Latest news with #TrumpTariffs
Yahoo
4 hours ago
- Business
- Yahoo
Gold Swings Below $3,300 as Court Ruling Roils Dollar and Trade Policy Uncertainty
Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last few trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future. Gold fell to a weekly low of $3,260/oz after a court ruled against the Trump Administration's tariff authority. A Federal appeals court later paused that ruling, triggering a rebound in gold prices. The US Dollar's volatile response to legal and policy shifts played a key role in gold's movement. Gold ended the week near $3,300/oz ahead of key June economic data releases. Similar to last, this holiday-truncated week of gold trading has largely been dictated by investors' and traders' reactions to US fiscal policy headlines, with two notable differences: the market-moving headlines this week have almost all been tied to the latest tumult around the high-impact Trump Tariffs, and not so much relating to budget votes and negotiations in Washington; and the reaction in gold prices to tariff news has flowed through the US Dollar's pricing. Coming out of Monday's Memorial Day market holiday, Tuesday's overnight opens cut a deep sell-off into gold spot markets from $3340/oz to roughly $3310. Through Tuesday's trading and the first half of Wednesday in New York, gold maintained a steady enough level of interest from traders to hold at or just below the $3300 level, but precious few higher bids. With a mostly quiet macroeconomic data calendar on offer this week, it looked possible that (having moved past an unremarkable release of FOMC meeting minutes) the yellow metal might just linger at that level all week. Trading and price volatility in multiple asset classes, including gold, surged on Wednesday afternoon, however, as news broke of the US Court of International Trade announcing a decision that the Trump Administration does not have authority within the US Constitution to enact the majority of tariffs it has announced and/or threatened against trading partners large and small. One marked impact of this announcement was a climb in the US dollar, slow at first and then sharp, which sent gold spot prices sliding in the other direction. By the US market close on Wednesday evening (also just before the first opening bells for Asia's Thursday sessions,) the precious metal had fallen to the weekly low at $3260/oz in spot markets, from which it began to rebound with support. It's tough to tell just how much of gold's reclamation of $3300 (just south of it) was due to investors stepping in having felt gold suddenly became 'cheap,' because less than 24 hours after the announcement of the trade court's ruling against the Trump administration, a Federal appeals court 'temporarily paused' the ruling and its injunction, presumably pending an elevation of the argument to the US Supreme Court. Although this didn't change anything in the immediate sense, the news pushed a dramatic (but proportional) unwind of Wednesday's trade. The US Dollar stormed the headlines again, and the Greenback's trade value vs. partners fell, and gold spot prices rebounded as high as $3325/oz midday before moderating and settling back around what's looking like interchangeable support and resistance at $3300 where it has largely held the line through Friday's session. The flow of headlines around the US President's desired trade policy and its potential damages might actually slow in the first trading week of June and the early phase of the summer market doldrums, given the decision now likely moves to the Supreme Court at a date to be determined. We will have macro data again, finally, to contend with, though, as next week brings some key ISM survey reads and closes with the May jobs report. In the meantime, traders, I hope you can get out and safely enjoy your weekend for the next couple of days. After that, I'll see you back here next week for another market recap. 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
Wall Street Journal
21 hours ago
- Business
- Wall Street Journal
Trump Championed Rulings That Are Now Being Used to Check His Power
WASHINGTON—During the Biden administration, conservative challengers won Supreme Court victories that limited the president's power to craft policy in matters from student-debt relief to air pollution. Now, those precedents are returning to haunt one of their greatest champions: President Trump. On Wednesday, a specialized federal court in New York invalidated the worldwide tariffs Trump imposed to address a range of issues on his agenda, from international trade imbalances to cross-border trafficking of fentanyl.
Fox News
a day ago
- Business
- Fox News
Business Rundown: NVIDIA Soars & China Trade Tensions Flare
Back-to-back court decisions resulted in uncertainty ahead of the Trump tariffs. As trade negotiations reportedly stall, the President, on social media Friday morning, called out China for 'totally violating' our trade agreement. A bright spot this week in the market has been NVIDIA, whose stock soared off reports its earnings beat expectations, showing immense growth potential. FOX Business anchor Taylor Riggs is joined by Slatestone Wealth chief market strategist Kenny Polcari to break it all down. Photo Credit: AP Learn more about your ad choices. Visit
Auto Express
2 days ago
- Automotive
- Auto Express
UK car production hits lowest point in more than 70 years
Car production in the UK fell to its lowest level in more than 70 years last month, with experts citing the impact of Trump tariffs as well as the Easter break – and warning that the UK car industry is in a 'low-volume crisis'. April saw just 59,203 new cars built in the UK, which represents a 16 per cent drop compared with the same month last year. It's also the lowest April output figure since 1952, with the exception of 2020 due to the Covid-19 lockdown, in which production was effectively halted. Advertisement - Article continues below With April's production figures also a quarter down on March, the Society of Motor Manufacturers and Traders (SMMT) pointed to the Easter break, as well as production changeovers which saw pauses in output. SMMT chief executive Mike Hawes described the past few months as the 'toughest start to the year since 2009', stating that 'urgent action is needed to boost domestic demand and our international competitiveness'. Hawes continued: 'To take advantage of these trading opportunities we must secure additional investment, which will depend on the competitiveness and confidence that can be provided by a comprehensive and innovative long-term industrial strategy. Get this right and the jobs, economic growth and decarbonisation will flow across the UK.' However, it's important not to downplay the impact of US President Donald Trump's sweeping tariffs on automotive imports when discussing the UK's production figures; exports to America fell by just over 10 per cent last month. Professor of Business Economics at the University of Birmingham, David Bailey, told Auto Express that the UK car industry is in 'a low- volume crisis, operating well below capacity and hence with higher cost'. Bailey stated: 'The UK industry is not alone in the pressures it faces, but the Trump tariffs have had a particular impact on [the] UK auto [sector], given the success of British premium and luxury brands in selling into the US.' The solution to all this? Bailey called on the Government to publish and set out its delayed industrial strategy 'sooner rather than later'. He said: 'It's vital to help advanced manufacturing – and automotive – on a range of issues like attracting investment into making EVs, rebuilding the supply chain (including for batteries), retraining and reskilling workers and cutting energy costs.' Come and join our WhatsApp channel for the latest car news and reviews...
Yahoo
2 days ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip with fate of Trump tariffs, key inflation data in focus
US stock futures edged lower on Friday as legal battles fed a fresh wave of uncertainty around President Trump's tariffs, in the wait for a key inflation reading to provide clues to their impact on the US economy. Futures attached to the Dow Jones Industrial Average (YM=F) slipped 0.1%. Futures attached to the benchmark S&P 500 (ES=F) fell 0.2%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3%. A US appeals court on Thursday temporarily paused a ruling from a trade court that had blocked many of Trump's tariffs as illegal just the day before. The pause gives the appeals court time to consider the case, and the Trump administration must file its briefings by June 9. Read more: The latest on Trump's tariffs The White House said it's prepared to go to the Supreme Court if needed and, in the meantime, will explore other ways to implement Trump's tariffs without relying on emergency powers. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy On Friday, Wall Street's attention will turn to the April reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures Price Index (PCE). Any indication of tariffs putting upward pressure on inflation will be in high focus, although many analysts don't expect levies to impact the data until the following month. Overall, stocks this week steadily rose. Highlights for investors included signs of improving prospects of a US-EU trade deal early in the week as well as Nvidia's earnings report on Wednesday. Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged. The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday. Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half. Reuters reported: Read more here. Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs. Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation. In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate. Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 ( sli0.3% Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1% Newsmax (NMAX) Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value. Ulta Beauty (ULTA) Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share. The Gap (GAP) Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51. Gap's (GAP) shares sank after the retailer laid out the multimillion-dollar hit to 2025 operating income it expects from President Trump's tariffs, but kept its 2025 forecast unchanged. The stock dropped over 14% despite the retailer posting better-than-expected sales and profit in its first quarter results late on Thursday. Gap said it expects added tariff-related costs of $250 million to $300 million. But the company said it has strategies to halve that amount, without providing full details. It projects a hit of up to $150 million to its full-year operating income, mainly in the second half. Reuters reported: Read more here. Markets across the Asia-Pacific saw pullbacks Friday after yesterday's boost following the temporary reinstatement of Trump's "unlawful" tariffs. Japan's benchmark Nikkei 225 (^N225) declined 1.1% with investors eyeing growing inflation. In South Korea, the Kospi (^KS11) dropped 0.9% as markets remain rattled ahead of a presidential election in a tough political climate. Hong Kong's Hang Seng Index (^HSI) sank 1.5% as China's CSI 300 ( sli0.3% Australia's S&P/ASX 200 (^AXJO) hovered around the baseline, with a gain of less than 0.1% Newsmax (NMAX) Shares in conservative media group Newsmax dropped 10.4% after hours Thursday resulting in a drop of over 75% since the company went public in March. Despite growing viewership Newsmax has faced a number of problems and is currently still engaged in a lawsuit with Dominion Voting Systems over "false claims" spread by the news source after the 2020 election. An overly ambitious IPO valuation combined with weak financial returns have continued to crater stock value. Ulta Beauty (ULTA) Ulta Beauty stock jumped up 8.3% in extended trading after the company beat analyst expectations for Q1. A 4.5% increase in net sales leading to $2.8b in revenue allowed Ulta to issue better-than-expected guidance for Q2. Earnings were reported at $6.70 per share. The Gap (GAP) Stock in apparel company The Gap nosedived 14.8% after-hours despite a solid earnings report as investors eye a potential a $300m hit to the bottom line from Trump's tariffs. The Gap reported revenue of $3.46 billion, well over analyst expectations of $3.42, while earnings per share came in at $0.51.
