of the negative social media posts he made last week about Trump as they had gone "too far".The U.S. stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" development platform provider GitLab fell almost 11% after its quarterly results disappointed of videogame retailer GameStop dropped 5.3% after it reported a decline in first-quarter stocks outnumbered rising ones within the S&P 500 by a 1.9-to-one S&P 500 posted 11 new highs and 2 new lows; the Nasdaq recorded 80 new highs and 43 new on U.S. exchanges was relatively heavy, with 18.9 billion shares traded, compared to an average of 17.8 billion shares over the previous 20 sessions.
Time of India
a day ago
- Business
- Time of India
S&P 500 ends lower; traders focus on Middle East tension and await details on trade deal
The S&P 500 ended lower on Wednesday, with investors spooked by Middle East tensions , while a tame inflation report calmed concerns around tariff-driven price pressures and traders awaited more details on China-U.S. trade talks. Wall Street erased modest gains after sources said the United States is preparing a partial evacuation of its Iraqi embassy due to heightened security risks in the region. A senior Iranian official said earlier that Tehran will strike U.S. bases in the region if nuclear negotiations fail and conflict arises with the United States. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 1 minute and see why everyone is crazy about it Undo Amazon lost 2% and Nvidia dipped 0.8%, with both weighing on the S&P 500. Data showed consumer prices increased only marginally in May, while economists expect inflation to accelerate in the coming months due to the Trump administration's import tariffs. Annually, headline inflation stood at 2.4%, lower than the 2.5% rise estimated by economists polled by Reuters. Live Events "There's still concern about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders project a 70% chance that the Federal Reserve will cut interest rates by its September policy meeting, according to the CME Group's FedWatch tool. A U.S.-China trade deal is "done," U.S. President Donald Trump said , hours after negotiators from Washington and Beijing agreed on a framework to get a fragile trade truce back on track and remove Chinese export restrictions on rare earth minerals and other critical industrial components. The S&P 500 declined 0.27% to end the session at 6,022.24 points. The Nasdaq declined 0.50% to 19,615.88 points, while the Dow Jones Industrial Average ended essentially unchanged at 42,865.77 points. Of the 11 S&P 500 sector indexes, seven declined, led lower by consumer discretionary, down 1.02%, followed by a 0.98% loss in materials. With investors betting the United States will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record high. "The worst-case scenario is probably behind us. There's a little bit of face-saving for both sides," said John Praveen, managing director at Paleo Leon in Princeton, New Jersey. "They got an agreement. The question is whether it will be implemented." According to a White House official, the agreement with China allows the U.S. to charge a 55% tariff on imported Chinese goods, including a 10% baseline "reciprocal" tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China will charge a 10% tariff on U.S. imports, the official said. Tesla edged up 0.1% after CEO Elon Musk said he regretted some of the negative social media posts he made last week about Trump as they had gone "too far". The U.S. stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. Software development platform provider GitLab fell almost 11% after its quarterly results disappointed investors. Shares of videogame retailer GameStop dropped 5.3% after it reported a decline in first-quarter revenue. Declining stocks outnumbered rising ones within the S&P 500 by a 1.9-to-one ratio. The S&P 500 posted 11 new highs and 2 new lows; the Nasdaq recorded 80 new highs and 43 new lows. Volume on U.S. exchanges was relatively heavy, with 18.9 billion shares traded, compared to an average of 17.8 billion shares over the previous 20 sessions.
New Straits Times
a day ago
- Business
- New Straits Times
Wall Street dips as investors focus on Middle East tension
Wall Street dipped on Wednesday, with investors spooked by Middle East tensions, while a tame inflation report calmed concerns around tariff-driven price pressures and traders awaited more details on China-US trade talks. The S&P 500 erased modest gains after a US source said the US embassy in Iraq was preparing for evacuation due to heightened security risks in the region. A senior Iranian official said earlier that Tehran will strike US bases in the region if nuclear negotiations fail and conflict arises with the United States. Data showed consumer prices increased only marginally in May, while economists expect inflation to accelerate in the coming months due to the Trump administration's import tariffs. Annually, headline inflation stood at 2.4 per cent, lower than the 2.5 per cent rise estimated by economists polled by Reuters. "There's still concern about Trump's tariffs being inflationary but this report was better than expected and it fuels hope that the Federal Reserve will be able to step in with rate cuts later on this year," said Robert Pavlik, senior portfolio manager at Dakota Wealth. Traders project a 70 per cent chance that the Federal Reserve will cut interest rates by its September policy meeting, according to the CME Group's FedWatch tool. A day after officials from Washington and Beijing agreed on a framework to put their tariff truce back on track, President Donald Trump said the US deal with China was done, with Beijing to supply magnets and rare earth minerals. With investors betting the United States will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record high. "The worst-case scenario is probably behind us. There's a little bit of face-saving for both sides," said John Praveen, managing director at Paleo Leon in Princeton, New Jersey. "They got an agreement. The question is whether it will be implemented." According to a White House official, the agreement with China allows the US to charge a 55 per cent tariff on imported Chinese goods, including a 10 per cent baseline "reciprocal" tariff, a 20 per cent tariff for fentanyl trafficking and a 25 per cent tariff reflecting pre-existing tariffs. China will charge a 10 per cent tariff on US imports, the official said. The US stock market has rallied in recent weeks, recovering from a slump in April sparked by Trump's "Liberation Day" tariffs. The S&P 500 was down 0.34 per cent at 6,018.27 points. The Nasdaq declined 0.56 per cent to 19,605.32 points, while the Dow Jones Industrial Average was down 0.02 per cent at 42,857.30 points. Of the 11 S&P 500 sector indexes, eight declined, led lower by consumer discretionary, down 1.06 per cent, followed by a 0.94 per cent loss in materials. "Stable inflation, range-bound interest rates and rising earnings provide valuation support and - in our view - a basis for stocks to trend higher," said Terry Sandven, chief equity strategist at US Bank Wealth Management. Nine of the 11 major S&P 500 sub-sectors rose, led by a 0.4 per cent gain in information technology shares. Tesla was up 0.5 per cent after CEO Elon Musk said he regretted some of the negative social media posts he made last week about Trump as they had gone "too far". Software development platform provider GitLab lost 6 per cent after its quarterly results disappointed investors. Shares of videogame retailer GameStop fell 3.9 per cent after it reported a decline in first-quarter revenue. Declining stocks outnumbered rising ones within the S&P 500 by a 1.9-to-one ratio. The S&P 500 posted 10 new highs and 2 new lows; the Nasdaq recorded 77 new highs and 34 new lows.
Business Recorder
21-05-2025
- Business
- Business Recorder
S&P 500 set to snap six-day winning streak
NEW YORK: Wall Street's main indexes fell on Tuesday, with the benchmark S&P 500 on track to end its six-day winning streak as investors awaited commentary from central bank officials to gauge the impact of US tariffs on the Federal Reserve's policy path. The Nasdaq Composite was set to follow the benchmark index to record its first loss in three sessions, if declines held. At least seven Fed officials including St. Louis Fed President Alberto Musalem are scheduled to speak through the day. 'With a market that has rallied so much in a pretty short amount of time on very little news that's substantial, it's just trying to digest it all and figure out what the next catalyst is,' said Robert Pavlik, senior portfolio manager at Dakota Wealth. US stocks have had a solid month so far, with the S&P 500 now more than 17% higher than its April lows, when US President Donald Trump's reciprocal tariffs roiled global markets. A pause in the tariffs, a temporary trade truce between the US and China and tame inflation data pushed equities higher, although the S&P 500 is still about 3% from its record highs. Earlier in the week, Fed officials flagged the ramifications of the latest downgrade of the US government's sovereign credit rating and uneasy market conditions. Traders currently expect at least two 25-basis-point rate cuts from the US Federal Reserve by the end of 2025, with the first one expected in September, according to data compiled by LSEG. Retailer Home Depot pared earlier gains but was still slightly up after beating Wall Street estimates for first-quarter sales. Most megacap and growth stocks fell, though Tesla was an outlier with a 1.8% rise after Elon Musk said at an economic forum in Qatar that he was still committed to being the company's CEO in five years. Nine of the 11 S&P sub-sectors traded lower, with information technology, which was down nearly 0.7%, being the worst hit. At 11:49 a.m. ET, the Dow Jones Industrial Average fell 106.45 points, or 0.25%, to 42,684.69, the S&P 500 lost 20.96 points, or 0.35%, to 5,942.64, and the Nasdaq Composite lost 77.89 points, or 0.40%, to 19,137.57. The S&P 500 ended flat on Monday as investors assessed the implications of Moody's downgrading the US sovereign credit rating to 'Aa1' from a pristine 'Aaa', citing the government's $36-trillion outstanding debt and interest.
Reuters
21-02-2025
- Business
- Reuters
Transport stocks take a hit on Wall Street on economic and tariff fears
NEW YORK/BENGALURU Feb 21 (Reuters) - Transportation stocks went sharply in reverse on Friday with the economic bellwether Dow Jones Transport average index (.DJT), opens new tab falling more than 2.6% in its steepest daily loss since December 18 and its third consecutive decline, as investors reacted to weak economic readings and worried about tariffs. While the transport index pared its losses by the close, most of its stocks fell for the day. Its biggest decliner was Old Dominion (ODFL.O), opens new tab, finishing down 8.5%. Car rental company Avis Budget (CAR.O), opens new tab, the second biggest loser, fell 7.2%. Airlines were among the biggest decliners, with Alaska Air Group (ALK.N), opens new tab falling 6.9%, United Airlines (UAL.O), opens new tab dropping 6.4% and Delta Air Lines (DAL.N), opens new tab ending down 5.9%. Also among the laggards were FedEx (FDX.N), opens new tab, which lost 5.3%, and Kirby Corp (KEX.N), opens new tab, down 3%. Earlier, S&P Global data showed U.S. business activity nearly stalling in February and tumbling to a nearly 17-month low, with fears over import tariffs and deep federal government spending cuts, erasing soaring sentiment after the November U.S. election. Also on Friday a University of Michigan survey showed U.S. consumer sentiment dropping more than expected in February to a 15-month low with inflation expectations jumping as households worried about plans for steep, broad-based tariffs. And the data followed a downbeat forecast on Thursday from the world's biggest retailer, Walmart (WMT.N), opens new tab as it cited the need for caution in navigating an uncertain geopolitical landscape, sending its shares and the broader market down. As for the drivers for the transport declines, Robert Pavlik, senior portfolio manager at Dakota Wealth, pointed to questions about the health of the economy and concerns about factors such as tariffs. President Donald Trump in his first month in office slapped an additional 10% tariff on Chinese imports. While a 25% levy on imports from Mexico and Canada was suspended until March, this month he raised tariffs on steel and aluminum imports to 25%. And on Tuesday Trump said he would impose auto tariffs"in the neighborhood of 25%" and similar duties on semiconductors and pharmaceutical imports. The worry is that threats or implementation of tariffs will boost prices and hurt demand for goods and in turn the carriage of these goods by freight companies and home package deliverers. "When one is to contemplate the impact of what will be shipped from other countries to the United States if, in fact, the new administration moves forward with tariffs, there might be a decrease of international deliveries and perhaps an increase of domestic delivery," said Art Hogan, chief market strategist at B Riley Wealth. The broader market also reflected a risk-off mood on Friday with the three major Wall Street indexes losing more than 1%. The Nasdaq was leading losses with a 2.2% drop.
