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Globe and Mail
31-07-2025
- Business
- Globe and Mail
Stocks are mixed on Wall Street as gains by Microsoft and Meta temper losses elsewhere in the market
Stocks indexes were mixed in afternoon trading on Wall Street Thursday after a health care sector slide offset some of the gains from a rally among big tech companies. The S&P 500 was up less than 0.1%, holding just below the record high it set on Monday. The Dow Jones Industrial Average fell 88 points, or 0.2%, as of 2:51 p.m. Eastern. The technology-heavy Nasdaq rose 0.3% and is on track for a record. Health care stocks were the biggest drag on the market after the White House released letters asking big pharmaceutical companies to cut prices and make other changes in the next 60 days. Eli Lilly & Co. fell 2%, UnitedHealth Group slid 4.9% and Bristol-Myers Squibb was 4.5% lower. Roughly 70% of stocks in the S&P 500 were losing ground, but big technology stocks with hefty values helped temper the impact of losses in health care and other sectors. Technology stocks rose following results from big companies showcasing advancements in artificial intelligence. Facebook and Instagram's parent company Meta Platforms surged 11.9% after it crushed Wall Street's sales and profit targets even as the company continues to pour billions into artificial intelligence. Microsoft jumped 4.1% after also posting better results than analysts expected. The software pioneer also gave investors an encouraging update on its Azure cloud computing platform, which is a centerpiece of the company's artificial intelligence efforts. Fellow technology giants Apple and Amazon will report their results after the closing bell. Big Tech companies have regularly been the driving force behind much of the market's gains over enthusiasm for the future of artificial intelligence. Earnings remained a key focus outside of the technology sector in what has been a heavy week so far for corporate financial results. CVS Health rose 0.3% after it topped Wall Street expectations for the second quarter and raised its full-year forecast again. Wall Street is also monitoring the latest economic data, which included an update on inflation. The Commerce Department said prices rose 2.6% in June compared with a year ago, as measured by the personal consumption expenditures index. That's the Federal Reserve's preferred measure for inflation. The latest reading was slightly higher than economists expected and also marks an increase from an annual pace of 2.4% in May. Results from another measure of inflation earlier this month, the consumer price index, also showed inflation rising in June. Also on Thursday, a report showed that the number of Americans filing for unemployment benefits inched up last week. The latest updates on inflation and the jobs market are landing amid lingering concerns about the impact of tariffs. Inflation's temperature is being closely monitored by businesses and the Fed to better gauge the impact of President Donald Trump's on-again-off-again approach to import taxes. Companies including Ford and Hershey's have more recently warned that tariffs are weighing on their latest and projected financial results. Trump has said he will levy tariffs against goods from dozens of countries if they don't reach agreements with the U.S. by Friday. The latest developments in the seemingly unpredictable tariff landscape include a potential pause in tariff escalations with China and a deal with South Korea. The reasons behind trade policy decisions remain unpredictable. Trump, on Wednesday, signed an executive order to impose his threatened 50% tariffs on Brazil. He has directly linked the import tax to the trial of his ally, the country's former president Jair Bolsonaro. He has also said that trade negotiations with Canada would be more difficult in the wake of that nation's economically unrelated decision to recognize a Palestinian state. Uncertainty over tariffs and inflation have prompted the Fed to leave its benchmark interest rate alone through the central bank's past five meetings, including the one that ended Wednesday. The Fed has been trying to cool the rate of inflation back to its target of 2%. It has come close, but inflation remains stubbornly stuck just above that target. A cut in rates would give the job market and overall economy a boost, but it could also risk fueling inflation. Fed Chair Jerome Powell has been pressured by Trump to cut the benchmark rate, though that decision isn't his to make alone, but belongs to the 12 members of the Federal Open Market Committee. 'Inflation is only a bit above the Fed's target, but looks likely to rise in the second half of the year due to tariffs," said by Bill Adams, chief economist for Comerica Bank. 'With the job market in pretty good shape, they see room to hold interest rates steady and lean against inflation's increase near-term.' Wall Street has been tempering their expectations for rate cuts at the Fed's next meeting in September. Traders now see a 39% chance of a rate cut, according to data from CME Group. That's down from 58.4% a week ago and a 75.4% chance a month ago. Treasury yields held steady in the bond market. The yield on the 10-year Treasury slipped to 4.36% from 4.37% late Wednesday. The yield on the two-year Treasury remained at 3.94% from late Wednesday.
News.com.au
31-07-2025
- Business
- News.com.au
Closing Bell: Resources weigh heavy on ASX, down 0.16pc as tech rally fizzles
Copper prices crash 20pc Materials sector undercuts market, down 2.57pc Info tech rally not enough to push ASX into positive territory Tech rally fails to lift resources The ASX staged a steady recovery through the day to finish down just 0.16%, regaining ground on strength in the info tech and discretionary sectors. But, even with eight sectors scraping into the green the malaise in resources stocks was just too strong to lift. Between copper's dramatic plunge and another slide in gold prices last night, the ASX 200 Resources lost an eyewatering 2.26% today, and the ASX All Ords Gold 2.61%. Our tech movers and shakers for the day include Weebit Nano (ASX:WBT), up a very respectable 19% on some solid quarterly results. The semiconductor firm's ReRAM technology is on track to finish the qualification process with South Korean semiconductor manufacturer DB HiTek before the end of the year, which could lead to some lucrative contracts. Counter-drone technology company Droneshield (ASX:DRO) is also back in the good books, climbing 17% after taking a sharp hit to its share price just over a week ago. The company has now recovered to just 15c off its all-time high. Organisation technology specialist Atturra (ASX:ATA) added 6.8%, while cybersafety group Qoria (ASX:QOR) lifted 5.2%. On the other side of the balance sheet were our struggling resources stocks, joined by some equally out-of-favour energy companies. Champion Iron (ASX:CIA) slid 12%, Beach Energy (ASX:BPT) fell 9%, Mineral Resources (ASX:MIN) minimised by 7.9% and Pilbara Minerals (ASX:PLS) slumped 7.5%. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Code Name Last % Change Volume Market Cap ASR Asra Minerals Ltd 0.002 100% 1647649 $4,000,198 WEL Winchester Energy 0.002 100% 6816666 $1,363,019 DMG Dragon Mountain Gold 0.006 50% 1331226 $1,578,687 PAB Patrys Limited 0.002 41% 845577 $3,358,031 I88 Infini Resources Ltd 0.17 36% 706766 $6,546,252 CR9 Corellares 0.004 33% 2793904 $3,021,809 EAT Entertainment 0.004 33% 100000 $3,926,358 MSG Mcs Services Limited 0.008 33% 10439676 $1,188,598 ALM Alma Metals Ltd 0.006 33% 1352499 $8,328,317 TOU Tlou Energy Ltd 0.024 33% 1826395 $23,374,518 1AD Adalta Limited 0.0025 25% 75962 $2,225,966 BIT Biotron Limited 0.0025 25% 200000 $2,654,492 BUY Bounty Oil & Gas NL 0.0025 25% 34611 $3,122,944 CZN Corazon Ltd 0.0025 25% 29873 $2,369,145 DDT DataDot Technology 0.005 25% 2368338 $4,843,811 DTM Dart Mining NL 0.0025 25% 886063 $2,396,111 GGE Grand Gulf Energy 0.0025 25% 539559 $5,640,850 MTB Mount Burgess Mining 0.005 25% 351392 $1,702,553 PKO Peako Limited 0.0025 25% 871167 $2,975,484 RAN Range International 0.0025 25% 2380188 $1,878,581 TMK TMK Energy Limited 0.0025 25% 1300000 $20,444,766 BDG Black Dragon Gold 0.086 23% 2374086 $22,257,624 IS3 I Synergy Group Ltd 0.011 22% 5454999 $15,356,699 SBR Sabre Resources 0.011 22% 38800 $3,550,157 IAM Income Asset 0.035 21% 9596256 $26,995,254 In the news… Winchester Energy (ASX:WEL) has been reinstated to the ASX after clearing a regulatory hurdle by appointing two more non-executive directors and filling out the required three-person roster. WEL is welcoming Jason Peterson, founder of CPS Capital Group, and David Wheeler, director and partner at boutique corporate advisory firm Pathways Corporate, to the board. The company is now seeking advice over a general meeting requirement. Alma Metals (ASX:ALM) upgraded its Briggs copper JV project resource this quarter, lifting it to 2Mt of copper, 73Mlb of molybdenum and 16.5Moz of silver. ALM has also had some metallurgical success, obtaining high copper recoveries of 95% from Briggs ore and refining high-grade concentrates of up to 29% copper with locked-cycle froth flotation methods, a technology with fairly low power consumption requirements. Patrys (ASX:PAB) had a solid quarter of corporate strategising, restructuring its board and actively pursuing partnering and licensing opportunities for both of its oncological cell therapy deoxymab assets. The biotech also raised just over $300k, continued the hunt for new assets to diversify its risk profile, and raked in an R&D rebate of $790k to bring its cash balance to $742k. Black Dragon Gold (ASX:BDG) has made positive progress toward a strategic investment in the Salave gold project by the Principality of Asturias, following introduction of new legislation in December 2024. A community consultation process has revealed the project is supported by about 63% of the local community, with many calling for investment in the region to generate job opportunities. BDG had CAD$1.085 million in the bank at the end of June. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Code Name Last % Change Volume Market Cap MHK Metalhawk. 0.175 -53% 4222178 $45,655,248 AQC Auspaccoal Ltd 0.008 -33% 14458499 $8,405,611 CYQ Cycliq Group Ltd 0.002 -33% 274297 $1,381,550 ECT Env Clean Tech Ltd. 0.002 -33% 76491887 $12,046,306 XPN Xpon Technologies 0.008 -27% 11918252 $4,556,785 CHM Chimeric Therapeutic 0.003 -25% 3775000 $12,996,494 MEL Metgasco Ltd 0.002 -20% 10000 $4,592,717 3DP Pointerra Limited 0.046 -19% 5829994 $45,889,377 AIV Activex Limited 0.013 -19% 160499 $3,448,041 GRE Greentechmetals 0.065 -19% 839637 $9,071,611 RR1 Reach Resources Ltd 0.009 -18% 739225 $9,618,745 IR1 Irismetals 0.09 -18% 2371209 $19,575,532 BNL Blue Star Helium Ltd 0.005 -17% 34852048 $16,169,312 NOX Noxopharm Limited 0.105 -16% 86455 $36,529,744 MQR Marquee Resource Ltd 0.011 -15% 8465110 $7,627,350 LM1 Leeuwin Metals Ltd 0.098 -15% 277188 $11,592,734 AUK Aumake Limited 0.003 -14% 11809835 $10,581,756 NWM Norwest Minerals 0.012 -14% 40425 $13,557,020 RDS Redstone Resources 0.003 -14% 4048334 $3,619,936 SER Strategic Energy 0.006 -14% 2187909 $4,697,233 SHP South Harz Potash 0.003 -14% 3127159 $4,490,717 IG6 Internationalgraphit 0.061 -14% 502816 $13,742,641 MAG Magmatic Resrce Ltd 0.044 -14% 611028 $22,554,786 IME Imexhs Limited 0.285 -14% 41772 $17,704,253 AKA Aureka Limited 0.091 -13% 797527 $13,235,280 IN CASE YOU MISSED IT Ramelius Resources (ASX:RMS) has completed the acquisition of Spartan Resources (ASX:SPR), gaining access to millions of gold ounces. Airtasker (ASX:ART) strengthened its cash and kept scaling this quarter without the need for fresh capital. Island Pharmaceuticals (ASX:ILA) has completed the acquisition of the promising Galidesivir anti-viral drug after finalising due diligence ahead of schedule. Perpetual Resources (ASX:PEC) is finalising plans for drilling to support a maiden JORC resource estimate at its Raptor rare earths project in Brazil. Geopacific Resources (ASX:GPR) is building momentum at its Woodlark Gold Project in PNG thanks to a sharp focus and near-term entrance of St Barbara. Taruga Minerals' (ASX:TAR) review of legacy datasets and airborne VTEM survey findings has confirmed the presence of a discrete conductor at Thowagee, which TAR has elevated to a priority target. Albion Resources (ASX:ALB) has entered a deal with Capricorn Metals (ASX:CMM) for its Mongers Lake gold project in the West Australian Murchison. Blue Star Helium (ASX:BNL) fields solid flow test results at Aloha Mula 12 ('Hello Money') helium well in Lincoln County, Colorado, as it moves toward an option exercise decision. Orange Minerals (ASX:OMX) has successfully listed on the OTCQB Venture Market as it plans to advance exploration across African and Australian projects. Harvest Technology Group (ASX:HTG) recorded a 135% YoY increase in quarterly revenue, reaching $1.1 million in Q4 FY25, and expects total revenue for the full year to exceed $3.5 million. Trading halts Activeport Group (ASX:ATV) – cap raise Babylon Pump & Power (ASX:BPP) – potential acquisition and debt funding Chilwa Minerals (ASX:CHW) – cap raise Enova Mining (ASX:ENV) – cap raise Firetail Resources (ASX:FTL) – cap raise HeraMED (ASX:HMD) – cap raise Imagion Biosystems (ASX:IBX) – cap raise Nyrada (ASX:NYR) – cap raise Papyrus Australia (ASX:PPY) – cap raise RemSense Technologies (ASX:RMN) – cap raise TG Metals (ASX:TGM) – cap raise At Stockhead, we tell it like it is. While Weebit Nano is a Stockhead advertiser, it did not sponsor this article.
Reuters
28-05-2025
- Business
- Reuters
Asian shares, U.S. dollar climb on rosy data, tech optimism
TOKYO, May 28 (Reuters) - Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings. Markets welcomed what appeared to be easing trade frictions between the U.S. and Europe while global bond markets settled down after a scary surge in long-term yields. U.S. consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday. Nvidia jumped more than 4% yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the U.S. "There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone. If Nvidia comes through with better-than-expected sales and profit margins "the rally is on," he added. The chipmaker is expected to report that first-quarter revenue surged 66.2% to $43.28 billion, according to data compiled by LSEG. In signs of a thaw between the U.S. and Europe, European Union officials have asked companies for details of their U.S. investment plans, according to two sources familiar with the matter. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.3% in morning trading while Japan's Nikkei (.N225), opens new tab advanced 0.6%, climbing a fourth straight session. The dollar index , which tracks the greenback against a basket of currencies, rose 0.1%, adding to Tuesday's 0.6% rally. The greenback advanced 0.1% to $1.132 against the euro . Australian shares (.AXJO), opens new tab were up 0.17%, but the nation's currency slid 0.2% after April consumer price data came in above expectations. The kiwi dollar slid 0.3% after the Reserve Bank of New Zealand cut rates as expected. Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the Ministry of Finance will reduce the issuance of long-dated securities. Oil prices ticked up in early trading as the U.S. barred Chevron CVX.N from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Brent crude futures rose 0.4% to $64.37 a barrel, while U.S. Spot gold rallied 0.1% after dropping more than 1% on Tuesday.
