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Perth Now
18-05-2025
- Business
- Perth Now
Wall St advances on trade hopes amid investor pessimism
Wall Street's main indexes rose on Friday for their fifth straight day, buoyed by the US-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment. The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent in April. All three main indexes boasted weekly gains after starting out with a steep rally on Monday - after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after the US President and British Prime Minister announced a limited bilateral trade agreement. Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a "carry on from the de-escalation in the trade conflict." With a solid economy combined with pessimistic investors, Bell expects more volatility ahead as tariff headlines come out, and added that "data could change in coming months." "I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis," she said. Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, said the market is "cautiously optimistic" about the softening stance on trade, but waiting to see where the US eventually lands on tariffs. "We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves," said Christopher. Investors were also left waiting for clarity on US tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress. The Dow Jones Industrial Average rose 331.99 points, or 0.78 per cent, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70 per cent, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52 per cent, to 19,211.10. For the week, the S&P 500 gained about 5.3 per cent while the Nasdaq rose 7.2 per cent and the Dow added 3.4 per cent. Among the S&P 500's 11 major industry indexes, most advanced with energy the sole loser, down 0.18 per cent. The biggest gainer was healthcare, which ended up 1.96 per cent for the day after a volatile week. One of its biggest index point boosts was from UnitedHealth Group Inc, which regained ground - rising 6.4 per cent on Friday and leading S&P 500 percentage gains - after eight straight days of steep losses. Investors were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department. Among other individual stocks, Applied Materials shares slipped 5.3 per cent after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue. Charter Communications shares rose 1.8 per cent after the cable company said it would buy privately held rival Cox Communications for $US21.9 billion ($A34.1 billion). Shares in Verizon Communications rose 1.7 per cent after the Federal Communications Commission said Friday it was approving its $US20 billion ($A31 billion) purchase of fibre-optic internet provider Frontier Communications after the largest US telecom company agreed to end its diversity, equity and inclusion programs. Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE where there were 207 new highs and 34 new lows. On the Nasdaq, 2,792 stocks rose and 1,607 fell as advancing issues outnumbered decliners by a 1.74-to-1 ratio. The S&P 500 posted 28 new 52-week highs and no new lows while the Nasdaq Composite recorded 62 new highs and 73 new lows. On US exchanges, 17.61 billion shares changed hands on Friday compared with the 17.04 billion average from the last 20 sessions.
West Australian
18-05-2025
- Business
- West Australian
Wall St advances on trade hopes amid investor pessimism
Wall Street's main indexes rose on Friday for their fifth straight day, buoyed by the US-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment. The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3 per cent from 6.5 per cent in April. All three main indexes boasted weekly gains after starting out with a steep rally on Monday - after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after the US President and British Prime Minister announced a limited bilateral trade agreement. Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a "carry on from the de-escalation in the trade conflict." With a solid economy combined with pessimistic investors, Bell expects more volatility ahead as tariff headlines come out, and added that "data could change in coming months." "I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis," she said. Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, said the market is "cautiously optimistic" about the softening stance on trade, but waiting to see where the US eventually lands on tariffs. "We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves," said Christopher. Investors were also left waiting for clarity on US tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress. The Dow Jones Industrial Average rose 331.99 points, or 0.78 per cent, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70 per cent, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52 per cent, to 19,211.10. For the week, the S&P 500 gained about 5.3 per cent while the Nasdaq rose 7.2 per cent and the Dow added 3.4 per cent. Among the S&P 500's 11 major industry indexes, most advanced with energy the sole loser, down 0.18 per cent. The biggest gainer was healthcare, which ended up 1.96 per cent for the day after a volatile week. One of its biggest index point boosts was from UnitedHealth Group Inc, which regained ground - rising 6.4 per cent on Friday and leading S&P 500 percentage gains - after eight straight days of steep losses. Investors were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department. Among other individual stocks, Applied Materials shares slipped 5.3 per cent after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue. Charter Communications shares rose 1.8 per cent after the cable company said it would buy privately held rival Cox Communications for $US21.9 billion ($A34.1 billion). Shares in Verizon Communications rose 1.7 per cent after the Federal Communications Commission said Friday it was approving its $US20 billion ($A31 billion) purchase of fibre-optic internet provider Frontier Communications after the largest US telecom company agreed to end its diversity, equity and inclusion programs. Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE where there were 207 new highs and 34 new lows. On the Nasdaq, 2,792 stocks rose and 1,607 fell as advancing issues outnumbered decliners by a 1.74-to-1 ratio. The S&P 500 posted 28 new 52-week highs and no new lows while the Nasdaq Composite recorded 62 new highs and 73 new lows. On US exchanges, 17.61 billion shares changed hands on Friday compared with the 17.04 billion average from the last 20 sessions.
Business Times
18-05-2025
- Business
- Business Times
Greenback rises to fourth straight weekly gain on latest US economic data
THE dollar strengthened on Friday (May 16) after the latest round of economic data showed a rebound in import prices while consumer sentiment remained subdued as tariff worries jumped, putting it on pace for a fourth straight weekly advance. The US Labor Department said import prices gained 0.1 per cent last month after dropping 0.4 per cent in March as a jump in the cost of capital goods outweighed cheaper energy prices. Economists polled by Reuters had forecast import prices, which exclude tariffs, would decrease 0.4 per cent. The dollar began to strengthen after a separate reading from the University of Michigan Surveys of Consumers showed its Consumer Sentiment Index dropped to 50.8 this month, below the 53.4 estimate, from a final reading of 52.2 in April. In addition, the 12-month inflation expectations of consumers shot up to 7.3 per cent, the highest level since November 1981, from 6.5 per cent. The greenback began last week with a surge of more than 1 per cent on Monday after the United States and China announced a 90-day pause on most of the tariffs imposed on each other's goods since early April, easing fears of a global recession, but had been trending lower throughout the week in part due to tepid economic data. 'There's all this data, but the headlines are taking over,' said Juan Perez, director of trading at Monex USA in Washington. 'The issue with (trade) developments is that they're just happening a whole lot faster, and the ongoing, never-ending lack of guidance for the future continues. Meanwhile, we're looking at data that is not truly reflecting all of the anxiety that we've really been living through.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The dollar index, which measures the greenback against a basket of currencies, rose 0.36 per cent to 101.13, with the euro down 0.37 per cent at US$1.1146. The greenback is up about 0.7 per cent on the week, which would mark its biggest weekly gain in about two-and-a-half months, while the euro is down 0.9 per cent on the week, and on track for its biggest weekly decline since early February. The greenback is still down nearly 3 per cent since Apr 2, when US President Donald Trump announced his spate of tariffs on countries around the globe. 'The very idea that trade is not getting away from turbulence continues to affect the long-term faith in the dollar,' said Perez. Markets have dialled back expectations for rate cuts from the US Federal Reserve this year as a result of the signs of easing trade tensions, pricing in a 67.1 per cent chance for the first cut of at least 25 basis points at the central bank's September meeting, according to LSEG data. The prior view was for a likely cut in July. Recent comments from Fed officials have indicated the central bank needs more data to determine the impact of the tariff announcements on prices and the economy before adjusting policy. Against the Japanese yen, the dollar strengthened 0.16 per cent to 145.89. Japan's economy shrank for the first time in a year and at a faster pace than expected, data for the March quarter showed on Friday. The dollar was up 0.4 per cent last week against the yen. Japanese Finance Minister Katsunobu Kato said he would seek to discuss foreign exchange issues with US Treasury Secretary Scott Bessent on the understanding that excessive currency volatility is undesirable, and hopes to meet with Bessent this week. REUTERS
Kuwait Times
17-05-2025
- Business
- Kuwait Times
Wall St advances on trade hopes, data shows investor gloom
NEW YORK: Wall Street's main indexes rose on Friday for their fifth straight day, buoyed by the US-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment. The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3 percent from 6.5 percent last month. Exchange-traded funds that track the S&P 500 and Nasdaq fell about 1 percent in extended trade after Moody's cut the US credit rating by one notch, citing rising debt and interest payments that outpace those of similarly rated sovereigns. The S&P 500, Nasdaq and Dow Jones Industrial Average boasted weekly gains after starting out with a steep rally on Monday, after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after the US president and British prime minister announced a limited bilateral trade agreement. Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a 'carry on from the de-escalation in the trade conflict.' With a solid economy combined with pessimistic investors, Bell expects more volatility ahead as tariff headlines come out, and added 'data could change in coming months.' 'I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis,' she said. Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, said the market is 'cautiously optimistic' about the softening stance on trade, but waiting to see where the US eventually lands on tariffs. 'We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves,' Christopher said. Investors were also left waiting for clarity on US tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback in Congress for Republican President Donald Trump. The Dow Jones Industrial Average rose 331.99 points, or 0.78 percent, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70 percent, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52 percent, to 19,211.10. For the week, the S&P 500 gained about 5.3 percent while the Nasdaq rose 7.2 percent and the Dow added 3.4 percent. Among the S&P 500's 11 major industry indexes, most advanced with energy the sole loser, down 0.18 percent. The biggest gainer was healthcare, which ended up 1.96 percent for the day after a volatile week. One of its biggest index point boosts was from UnitedHealth Group Inc, which regained ground, rising 6.4 percent on Friday and leading S&P 500 percentage gains, after eight straight days of steep losses. Investors were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department. Among other individual stocks, Applied Materials shares slipped 5.3 percent after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue. Charter Communications shares rose 1.8 percent after the cable company said it would buy privately held rival Cox Communications for $21.9 billion. Shares in Verizon Communications rose 1.7 percent after the Federal Communications Commission said on Friday it was approving its $20 billion purchase of fiber-optic internet provider Frontier Communications after the largest US telecom company agreed to end its diversity, equity and inclusion programs. Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE where there were 207 new highs and 34 new lows. On the Nasdaq, 2,792 stocks rose and 1,607 fell as advancing issues outnumbered decliners by a 1.74-to-1 ratio. The S&P 500 posted 28 new 52-week highs and no new lows while the Nasdaq Composite recorded 62 new highs and 73 new lows. On US exchanges, 17.61 billion shares changed hands on Friday compared with the 17.04 billion average from the last 20 sessions. —Reuters
Time of India
17-05-2025
- Business
- Time of India
Wall Street advances on trade hopes, data shows investor pessimism
Wall Street 's main indexes rose on Friday for their fifth straight day, buoyed by the U.S.-China tariff truce earlier in the week even as economic survey data showed a deterioration in consumer sentiment . The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3% from 6.5% last month. All three main indexes boasted weekly gains after starting out with a steep rally on Monday - after Washington and Beijing agreed to a 90-day pause in their escalating trade war. This was days after the U.S. President and British Prime Minister announced a limited bilateral trade agreement. Lindsey Bell, chief market strategist at Clearnomics, New York, said Friday's advance was a "carry on from the de-escalation in the trade conflict." With a solid economy combined with pessimistic investors, Bell expects more volatility ahead as tariff headlines come out, and added that "data could change in coming months." Live Events "I don't think we're out of the woods yet. We're going to have to take it on a day-by-day, week-by-week basis," she said. Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute, said the market is "cautiously optimistic" about the softening stance on trade, but waiting to see where the U.S. eventually lands on tariffs. "We haven't even begun to see what happens when those tariffs really bite, when firms have to raise their prices to consumers and consumers see fewer goods and less variety on the shelves," said Christopher. Investors were also left waiting for clarity on U.S. tax policy as Trump's sweeping tax bill failed to clear a key procedural hurdle as hardline Republicans demanding deeper spending cuts blocked the measure in a rare political setback for the Republican president in Congress. The Dow Jones Industrial Average rose 331.99 points, or 0.78%, to 42,654.74, the S&P 500 gained 41.45 points, or 0.70%, to 5,958.38 and the Nasdaq Composite gained 98.78 points, or 0.52%, to 19,211.10. For the week, the S&P 500 gained about 5.3% while the Nasdaq rose 7.2% and the Dow added 3.4%. Among the S&P 500's 11 major industry indexes, most advanced with energy the sole loser, down 0.18%. The biggest gainer was healthcare, which ended up 1.96% for the day after a volatile week. One of its biggest index point boosts was from UnitedHealth Group Inc, which regained ground - rising 6.4% on Friday and leading S&P 500 percentage gains - after eight straight days of steep losses. Investors were warily expecting strategic changes at the insurer after the Wall Street Journal reported it was under a criminal probe by the Justice Department. Among other individual stocks, Applied Materials shares slipped 5.3% after the provider of equipment for chip manufacturing missed estimates for second-quarter revenue. Charter Communications shares rose 1.8% after the cable company said it would buy privately held rival Cox Communications for $21.9 billion. Shares in Verizon Communications rose 1.7% after the Federal Communications Commission said Friday it was approving its $20 billion purchase of fiber-optic internet provider Frontier Communications after the largest U.S. telecom company agreed to end its diversity, equity and inclusion programs. Advancing issues outnumbered decliners by a 2.72-to-1 ratio on the NYSE where there were 207 new highs and 34 new lows. On the Nasdaq, 2,792 stocks rose and 1,607 fell as advancing issues outnumbered decliners by a 1.74-to-1 ratio. The S&P 500 posted 28 new 52-week highs and no new lows while the Nasdaq Composite recorded 62 new highs and 73 new lows. On U.S. exchanges, 17.61 billion shares changed hands on Friday compared with the 17.04 billion average from the last 20 sessions.
