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Globe and Mail
an hour ago
- Business
- Globe and Mail
Stock Market News for Jul 16, 2025
U.S. stocks ended mixed on Tuesday, with the Nasdaq posting a new record high, while the Dow and S&P 500 slid after data showed inflation rose in June, and a mixed bag of bank earnings dented investors' sentiment. How Did The Benchmarks Perform? The Dow Jones Industrial Average (DJI) slid 1% or 436.36 points, to end at 44,023.29 points. The S&P 500 lost 0.4%, or 24.80 points, to close at 6,243.76 points. Tech stocks were the only gainers on Tuesday, while Materials, financial and real estate stocks were the worst performers. The Financials Select Sector SPDR (XLF) lost 1.7%, while the Materials Select Sector SPDR (XLB) fell 2.1%. The Real Estate Select Sector SPDR (XLRE) lost 1.3%. The Consumer Discretionary Select Sector SPDR (XLY) declined 1.4%. Ten of the 11 sectors of the benchmark index ended in positive territory. The tech-heavy Nasdaq climbed 0.2%, or 37.47 points, to finish at 20,677.80 points, posting a new all-time closing high. The fear-gauge CBOE Volatility Index (VIX) was up 1.05% to 17.38. A total of 16.82 billion shares were traded on Tuesday, lower than the last 20-session average of 17.85 billion. Inflation Data Reignites Tariff Fears Inflation data released on Tuesday showed an increase from the May reading. The consumer price index (CPI) rose 0.3% month over month in June, after increasing 0.1% in May. Year over year, CPI increased 2.7%, matching the consensus estimate. Core CPI, which excludes the volatile food and energy components, rose 0.2% sequentially in June and 2.9% from year-ago levels, both matching estimates. The jump in inflation was anticipated, but the reading reignited fears that President Donald Trump's tariffs could weigh on the economy. Trump, over the weekend, announced 30% tariffs on Mexico and the European Union from Aug 1. This weighed on the Dow and the S&P 500, as stocks tumbled on fears of a global trade war. However, the Nasdaq ended in the green, led by a 4% jump in NVIDIA Corporation's ( NVDA ) stock after the AI-giant announced that it would restart sales of its H20 AI chip to China. NVIDIA has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Earnings Season Kicks Off A large number of big banks kicked off the second-quarter earnings season, as they reported a mixed bag of quarterly reports. Among the big banks, shares of JPMorgan Chase & Co. ( JPM ) declined 0.7% despite upwardly revising its 2025 net interest income outlook. The company reported second-quarter 2025 earnings of $4.96 per share, beating the Zacks Consensus Estimate of $4.51 per share. Shares of Wells Fargo & Company ( WFC ) also plunged 5.5% despite the company beating on earnings and revenue estimates. Wells Fargo reported second-quarter 2025 earnings of $1.54 per share, surpassing the Zacks Consensus Estimate of $1.41 per share. All focus will be on the earnings season now, with another batch of banks, including America Corporation ( BAC ) and The Goldman Sachs Group, Inc. ( GS ), scheduled to come up with their quarterly reports later this week. Economic Data In other economic data released on Tuesday, the Empire State Index for July jumped to 5.5 points, beating expectations of a decline to 9. This is the highest level since February. Only $1 to See All Zacks' Buys and Sells We're not kidding. Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent. Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators, and more, that closed 256 positions with double- and triple-digit gains in 2024 alone. See Stocks Now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report
Globe and Mail
3 hours ago
- Business
- Globe and Mail
US stocks hold near all-time highs after a better-than-expected update on inflation
NEW YORK (AP) — U.S. stock indexes are hanging near their records following a better-than-expected update on inflation. The S&P 500 was up 0.3% early Wednesday and just a bit below its all-time high set last week. The Dow Jones Industrial Average was up 185 points, or 0.4%, and the Nasdaq composite was adding 0.1% to its own record set the day before. Treasury yields eased in the bond market after a report said inflation at the wholesale level slowed last month by more than expected. Johnson & Johnson rose after beating analysts' sales and profit targets and raising its full-year forecasts for both. THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below. Early trading on Wall Street was quietly mixed on Wednesday as markets shift their attention toward a deluge of corporate earnings reports while monitoring ever-changing developments on U.S. trade policy. Futures for the S&P 500 were flat before the bell, while futures for the Dow industrials rose 0.2% Nasdaq futures were down 0.2%. Johnson & Johnson rose 1.8% after the drug and medical device giant beat analysts' sales and profit targets and raised its full-year outlook on both. J&J said it expects 'game-changing approvals and submissions' in the second half of 2025 on an array of products in its pipeline. Bank of America ticked up less than 1% after it beat Wall Street's second-quarter profit targets. The bank's net interest income grew for the fourth straight quarter, but came in slightly lower than expectations. Goldman Sachs also beat Wall Street's sales and profit targets on a strong performance from its trading division, which took advantage of market volatility triggered by President Donald Trump's on-again-off-again tariff announcements this spring. Its shares rose about 1% before markets opened. Netherlands-based ASML, the world's leading supplier of chipmaking gear, said in its latest earnings report Wednesday that the impact of Trump's tariffs on its business was less negative than anticipated, but its shares tumbled more than 7% after the company said it couldn't guarantee growth next year. The company makes equipment used in cutting edge semiconductors and one of its key customers is Taiwan Semiconductor Manufacturing Co., or TSMC, a major supplier for Nvidia. "The level of uncertainty is increasing, mostly due to macroeconomic and geopolitical consideration. And that includes, of course, tariffs,' CEO Christophe Fouquet said. United Airlines posts its most recent quarterly results after the bell Wednesday. Also coming Wednesday is the government's report on producer prices, which measures inflation at the wholesale level. A report on Tuesday showed that consumer inflation in the United States accelerated to 2.7% last month from 2.4% in May. Economists said higher prices for clothes, toys and other imported goods suggest that Trump's stiffer tariffs are fueling inflation. That sticky inflation could mean that the Federal Reserve will hold its ground on interest rates, which have remained elevated in recent years after red-hot demand and supply chain breakdowns in the wake of the pandemic sent prices for just about everything skyrocketing. Wall Street loves lower interest rates because they juice prices higher for stocks and other investments, and Trump himself has been clamoring for the Federal Reserve to cut rates more quickly. But the Fed has been keeping interest rates on hold this year since lower rates can give inflation more fuel while they boost the economy. Fed Chair Jerome Powell has insisted he wants to see more data about how tariffs affect the economy and inflation. Elsewhere, in Europe at midday Germany's DAX rose 0.4%, while Britain's FTSE 100 gained 0.3%. The CAC 40 in Paris was unchanged. In Asian trading, Tokyo's Nikkei 225 edged less than 0.1% lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng shed 0.3% to 24,517.76, while the Shanghai Composite index slipped less than 0.1% to 3,503.78. South Korea's Kospi lost 0.9% to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8% to 8,561.80. Taiwan's Taiex jumped 0.9% and India's Sensex added 0.2%. Thailand's SET dropped 0.3%. In Jakarta, shares rose 0.7% after President Donald Trump said on Truth Social that he plans to charge imports from Indonesia a tariff of 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. Indonesia's central bank cut its key interest rate by 0.25 percentage points on Wednesday, to 5.25%. 'We have calculated everything and discussed everything. The most important thing for me is my people, as I must protect the interests of our workers," Indonesian President Prabowo Subianto told reporters, adding that "this is our offer, and we are not able to give more (to the U.S.).' In energy trading, U.S. benchmark crude oil shed 79 cents to $65.73 per barrel. Brent crude, the international standard, slipped 67 cents at $68.04 per barrel. The dollar fell to 148.75 Japanese yen from 148.87 yen. The euro was steady at $1.1601.
Yahoo
5 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500 stall, Nasdaq futures slip as Fed rate cut bets wane
US stock futures struggled on Wednesday as Wall Street braced for another inflation checkup after the latest consumer price reading spurred traders to pare bets on Federal Reserve interest-rate cuts. Dow Jones Industrial Average futures (YM=F) traded flat after the blue-chip index lost over 400 points in the prior session, while S&P 500 futures (ES=F) were also little changed. Those on the Nasdaq 100 (NQ=F) fell 0.3% after a tariff-fueled growth warning from chip gear maker ASML (ASML). Markets are reassessing in the wake of Tuesday's CPI report showing inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. That has led to more speculation that the Fed will stand pat on rates not just this month — an outcome that seems virtually guaranteed at this point — but also in September, even as President Trump pushes furiously for cuts. According to the CME Group, bets on a September cut are near 50-50, with bets on a hold surging over the last month. The moves weighed on Treasurys, with the 10-year yield (^TNX) rising to near 4.5% and the 30-year yield (^TYX) pushing past 5% for the first time since early June. Markets will get another inflation pulse check on Wednesday with the release of the Producer Price Index, which measures wholesale inflation before prices reach consumers. Like consumer prices, the PPI is expected to show a pickup in inflation last month. Read more: The latest on Trump's tariffs As the market attempts to digest the early effects of Trump's tariffs, he has plowed ahead with plans to impose increased duties next month on key trading partners, including the European Union, Canada, and Mexico. Trump announced Tuesday that the US had reached a deal with Indonesia as it continues talks. Read more: Full earnings coverage in our live blog Meanwhile, earnings season kicked off in earnest Tuesday with big banks reporting mixed results. Goldman Sachs (GS) and Morgan Stanley (MS) are up Wednesday, along with Johnson & Johnson (JNJ) and United Airlines (UAL). Yahoo Finance's Ben Wershkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Yahoo Finance's Ben Wershkul reports: Read more here. ASML (ASML, shares slumped almost 8% in premarket trading after the chip industry linchpin said it may not achieve growth in 2026. The warning came even as the world's biggest supplier of chipmaking gear's second quarter bookings topped Wall Street estimates on Wednesday. Reuters reported: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Al Bawaba
8 hours ago
- Business
- Al Bawaba
Dubai and Abu Dhabi Markets Close in on Record Highs Despite Trade Jitters
Global markets have shown impressive resilience in 2025 despite escalating trade tensions and shifting tariff deadlines. The latest move by U.S. President Donald Trump to postpone the implementation of reciprocal tariffs to August 1 has extended the window for potential negotiations, helping calm short-term investor continued geopolitical uncertainty, the S&P 500 has surged over 25% since its April low, recently hitting a new all-time high for 2025. This rally, now considered one of the strongest in recent memory, is being partly attributed to a market phenomenon informally dubbed "TACO" – Trump Always Chickens Out – which reflects investor belief that the White House may ultimately soften its trade stance.'All-time highs tend to make investors nervous, but history shows they are often followed by continued strength,' said an analyst at eToro. 'A recent study from BNY revealed that since 1950, the S&P 500 has delivered solid 1, 3, and 5-year returns from a new all-time high. Investors who remain on the sidelines may miss out on significant long-term gains.'Still, caution is warranted. The upcoming tariff deadline could reignite market volatility, particularly if negotiations break down or new tariffs exacerbate inflationary pressures in the Markets Outperform on Strong FundamentalsCloser to home, UAE markets have continued their strong performance, largely unshaken by global trade headwinds. The Dubai Financial Market (DFM) recently hit a 17-year high following three consecutive weeks of gains, with Union Properties and Emirates NBD among the top performers. Meanwhile, the Abu Dhabi Securities Exchange (ADX) is nearing its own record factors such as robust local economic fundamentals and higher oil prices have contributed to the region's strength. As global investors seek stability, the UAE is increasingly seen as a relative safe haven.'The local market's momentum reflects confidence in the UAE's economic outlook,' the eToro analyst added. 'However, investors should remain vigilant. Any escalation in U.S. trade actions could have ripple effects, even in markets that have so far been insulated.' With the August 1 tariff deadline approaching, markets are expected to respond quickly to any major headlines related to trade negotiations. While the outlook remains broadly positive, global developments could still test the UAE's market resilience in the weeks ahead.
Yahoo
9 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip as Fed rate cut bets wane after inflation pickup
US stock futures slipped on Wednesday as Wall Street braced for another inflation checkup after the latest consumer price reading spurred traders to pare bets on Federal Reserve interest-rate cuts. Dow Jones Industrial Average futures (YM=F) edged down 0.2% after the blue-chip index lost over 400 points in the prior session, and S&P 500 futures (ES=F) also shed 0.2%. Those on the Nasdaq (NQ=F) fell 0.3% after the tech-heavy index closed at another record high on the back of a surge from Nvidia (NVDA). Markets are reassessing in the wake of Tuesday's CPI report showing inflation accelerated in June. It rose at its fastest year-over-year clip since February, with signs of tariff-driven inflation starting to show up in the data. That has led to more speculation that the Fed will stand pat on rates not just this month — an outcome that seems virtually guaranteed at this point — but also in September, even as President Trump pushes furiously for cuts. According to the CME Group, bets on a September cut are near 50-50, with bets on a hold surging over the last month. The moves weighed on Treasurys, with the 10-year yield (^TNX) rising to near 4.5% and the 30-year yield (^TYX) pushing past 5% for the first time since early June. Markets will get another inflation pulse check on Wednesday with the release of the Producer Price Index, which measures wholesale inflation before prices reach consumers. Like consumer prices, the PPI is expected to show a pickup in inflation last month. Read more: The latest on Trump's tariffs As the market attempts to digest the early effects of Trump's tariffs, he has plowed ahead with plans to impose increased duties next month on key trading partners, including the European Union, Canada, and Mexico. Trump announced Tuesday that the US had reached a deal with Indonesia as it continues talks. Read more: Full earnings coverage in our live blog Meanwhile, earnings season kicked off in earnest Tuesday with big banks reporting mixed results. Goldman Sachs (GS) and Morgan Stanley (MS) are up Wednesday, along with Johnson & Johnson (JNJ) and United Airlines (UAL). Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Gold (GC=F) rose overnight Tuesday as a wave of tariff updates did little to appease flighty investors looking for safe investments. With multiple rocky trade deals on the table, markets have pushed back into the valuable metal which has risen by over 25% this year so far. Bloomberg reports: Read more here. President Trump is in the process of signing an executive order that will allow retirement plan providers to invest more heavily in private assets, according to those familiar with the matter. The order should take place within the next few days and will open up retirement plans to riskier investments. Reuters reports: Read more here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
