Latest news with #TradeStation
The Advertiser
2 days ago
- Business
- The Advertiser
Wall St gains after court blocks most Trump tariffs
Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows. Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows.
West Australian
2 days ago
- Business
- West Australian
Wall St gains after court blocks most Trump tariffs
Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows.
Perth Now
2 days ago
- Business
- Perth Now
Wall St gains after court blocks most Trump tariffs
Wall Street's main indexes have risen after a federal court ruled against most of US President Donald Trump's tariffs and AI bellwether Nvidia reported a 69 per cent surge in quarterly sales. Nvidia jumped 5.0 per cent after reporting higher-than-expected quarterly sales growth, driven by customers stockpiling AI chips ahead of US export restrictions on China. The company, however, warned that the new curbs are expected to cut $US8 billion ($A12 billion) from its current-quarter sales. "We're in a secular growth trajectory here for AI, AI investment, and everything seems to be lining up for the next kind of multi-quarter expansion across AI," said David Russell, global head of market strategy at TradeStation. The Philadelphia SE Semiconductor index rose in the wake of Nvidia's results, last up 1.4 per cent. Eight of the 11 major S&P 500 sub-sectors rose, with information technology and consumer discretionary being the biggest gainers. Global risk appetite was boosted after a US court invalidated with immediate effect most of Trump's sweeping levies imposed since January, but did not address some industry-specific tariffs on cars, steel and aluminium. "Even if the ruling is upheld, the administration will have alternative routes to implement tariffs. But these will be slower and more targeted, as opposed to the current sweeping approach," said Lizzy Galbraith, senior political economist at Aberdeen. Kevin Hassett, the White House economic adviser, said three trade deals were nearly done and he expected more despite the judgment. In early trading on Thursday, the Dow Jones Industrial Average rose 51.16 points, or 0.12 per cent, to 42,149.86, the S&P 500 gained 32.60 points, or 0.55 per cent, to 5,921.01 and the Nasdaq Composite gained 173.41 points, or 0.91 per cent, to 19,273.71. Dow component Salesforce weighed on the index, with its shares slumping 5.4 per cent even as the enterprise software provider raised its annual revenue and adjusted profit forecasts. Apple, which Trump threatened with tariffs last week, rose nearly 1 per cent. Tesla rose 2.2 per cent and Amazon added 1.2 per cent among megacap and growth stocks. The S&P 500 is currently about 3.0 per cent below an all-time high touched on February 19, rebounding from a nearly 19 per cent decline earlier in April on easing trade tensions, strong earnings and subdued inflation data that aided risk appetite. May has been a solid month for equities, with both the S&P 500 and the Nasdaq on pace for their best monthly performances since November 2023. A second reading from the Commerce Department showed gross domestic product contracted 0.2 per cent in the first quarter. Economists polled by Reuters had forecast a 0.3 per cent contraction. At least five Fed policymakers including Fed Board Governor Adriana Kugler are scheduled to speak through the day. In other earnings, Best Buy dropped 7.5 per cent after the electronics retailer lowered its annual comparable sales and profit forecasts amid concerns that US tariffs would weigh on consumer demand for big-ticket items. Advancing issues outnumbered decliners by a 2.63-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq. The S&P 500 posted five new 52-week highs and no new lows, while the Nasdaq Composite recorded 25 new highs and 23 new lows.
West Australian
21-05-2025
- Business
- West Australian
Wall Street slips amid focus on Trump's tax bill
Wall Street's main indexes have slipped and government bond yields risen as investors closely watched a pivotal debate over US President Donald Trump's tax-cut bill that has fanned concerns about the country's growing debt. The gate-keeping House Rules Committee scheduled an unusual 1am ET hearing that is expected to run well into daylight hours, as Republicans try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. Non-partisan analysts say the proposed plan could add $US3 trillion to $US5 trillion ($A4.7 trillion to $A7.8 trillion) to the federal government's $US36.2 trillion in debt. "(We're seeing) the American exceptionalism narrative unwind, so you have a natural process of something weakening after years of concentration," said David Russell, global head of market strategy at TradeStation. "We're kind of pouring gasoline on the fire with tariffs and all of this budgetary uncertainty." In early trading on Tuesday, the Dow Jones Industrial Average fell 352.28 points, or 0.83 per cent, to 42,324.96, the S&P 500 lost 31.84 points, or 0.54 per cent, to 5,908.62 and the Nasdaq Composite lost 97.35 points, or 0.51 per cent, to 19,045.36. All 11 S&P sub-sectors traded lower, with information technology and consumer discretionary amongst the worst hit. US bonds have been under pressure since the start of the week, when Moody's downgraded the country's sovereign credit rating. On Wednesday, yields on the 30-year note were back up to 5.01 per cent and the benchmark 10-year yield climbed 5.2 basis points to 4.53 per cent. Highly valued technology stocks weakened as rising rates tend to discount the present value of future profits. Amazon, down 1.5 per cent, led losses among top megacap and growth stocks. UnitedHealth Group dropped 5.1 per cent as a Guardian report said the healthcare conglomerate secretly paid nursing homes thousands in bonuses to help reduce hospital transfers for ailing residents. HSBC also downgraded the stock to "reduce" from "hold". On the earnings front, retailer Target fell 6.7 per cent after slashing its annual forecast due to a pullback in discretionary spending. Wolfspeed tumbled 66.5 per cent following a report that the semiconductor supplier was preparing to file for bankruptcy within weeks. US stocks closed lower on Tuesday, with the S&P 500 snapping a six-day winning streak while the Dow logged its first decline in four sessions. Despite the losses, they have had a solid month so far. The S&P 500 has climbed more than 17 per cent higher from its April lows, when Trump's reciprocal tariffs roiled global markets. A pause in the tariffs, a temporary US-China trade truce and tame inflation data have pushed equities higher although the S&P 500 is still about 3.0 per cent off its record highs. Brokerage Morgan Stanley upgraded its stance on US equities to "overweight," saying the global economy was still expanding, albeit slowly, amid policy uncertainty. Declining issues outnumbered advancers by a 3.93-to-1 ratio on the NYSE and by a 2.98-to-1 ratio on the Nasdaq. The S&P 500 posted two new 52-week highs and no new lows while the Nasdaq Composite recorded 16 new highs and 17 new lows.
Perth Now
21-05-2025
- Business
- Perth Now
Wall Street slips amid focus on Trump's tax bill
Wall Street's main indexes have slipped and government bond yields risen as investors closely watched a pivotal debate over US President Donald Trump's tax-cut bill that has fanned concerns about the country's growing debt. The gate-keeping House Rules Committee scheduled an unusual 1am ET hearing that is expected to run well into daylight hours, as Republicans try to overcome internal divisions about cuts to the Medicaid health program and tax breaks in high-cost coastal states. Non-partisan analysts say the proposed plan could add $US3 trillion to $US5 trillion ($A4.7 trillion to $A7.8 trillion) to the federal government's $US36.2 trillion in debt. "(We're seeing) the American exceptionalism narrative unwind, so you have a natural process of something weakening after years of concentration," said David Russell, global head of market strategy at TradeStation. "We're kind of pouring gasoline on the fire with tariffs and all of this budgetary uncertainty." In early trading on Tuesday, the Dow Jones Industrial Average fell 352.28 points, or 0.83 per cent, to 42,324.96, the S&P 500 lost 31.84 points, or 0.54 per cent, to 5,908.62 and the Nasdaq Composite lost 97.35 points, or 0.51 per cent, to 19,045.36. All 11 S&P sub-sectors traded lower, with information technology and consumer discretionary amongst the worst hit. US bonds have been under pressure since the start of the week, when Moody's downgraded the country's sovereign credit rating. On Wednesday, yields on the 30-year note were back up to 5.01 per cent and the benchmark 10-year yield climbed 5.2 basis points to 4.53 per cent. Highly valued technology stocks weakened as rising rates tend to discount the present value of future profits. Amazon, down 1.5 per cent, led losses among top megacap and growth stocks. UnitedHealth Group dropped 5.1 per cent as a Guardian report said the healthcare conglomerate secretly paid nursing homes thousands in bonuses to help reduce hospital transfers for ailing residents. HSBC also downgraded the stock to "reduce" from "hold". On the earnings front, retailer Target fell 6.7 per cent after slashing its annual forecast due to a pullback in discretionary spending. Wolfspeed tumbled 66.5 per cent following a report that the semiconductor supplier was preparing to file for bankruptcy within weeks. US stocks closed lower on Tuesday, with the S&P 500 snapping a six-day winning streak while the Dow logged its first decline in four sessions. Despite the losses, they have had a solid month so far. The S&P 500 has climbed more than 17 per cent higher from its April lows, when Trump's reciprocal tariffs roiled global markets. A pause in the tariffs, a temporary US-China trade truce and tame inflation data have pushed equities higher although the S&P 500 is still about 3.0 per cent off its record highs. Brokerage Morgan Stanley upgraded its stance on US equities to "overweight," saying the global economy was still expanding, albeit slowly, amid policy uncertainty. Declining issues outnumbered advancers by a 3.93-to-1 ratio on the NYSE and by a 2.98-to-1 ratio on the Nasdaq. The S&P 500 posted two new 52-week highs and no new lows while the Nasdaq Composite recorded 16 new highs and 17 new lows.
