Latest news with #StephenInnes
Rhyl Journal
3 days ago
- Business
- Rhyl Journal
Wall Street climbs after US court shoots down Trump's tariffs
The S&P 500 was 0.8% higher in early trading on Thursday. The Dow Jones Industrial Average was up 64 points, or 0.1%, and the Nasdaq composite was 1.4% higher. Technology stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The gains were even bigger in Asia, where markets had the first chance to react to the ruling issued late on Wednesday. Japan's Nikkei added 1.9%. US Court of International Trade in New York found that the 1977 International Emergency Economic Powers Act, which Mr Trump has cited as his basis for ordering massive increases in import duties, does not authorise the use of tariffs. The White House immediately appealed and it was unclear if Mr Trump would abide by the ruling in the interim. The long-term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Mr Trump's trade war. Nvidia shares jumped 6% in off-hours trading after the chipmaker and artificial intelligence bellwether delivered another quarter of robust growth despite tariff-driven turbulence. Heading into its earnings announcement on Wednesday, Nvidia's share price was right where it was at the beginning of 2025, before Mr Trump took office and started his tariff rollouts. Nvidia's earnings, along with the court's tariff ruling, helped to propel other chipmakers and technology companies higher. Broadcom and Advanced Micro Devices each rose 3.1%, while Super Micro Computer jumped 4%. Apple and Amazon both rose about 2.5%. A three-judge panel ruled on several lawsuits arguing Mr Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Mr Trump's double-digit tariff hikes – including the huge levies on China – were already paused for up to 90 days to allow time for trade negotiations. But the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. In Europe at midday, Germany's DAX gained 0.4% and the CAC 40 in Paris jumped 0.8%. Britain's FTSE was unchanged. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Mr Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also initially pushed the dollar sharply higher against the Japanese yen, but it settled back down overnight. It was trading at 144.98 yen early on Thursday, up from 144.87 yen late on Wednesday. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the US, the Kospi surged 1.9% to 2,720.64. Shares were also helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. The yield on the 10-year Treasury rose to 4.52% early on Thursday from 4.47% late on Wednesday. US benchmark crude oil gained 32 cents to 62.16 dollars per barrel. Brent crude, the international standard, added 26 cents to 64.58 dollars per barrel. The euro slipped to 1.1280 dollars from 1.1292 dollars.
Leader Live
3 days ago
- Business
- Leader Live
Wall Street climbs after US court shoots down Trump's tariffs
The S&P 500 was 0.8% higher in early trading on Thursday. The Dow Jones Industrial Average was up 64 points, or 0.1%, and the Nasdaq composite was 1.4% higher. Technology stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The gains were even bigger in Asia, where markets had the first chance to react to the ruling issued late on Wednesday. Japan's Nikkei added 1.9%. US Court of International Trade in New York found that the 1977 International Emergency Economic Powers Act, which Mr Trump has cited as his basis for ordering massive increases in import duties, does not authorise the use of tariffs. The White House immediately appealed and it was unclear if Mr Trump would abide by the ruling in the interim. The long-term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Mr Trump's trade war. Nvidia shares jumped 6% in off-hours trading after the chipmaker and artificial intelligence bellwether delivered another quarter of robust growth despite tariff-driven turbulence. Heading into its earnings announcement on Wednesday, Nvidia's share price was right where it was at the beginning of 2025, before Mr Trump took office and started his tariff rollouts. Nvidia's earnings, along with the court's tariff ruling, helped to propel other chipmakers and technology companies higher. Broadcom and Advanced Micro Devices each rose 3.1%, while Super Micro Computer jumped 4%. Apple and Amazon both rose about 2.5%. A three-judge panel ruled on several lawsuits arguing Mr Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Mr Trump's double-digit tariff hikes – including the huge levies on China – were already paused for up to 90 days to allow time for trade negotiations. But the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. In Europe at midday, Germany's DAX gained 0.4% and the CAC 40 in Paris jumped 0.8%. Britain's FTSE was unchanged. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Mr Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also initially pushed the dollar sharply higher against the Japanese yen, but it settled back down overnight. It was trading at 144.98 yen early on Thursday, up from 144.87 yen late on Wednesday. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the US, the Kospi surged 1.9% to 2,720.64. Shares were also helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. The yield on the 10-year Treasury rose to 4.52% early on Thursday from 4.47% late on Wednesday. US benchmark crude oil gained 32 cents to 62.16 dollars per barrel. Brent crude, the international standard, added 26 cents to 64.58 dollars per barrel. The euro slipped to 1.1280 dollars from 1.1292 dollars.
North Wales Chronicle
3 days ago
- Business
- North Wales Chronicle
Wall Street climbs after US court shoots down Trump's tariffs
The S&P 500 was 0.8% higher in early trading on Thursday. The Dow Jones Industrial Average was up 64 points, or 0.1%, and the Nasdaq composite was 1.4% higher. Technology stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The gains were even bigger in Asia, where markets had the first chance to react to the ruling issued late on Wednesday. Japan's Nikkei added 1.9%. US Court of International Trade in New York found that the 1977 International Emergency Economic Powers Act, which Mr Trump has cited as his basis for ordering massive increases in import duties, does not authorise the use of tariffs. The White House immediately appealed and it was unclear if Mr Trump would abide by the ruling in the interim. The long-term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Mr Trump's trade war. Nvidia shares jumped 6% in off-hours trading after the chipmaker and artificial intelligence bellwether delivered another quarter of robust growth despite tariff-driven turbulence. Heading into its earnings announcement on Wednesday, Nvidia's share price was right where it was at the beginning of 2025, before Mr Trump took office and started his tariff rollouts. Nvidia's earnings, along with the court's tariff ruling, helped to propel other chipmakers and technology companies higher. Broadcom and Advanced Micro Devices each rose 3.1%, while Super Micro Computer jumped 4%. Apple and Amazon both rose about 2.5%. A three-judge panel ruled on several lawsuits arguing Mr Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Mr Trump's double-digit tariff hikes – including the huge levies on China – were already paused for up to 90 days to allow time for trade negotiations. But the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. In Europe at midday, Germany's DAX gained 0.4% and the CAC 40 in Paris jumped 0.8%. Britain's FTSE was unchanged. Japan's Nikkei 225 index jumped 1.9% to 38,432.98. American's largest ally in Asia has been appealing to Mr Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also initially pushed the dollar sharply higher against the Japanese yen, but it settled back down overnight. It was trading at 144.98 yen early on Thursday, up from 144.87 yen late on Wednesday. Elsewhere in Asia, Hong Kong's Hang Seng added 1.3% to 23,561.86, while the Shanghai Composite index gained 0.7% to 3,363.45. Australia's S&P/ASX 200 gained 0.2% to 8,409.80. In South Korea, which like Japan relies heavily on exports to the US, the Kospi surged 1.9% to 2,720.64. Shares were also helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex lost 0.2%. The yield on the 10-year Treasury rose to 4.52% early on Thursday from 4.47% late on Wednesday. US benchmark crude oil gained 32 cents to 62.16 dollars per barrel. Brent crude, the international standard, added 26 cents to 64.58 dollars per barrel. The euro slipped to 1.1280 dollars from 1.1292 dollars.
Yahoo
3 days ago
- Business
- Yahoo
Stock market futures jump after court halts most Trump's tariffs
Stock futures are jumping after a federal court late Wednesday froze most of the tariffs the Trump administration has imposed on U.S. trading partners. The U.S. Court of International Trade ruled President Trump had overstepped his legal authority in assessing a 10% levy in an April 2 barrage of tariffs he referred to as "Liberation Day." The court also blocked a separate set of U.S. duties on China, Mexico and Canada. Futures on the S&P 500 were up 67 points, or 1.1%, to 5,969 as of 7:27 a.m. EST, while contracts on the Dow Jones Industrial Average and Nasdaq Composite rose 0.5% and 1.6%, respectively. "Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific," Stephen Innes of SPI Asset Management said in a report. Overseas markets also rose following the surprise legal decision. In early European trading, Germany's DAX gained 0.5% and France's CAC 40 added 0.9%. In Asia, Japan's Nikkei 225 index surged 1.9%. America's largest ally in Asia had urged Mr. Trump to cancel the tariffs on imports from Japan and to also halt 25% tariffs on steel, aluminum and autos. The ruling by the three-judge panel means the baseline 10% tariff, so-called reciprocal tariffs on dozens of other nations that the U.S. had paused for 90 days, a 20% levy on China, and a 25% tax on certain imports from Canada and Mexico are void. The court gave the Trump administration 10 days to issue new orders canceling the tariffs. The Trump administration had cited the International Emergency Economic Powers Act of 1977, or IEEPA, which gives the president the power to regulate imports during certain emergencies. But the court rejected the government's interpretation of the law. The Trump administration said it will appeal the ruling to the Federal Circuit Court of Appeals. "If the Trump administration loses its appeal, then it will reduce the downside risks to the economy and the upside risks to inflation if no other tariffs are imposed," analysts with Capital Economics told investors in a client note. SpaceX loses contact with its Starship, spins out of control Sneak peek: My Mother's Murder Trials Videos show man assaulting TSA agents, passenger at Miami International Airport
Malay Mail
3 days ago
- Business
- Malay Mail
Ringgit slips as markets cheer US court's move against Trump tariffs, delay in Fed cuts
KUALA LUMPUR, May 29 — The ringgit retreated to close lower against the greenback on Thursday as the American dollar rallied after a US trade court blocked most of US President Donald Trump's tariffs on imports into the country. At 6pm, the local note fell to 4.2390/2475 versus the US dollar from Wednesday's close of 4.2215/2275. The US Court of International Trade on Wednesday ruled that Trump was not authorised to invoke emergency economic powers legislation to impose the sweeping global tariffs announced in April. SPI Asset Management managing partner Stephen Innes said markets welcomed the US court decision against Trump, seeing it as potentially good news for the American economy. 'The initial market read is that this could be a net positive for US growth since many had expected the tariffs to weigh on consumption. The sentiment also helped fuel a rally in US equities with Nvidia's blowout earnings boosting investor confidence, leading more people to take risks, stoking demand for US dollars,' he told Bernama. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the US Federal Reserve's Federal Open Market Committee (FOMC) meeting minutes, which indicated a likely delay in interest rate cuts, also weighed on the ringgit. According to Bloomberg, the FOMC meeting minutes of May 6-7 suggested that policymakers agreed on a cautious approach to monetary policy amid US trade and fiscal uncertainties. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9188/9249 from Wednesday's close of 2.9271/9315 and gained vis-à-vis the euro to 4.7803/7899 from 4.7838/7906. However, it depreciated against the British pound to 5.7091/7205 from 5.7028/7109 previously. The local note was traded mixed against its Asean peers. It weakened against the Singapore dollar to 3.2853/2921 from 3.2776/2825 on Wednesday and dropped versus the Indonesian rupiah to 259.9/260.5 from 259.0/259.5 previously. It inched up against the Thai baht to 12.9321/9647 from 2.9355/9614 and was flat vis-à-vis the Philippine peso at 7.60/7.62 from 7.60/7.62. — Bernama
