NYSE Dow Jones finished today at:

US stocks drift to a mixed finish as Wall Street closes another week of modest losses​

By STAN CHOE, ASSOCIATED PRESS and TERESA CEROJANO
Updated 8:25 AM GMT+10, June 21, 2025

NEW YORK (AP) — U.S. stocks drifted to a mixed finish on Friday in a quiet return to trading following the Juneteenth holiday.

The S&P 500 fell 0.2% to close out a second straight week of modest losses. The Dow Jones Industrial Average added 35 points, or 0.1%, and the Nasdaq composite fell 0.5%.

Treasury yields also held relatively steady in the bond market after President Donald Trump said he will decide within two weeks whether the U.S. military will get directly involved in Israel’s fighting with Iran. The window offers the possibility of a negotiated settlement over Iran’s nuclear program that could avoid increased fighting.

The conflict has sent oil prices yo-yoing over the last week, which has in turn caused see-saw moves for the U.S. stock market, because of rising and ebbing fears that the war could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.

“We’re all waiting on pins and needles to see what happens with the Israel-Iran situation,” said Brian Jacobsen, chief economist at Annex Wealth Management. “These types of situations can stress markets, but often the best way to manage that stress is to just ride through it and not try to trade it.”

On Wall Street, Kroger rose 9.8% after the grocer reported a better profit for the latest quarter than Wall Street had forecast. It also raised its forecast for an underlying measure of revenue for the full year. But while Chief Financial Officer David Kennerley said it’s seeing positive momentum, the company is also still seeing an uncertain overall economic environment.

CarMax climbed 6.6% after the auto dealer reported a stronger profit for the latest quarter than analysts expected. The company said it sold nearly 6% more used autos during the quarter than it did a year earlier.

On the losing end of Wall Street was Smith & Wesson Brands, the maker of guns. It tumbled 19.8% after reporting profit and revenue for the latest quarter that fell just shy of analysts’ expectations.

Chief Financial Officer Deana McPherson said “persistent inflation, high interest rates, and uncertainty caused by tariff concerns” have been hurting sales for firearms, and the company expects demand in its upcoming fiscal year to be similar to this past year’s, depending on how inflation and tariffs play out.

All told, the S&P 500 fell 13.03 points to 5,967.84. The Dow Jones Industrial Average rose 35.16 to 42,206.82, and the Nasdaq composite fell 98.86 to 19,447.41.

A spate of companies has been adjusting or even withdrawing their financial forecasts for 2025 because of all the uncertainty that tariffs are creating for customers and for suppliers. Everyone is waiting to see whether Trump will reach trade deals with other countries that could lower his tariffs on imports, many of which are currently on pause.

It’s not just corporate America that’s waiting. The Federal Reserve has been keeping its main interest rate on hold this year, with its latest such decision coming earlier this week, because it wants to see more data about how much tariffs will grind down on the economy and push up inflation.

In the bond market, Treasury yields held relatively stable. The yield on the 10-year Treasury edged down to 4.37% from 4.38% late Wednesday. The two-year yield, which more closely tracks expectations for what the Fed will do, fell to 3.90% from 3.94%.

In stock markets abroad, indexes were mixed across Europe and Asia.

Tokyo’s Nikkei 225 index slipped 0.2% after Japan reported that its core inflation rate, excluding volatile food prices, rose to 3.7% in May, adding to challenges for Prime Minister Shigeru Ishiba’s government and the central bank.

ASX 200 expected to fall again​

The Australian share market looks set to fall on Monday following a relatively poor finish to last week on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.25% lower.
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U.S. stocks drifted to a mixed finish on Friday in a quiet return to trading following the Juneteenth holiday.

The S&P 500 fell 0.2% to close out a second straight week of modest losses. The Dow Jones Industrial Average added 35 points, or 0.1%, and the Nasdaq composite fell 0.5%.

All told, the S&P 500 fell 13.03 points to 5,967.84. The Dow Jones Industrial Average rose 35.16 to 42,206.82, and the Nasdaq composite fell 98.86 to 19,447.41.

Stocks rally and oil tumbles as Wall Street hopes for a limited retaliation after US strikes on Iran​

By STAN CHOE, ELAINE KURTENBACH and BERNARD CONDON
Updated 7:39 AM GMT+10, June 24, 2025

NEW YORK (AP) — U.S. stocks rallied, and the price of oil tumbled Monday on hopes that Iran will not disrupt the global flow of crude, something that would hurt economies worldwide but also its own, following the United States’ bunker-busting entry into its war with Israel.

The S&P 500 climbed 1%, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Dow Jones Industrial Average added 374 points, or 0.9%, and the Nasdaq composite gained 0.9%.

The price of oil initially jumped 6% after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the U.S. bombings. But it quickly erased all those gains and swung to a sharp loss as the focus shifted from what the U.S. military did to how Iran would react.

By late Monday, the price of a barrel of benchmark U.S. oil had dropped 7.2% to settle at $68.51 after briefly topping $78. That brought it nearly all the way back to where it was before the fighting began over a week ago, when it was sitting just above $68.

The losses accelerated sharply after Iran announced a missile attack on Al Udeid Air Base in Qatar, which the U.S. military uses. Iran said it matched the number of bombs dropped by the United States on Iranian nuclear sites this past weekend, which could be a signal of a desire to deescalate the conflict.

Perhaps most importantly for financial markets, Iran’s retaliation did not seem to target the flow of oil. The fear throughout the Israel-Iran war has been that it could squeeze the world’s supply of oil, which would pump up prices for it, gasoline and other products refined from crude.

Iran is a major producer of crude, and it could also try to block the Strait of Hormuz off its coast, through which 20% of the world’s daily oil needs passes on ships.

Several analysts said Iran would likely not close the waterway because Iran itself uses the strait to move its own crude, mostly to China, and it needs the revenue made from such sales of oil.

“It’s a scorched earth possibility, a Sherman-burning-Atlanta move,” said Tom Kloza, chief market analyst at Turner Mason & Co. “It’s not probable.”

Neil Newman, managing director of Atris Advisory Japan, said hope remains that the Israel-Iran war could be a short conflict, with the thinking being “the one big hit by the Americans will be effective and then we’ll get back to sort of business as usual, in which case there is no need for an immediate, panicky type of reaction.”

Of course, not everyone is sure about Iran’s next move.

Andy Lipow, a Houston analyst covering oil markets for 45 years, said countries are not always rational actors and that he wouldn’t be surprised if Tehran lashed out for political or emotional reasons.

“If the Strait of Hormuz was completely shut down, oil prices would rise to $120 to $130 a barrel,” said Lipow.

“It would mean higher prices for all those goods transported by truck, and it would be more difficult for the Fed to lower interest rates.”

The Federal Reserve has been hesitant to cut interest rates this year because it’s waiting to see how much President Donald Trump’s tariffs will hurt the economy and raise inflation.

Inflation has remained relatively tame recently, but a rise in oil and gasoline prices would put upward pressure on it. That in turn could keep the Fed on hold because cuts to rates can fan inflation higher, along with giving the economy a boost.

In the bond market, Treasury yields eased after Fed Gov. Michelle Bowman said she would support cutting rates at the Fed’s next meeting in just a month, as long as “inflation pressures remain contained.”

The yield on the 10-year Treasury fell to 4.33% from 4.38% late Friday. The two-year Treasury yield, which more closely tracks expectations for the Fed, dropped to 3.84% from 3.90%.

On Wall Street, Elon Musk’s Tesla was the single strongest force pushing the S&P 500 higher after jumping 8.2%. The electric-vehicle company began a test run on Sunday of a small squad of self-driving cabs in Austin, Texas. It’s something that Musk has long been touting and integral to Tesla’s stock price being as high as it is.

Hims & Hers Health tumbled 34.6% after Novo Nordisk said it will no longer work with the company to sell its popular Wegovy obesity drug. Novo Nordisk’s stock that trades in the United States fell 5.5%.

All told, the S&P 500 rose 57.33 points to 6,025.17. The Dow Jones Industrial Average added 374.96 to 42,581.78, and the Nasdaq composite gained 183.56 to 19,630.97.

In stock markets abroad, indexes fell modestly across Europe after finishing mixed in Asia. France’s CAC 40 sank 0.7%, and Hong Kong’s Hang Seng rose 0.7% for two of the world’s bigger moves.

ASX 200 expected to rebound​

The Australian share market is expected to rise on Tuesday after a strong start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 62 points or 0.7% higher.
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U.S. stocks rallied, and the price of oil tumbled Monday on hopes that Iran will not disrupt the global flow of crude, something that would hurt economies worldwide but also its own, following the United States’ bunker-busting entry into its war with Israel.

The S&P 500 climbed 1%, coming off a week where stock prices had jumped up and down on worries about the conflict potentially escalating. The Dow Jones Industrial Average added 374 points, or 0.9%, and the Nasdaq composite gained 0.9%.

The price of oil initially jumped 6% after trading began Sunday night, a signal of rising worries as investors got their first chance to react to the U.S. bombings. But it quickly erased all those gains and swung to a sharp loss as the focus shifted from what the U.S. military did to how Iran would react.

All told, the S&P 500 rose 57.33 points to 6,025.17. The Dow Jones Industrial Average added 374.96 to 42,581.78, and the Nasdaq composite gained 183.56 to 19,630.97.

US stocks approach their all-time high as oil prices tumble​

By STAN CHOE, DAVID MCHUGH and ELAINE KURTENBACH
Updated 6:58 AM GMT+10, June 25, 2025

NEW YORK (AP) — U.S. stocks rose toward their all-time high on Tuesday after oil prices eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.

The S&P 500 climbed 1.1%, following up on big gains for stocks across Europe and Asia, after President Donald Trump said late Monday that Israel and Iran had agreed to a “complete and total ceasefire.” The main measure of Wall Street’s health is back within 0.8% of its record set in February after falling roughly 20% below during the spring.

The Dow Jones Industrial Average jumped 507 points, or 1.2%, and the Nasdaq composite rallied 1.4%.

The strongest action was again in the oil market, where a barrel of benchmark U.S. crude fell 6% to settle at $64.37. Brent crude, the international standard, had a similar drop.

The fear throughout the Israel-Iran conflict has been that it could squeeze the world’s supply of oil, which would pump up prices for gasoline and hurt the global economy. Iran is a major producer of crude, and it could also try to block the Strait of Hormuz off its coast, through which 20% of the world’s daily oil needs passes on ships.

Oil prices began falling sharply on Monday after Iran launched what appeared to be a limited retaliatory strike to the United States’ entry into the war, one that did not target the production or movement of oil. They kept falling even after attacks continued past a deadline to stop hostilities early Tuesday. Trump later said that the ceasefire was “in effect.”

Oil prices have dropped so much in the last two days that they’re below where they were before the fighting began nearly two weeks ago.

With the global oil market well supplied and the OPEC+ alliance of producing countries steadily increasing production, oil prices could be headed even lower as long as the ceasefire holds and a lasting peace solution can be found, said Carsten Fritsch, commodities analyst at Commerzbank.

Falling oil prices should take some pressure off inflation, and that in turn could give the Federal Reserve leeway to resume cutting interest rates.

Wall Street loves lower rates because they boost the economy by making it cheaper for U.S. households and businesses to borrow money to buy a car or build a factory. But they could also give inflation more fuel. That threat is why the Fed has been hesitant to cut rates this year after lowering them through the end of last year.

The Fed has said repeatedly that it wants to wait and see how much Trump’s tariffs will hurt the economy and raise inflation before committing to its next move. So far, the economy seems to be holding up OK, though a report on confidence among U.S. consumers came in weaker than economists expected on Tuesday, and inflation has remained only a bit above the Fed’s 2% target.

Trump has been pushing loudly for more cuts to rates. And two of his appointees to the Fed have said recently they may consider cutting rates as soon as the Fed’s next meeting next month.

Fed Chair Jerome Powell remains more cautious, though he he did indicate Tuesday that the Fed’s next move is likely to be a cut.

Asked during testimony before a Congressional committee whether a reduction could arrive as soon as July, Powell said, “We will get to a place where we cut rates, sooner rather than later – but I wouldn’t want to point to a particular meeting. I don’t think we need to be in any rush because the economy is still strong.”

That helped Treasury yields ease in the bond market. The yield on the 10-year Treasury fell to 4.29% from 4.34% late Monday.

The two-year Treasury yield, which more closely tracks expectations for Fed action, fell to 3.81% from 3.84%.

On Wall Street, cruise operator Carnival steamed 6.9% higher after the cruise operator delivered a much bigger profit for the latest quarter than analysts expected.

CEO Josh Weinstein said it’s seeing strong demand from people booking cruises close to the departure date, and customers are spending strongly once on board. Carnival also raised its forecast for an underlying measure of profit for the full year.

Uber Technologies rose 7.5% after it said customers in Atlanta can use its app to ride in Waymo autonomous vehicles.

Coinbase Global rallied 12.1% as the cryptocurrency exchange rose with the price of bitcoin, which jumped back above $105,000.

All told, the S&P 500 rose 67.01 points to 6,092.18. The Dow Jones Industrial Average climbed 507.24 to 43,089.02, and the Nasdaq composite rallied 281.56 to 19,912.53.

In stock markets abroad, indexes rallied at least 1% everywhere from France to Germany to Japan following the announcement of the Israel-Iran ceasefire. Hong Kong’s jump of 2.1% and South Korea’s leap of 3% were two of the strongest moves.

ASX 200 expected to rise​

The Australian share market looks set to rise on Wednesday following a strong night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1% higher this morning.
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U.S. stocks rose toward their all-time high on Tuesday after oil prices eased further on hopes that Israel’s war with Iran will not damage the global flow of crude.

The S&P 500 climbed 1.1%, following up on big gains for stocks across Europe and Asia, after President Donald Trump said late Monday that Israel and Iran had agreed to a “complete and total ceasefire.” The main measure of Wall Street’s health is back within 0.8% of its record set in February after falling roughly 20% below during the spring.

The Dow Jones Industrial Average jumped 507 points, or 1.2%, and the Nasdaq composite rallied 1.4%.

The strongest action was again in the oil market, where a barrel of benchmark U.S. crude fell 6% to settle at $64.37. Brent crude, the international standard, had a similar drop.

All told, the S&P 500 rose 67.01 points to 6,092.18. The Dow Jones Industrial Average climbed 507.24 to 43,089.02, and the Nasdaq composite rallied 281.56 to 19,912.53.

US stocks hang near their record as Wall Street takes a breath following two big days​

By STAN CHOE, ELAINE KURTENBACH and MATT OTT
Updated 6:51 AM GMT+10, June 26, 2025

NEW YORK (AP) — U.S. stocks hung near their all-time high on Wednesday as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.

The S&P 500 barely budged after drifting through a quiet day of trading and is sitting just 0.8% below its all-time high, which was set in February. The Dow Jones Industrial Average dipped 106 points, or 0.2%, and the Nasdaq composite rose 0.3%.

In the oil market, which has been the center of much of this week’s action, crude prices stabilized after plunging by roughly $10 per barrel in the last two days. Benchmark U.S. crude rose 55 cents to $64.92 per barrel, though it still remains below where it was before the fighting between Israel and Iran broke out nearly two weeks ago.

A fragile ceasefire between the two countries appears to be holding, at least for the moment.

On Wall Street, FedEx fell 3.3% despite reporting stronger profit and revenue for the latest quarter than analysts expected. It gave a forecast for profit in the current quarter that fell short of expectations.

General Mills, the company behind Pillsbury and Progresso soups, lost 5.1% after reporting weaker revenue for the latest quarter than analysts expected, though its profit topped forecasts. It also said an underlying measure of profit could fall by 10% to 15% this upcoming fiscal year.

On the winning side of Wall Street, Bumble jumped 25.1% after the online dating platform said it would cut about 30% of its workforce, or 240 jobs, to save up to $40 million in annual costs.

QuantumScape rallied 30.9% after announcing a breakthrough in its process for making solid-state batteries. Solid state battery technology promises to improve electric vehicle range, decrease charging times and minimize the risk of battery fires. But the batteries are expensive to research and difficult to manufacture at a large scale, giving them a reputation for being a Holy Grail for battery engineers all over the world.

Companies involved in the cryptocurrency industry, meanwhile, rose as the price of bitcoin continued to steam ahead with investors willing to take on more risk. Coinbase Global, the crypto exchange, climbed 3.1% as bitcoin topped $107,000.

All told, the S&P 500 edged down by 0.02 to 6,092.16 points. The Dow Jones Industrial Average fell 106.59 to 42,982.43, and the Nasdaq composite rose 61.02 to 19,973.55.

In the bond market, Treasury yields held relatively steady, and the yield on the 10-year Treasury eased to 4.28% from 4.30% late Tuesday.

Yields had dropped a day earlier after the chair of the Federal Reserve said it is waiting for the right moment to resume cutting interest rates. By lowering rates, the Fed could give the economy a boost, but it could also offer additional fuel for inflation.

Fed Chair Jerome Powell said again on Wednesday that he wants to wait and see how President Donald Trump’s tariffs affect the economy and inflation before committing to its next move. In testimony before a Senate committee, Powell echoed many of his statements from the day before, when he spoke at the House of Representatives, and he said, “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”

In stock markets abroad, indexes fell modestly in Europe after rising across much of Asia.

Stocks jumped 1.2% in Hong Kong and 1% in Shanghai for two of the bigger moves.

“The world can now move on to face other difficult choices like tariffs and things like that,” said Frances Lun, CEO of GEO Securities in Hong Kong. “So I think the market is well on its way to rebound and could again reach new levels.”

ASX 200 expected to fall​

The Australian share market looks set to fall on Thursday following a mixed night on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 37 points or 0.5% lower this morning.
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U.S. stocks hung near their all-time high on Wednesday as financial markets caught a breath following two big days bolstered by hopes that the Israel-Iran war will not disrupt the global flow of crude oil.

The S&P 500 barely budged after drifting through a quiet day of trading and is sitting just 0.8% below its all-time high, which was set in February. The Dow Jones Industrial Average dipped 106 points, or 0.2%, and the Nasdaq composite rose 0.3%.

All told, the S&P 500 edged down by 0.02 to 6,092.16 points. The Dow Jones Industrial Average fell 106.59 to 42,982.43, and the Nasdaq composite rose 61.02 to 19,973.55.

US stocks rise to the brink of a record and recover nearly all their 20% springtime drop​

By STAN CHOE and ELAINE KURTENBACH
Updated 6:51 AM GMT+10, June 27, 2025

NEW YORK (AP) — The U.S. stock market ran up to the edge of another record on Thursday.

The S&P 500 climbed 0.8% and is sitting just 0.05% below its all-time closing high, which was set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones Industrial Average rallied 404 points, or 0.9%, and the Nasdaq composite gained 1%.

McCormick, the seller of cooking spices, helped lead the way and jumped 5.3% after delivering a better-than-expected profit report. The company also gave a forecast for profit over its full fiscal year that topped analysts’ expectations, including planned efforts to offset increased costs caused by tariffs.

Over the longer term, it’s been big technology stocks that have led the market for years and since the S&P 500 hit a bottom in April.

Chip company Nvidia, which has been the poster child of the frenzy around artificial-intelligence technology, added 0.5%. It’s the most valuable company in the U.S. stock market after rushing 61% higher since April 8, towering over the S&P 500’s gain of 23%. Another AI darling, Super Micro Computer, rose 5.7% to bring its gain since April 8 to 55%.

Micron Technology, which sells computer memory and data storage, swung between gains and losses after reporting stronger profit and revenue for the latest quarter than analysts expected. CEO Sanjay Mehrotra said it’s seeing growing AI-driven memory demand, and the company gave a forecast for profit in the current quarter that topped analysts’ expectations. Its stock ended the day down 1%.

All told, the S&P 500 rose 48.86 points to 6,141.02. The Dow Jones Industrial Average rose 404.41 to 43,386.84, and the Nasdaq composite gained 194.36 to 20,167.91.

Wall Street’s worries about Trump’s tariffs have receded since the president shocked the world in April with stiff proposed levies, but they have not disappeared. The wait is still on to see how big the tariffs will ultimately be, how much they will hurt the economy and how much they will push up inflation.

The economy so far seems to be holding up OK, though slowing, and more reports arrived on Thursday bolstering that. One said that orders for washing machines and other manufactured goods that last at least three years grew by more last month than economists expected. A second said fewer U.S. workers filed for unemployment benefits last week, a potential signal of fewer layoffs.

A third report said the U.S. economy shrank by more during the first three months of 2025 than earlier estimated. But many economists say those numbers got distorted by a surge of purchases of foreign products by U.S. companies hoping to get ahead of tariffs. They’re expecting a better performance in upcoming months.

Following the reports, Treasury yields swiveled up and down in the bond market before easing.

The yield on the 10-year Treasury fell to 4.24% from 4.29% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, fell to 3.71% from 3.74% late Wednesday.

Analysts said yields may have felt pressure because of a report from The Wall Street Journal saying Trump could name his nominee to replace Fed Chair Jerome Powell unusually early, in an attempt to undermine him. That could hurt confidence among investors about the Fed’s capability to make unpopular decisions when it comes to fighting inflation.

Powell has been repeating recently that the Federal Reserve is waiting to see how Trump’s tariffs will affect the economy before deciding when to resume cutting interest rates. It has been on pause this year because lower rates can give inflation more fuel, along with providing the economy a boost.

Trump, though, has been adamant about wanting cuts to rates sooner and has insulted Powell repeatedly. Two of his appointees to the Fed have also said recently that they would consider cutting rates as soon as the Fed’s next meeting in July.

“Yields fell, the dollar weakened, and break evens rose, all suggesting that a puppet of the White House in the seat of the Chair could be bad for inflation,” said Brian Jacobsen, chief economist at Annex Wealth Management. But Jacobsen said decisions on interest rates would still rest with a committee of Fed officials, not just the chair, and other officials could possibly keep the new leader “in check if needed.”

In stock markets abroad, indexes were mixed in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 rose 1.6%, and South Korea’s Kospi fell 0.9% for two of the bigger moves.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Friday following a strong night in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 51 points or 0.6% higher this morning.
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The U.S. stock market ran up to the edge of another record on Thursday.

The S&P 500 climbed 0.8% and is sitting just 0.05% below its all-time closing high, which was set in February. It briefly topped the mark during the afternoon in the latest milestone for the index at the heart of many 401(k) accounts, which had dropped roughly 20% below its record during the spring on worries about President Donald Trump’s tariffs.

The Dow Jones Industrial Average rallied 404 points, or 0.9%, and the Nasdaq composite gained 1%.

All told, the S&P 500 rose 48.86 points to 6,141.02. The Dow Jones Industrial Average rose 404.41 to 43,386.84, and the Nasdaq composite gained 194.36 to 20,167.91.

US stocks close at an all-time high just months after plunging on tariff fears​

By DAMIAN J. TROISE, ALEX VEIGA and TERESA CEROJANO
Updated 7:10 AM GMT+10, June 28, 2025

U.S. stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy.

The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.



The market’s complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA.

“Investors will breathe a sigh of relief,” he said.

The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%.

President Donald Trump’s decision Friday to halt trade talks with Canada threatened to derail Wall Street’s run to a record, but the market steadied after the S&P 500 briefly turned negative.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs.

The price of crude oil in the U.S. rose 0.4% to $65.52 a barrel. Prices have fallen back to pre-conflict levels.

Investors are also monitoring potential progress on trade conflicts between the U.S. and its trading partners, specifically China. The two countries have signed a trade deal that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, U.S. Treasury Secretary Scott Bessent said Friday.

China’s Commerce Ministry also said that the two sides had “further confirmed the details of the framework” for their trade talks. But its statement did not explicitly mention an agreement to ensure U.S. access to rare earths, and instead said it will review and approve “eligible export applications for controlled items.”

An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists’ projections.

Inflation remains a big concern for businesses and consumers. Trump’s on-again-off-again tariff policy has made it difficult for companies to make financial forecasts. It has also put more pressure on consumers worried about already stubborn inflation. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits.

The U.S. has 10% baseline tariffs on all imported goods, along with higher rates for Chinese goods and other import taxes on steel and autos. The economy and consumers have remained somewhat resilient, though analysts and economists expect to see the impact grow as import taxes continue to work their way through businesses to consumers.

“While we also would have expected to already be seeing a bit more passthrough into the inflation statistics, we still expect these impacts to show up in a more meaningful way in the next few months,” said Greg Wilensky, head of U.S. fixed income and portfolio manager at Janus Henderson.

The threat of more severe tariffs continues to hang over the economy. The current pause on a round of retaliatory tariffs against a long list of nations is set to expire in July. Failure to negotiate deals or further postpone the tariffs could once again rattle investors and consumers.

The Federal Reserve is monitoring the tariff situation with a big focus on inflation. The rate of inflation has been stubbornly sitting just above the central bank’s target of 2%. In a report Friday, its preferred gauge, the personal consumption expenditures index, rose to 2.3% in May. That’s up from 2.2% the previous month.

The Fed cut interest rates three times in late 2024 following a historic series of rate hikes to cool inflation. The PCE was as high as 7.2% in 2022 while the more commonly used consumer price index hit 9.1%.
A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)

A Wall Street sign hangs near to the New York Stock Exchange, Wednesday, June 18, 2025, in New York. (AP Photo/Yuki Iwamura)

The Fed hasn’t cut rates so far in 2025 over worries that tariffs could reignite inflation and hamper the economy. Economists still expect at least two rate cuts before the end of the year.

Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.27% from 4.24% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, edged up to 3.74% from late Thursday.

All told, the S&P 500 rose 32.05 points to 6,173.07. The Dow gained 432.43 points to 43,819.27, and the Nasdaq added 105.55 points to 20,273.46.

Stocks in Europe were mostly higher, while stocks in Asia finished mixed.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Monday following a strong finish to last week on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.06% higher.
.
U.S. stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy.

The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.

The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%.

All told, the S&P 500 rose 32.05 points to 6,173.07. The Dow gained 432.43 points to 43,819.27, and the Nasdaq added 105.55 points to 20,273.46

US stocks push further into record heights​

By STAN CHOE and ELAINE KURTENBACH
Updated 6:53 AM GMT+10, July 1, 2025

NEW YORK (AP) — The U.S. stock market added to its record on Monday as Wall Street closed out a second straight winning month.

The S&P 500 rose 0.5% in its first trading after completing a stunning recovery from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 275 points, or 0.6%, and the Nasdaq composite gained 0.5%.

Stocks got a boost after Canada said it’s rescinding a planned tax on U.S. technology firms and resuming talks on trade with the United States. On Friday, U.S. President Donald Trump had said he was suspending talks with Canada because of his anger with the tax, which he called “a direct and blatant attack on our country.”

One of the main reasons U.S. stocks came back so quickly from their springtime swoon has been hope that Trump will reach deals with other countries to lower his stiff proposed tariffs. Otherwise, the fear is that trade wars could stifle the economy and send inflation higher.

Many of Trump’s announced tariffs are currently on pause, and they’re scheduled to kick back into effect in a little more than a week.

The U.S. stock market being back at a record high could actually raise the risk of renewed escalations on tariffs, according to strategists at Deutsche Bank led by Parag Thatte and Binky Chadha. They point to the pattern in 2018 and 2019 of rallies for the market prompting escalations for tariffs, which then drove the market lower and led to subsequent pullbacks on tariffs, which then sparked rallies again.

“Despite the rhetoric to the contrary, this dynamic looks alive and well,” the strategists wrote in a report. “In our view, beyond the market reaction, if negative impacts of tariffs on growth, earnings or inflation start to materialize, we will get further relents.”

On Wall Street, Oracle’s 4% rise was one of the strongest forces lifting the S&P 500. CEO Safra Catz said the tech giant “is off to a strong start” in its fiscal year and that it signed multiple large cloud services agreements, including one that could contribute over $30 billion in annual revenue two fiscal years from now.

GMS’ stock jumped 11.7% after the supplier of specialty building products said it agreed to sell itself to a Home Depot subsidiary in a deal that would pay $110.00 per share in cash. That would give it a total value of roughly $5.5 billion, including debt.

Less than two weeks ago, another company, QXO, said it was offering to buy GMS for $95.20 per share in cash. After the announcement of the Home Depot bid, QXO’s stock rose 3.9%, and Home Depot’s stock slipped 0.6%.

Hewlett Packard Enterprise rallied 11.1% and Juniper Networks climbed 8.4% after saying they had reached an agreement with the U.S. Department of Justice that could clear the way for their merger go through, subject to court approval. HPE is trying to buy Juniper in a $14 billion deal.

Bank stocks were also solid after the Federal Reserve said on Friday that they are financially strong enough to survive a downturn in the economy. JPMorgan Chase climbed 1%, and Citigroup gained 0.9%.

All told, the S&P 500 rose 31.88 points to 6,204.95. The Dow Jones Industrial Average added 275.50 to 44,094.77, and the Nasdaq composite gained 96.27 to 20,369.73.

In the bond market, Treasury yields fell ahead of several major economic reports later in the week. The highlight will be Thursday’s jobs report. It’s often the most anticipated economic data of each month, and it will come a day earlier than usual because of Friday’s Fourth of July holiday.

The job market has remained relatively steady recently, even in the face of tariffs, but hiring has slowed. Economists expect Thursday’s data to show another step down in overall hiring, down to 115,000 jobs in June from 139,000 in May.

Such data has helped keep the Federal Reserve on hold this year when it comes to interest rates. Fed Chair Jerome Powell has said repeatedly that it’s waiting for more data to show how tariffs will affect the economy and inflation before resuming its cuts to interest rates. That’s because lower rates can fan inflation higher, along with giving the economy a boost.

Trump, meanwhile, has been pushing for more cuts to rates and for them to happen soon. Two of his appointees to the Fed have said recently they could consider cutting rates as soon as the Fed’s next meeting in less than a month.

The yield on the 10-year Treasury fell to 4.23% from 4.29% late Friday.

In stock markets abroad, indexes dipped modestly in Europe following a more mixed finish in Asia.

Stocks fell 0.9% in Hong Kong but rose 0.6% in Shanghai after China reported its factory activity improved slightly in June after Beijing and Washington agreed in May to postpone imposing higher tariffs on each others’ exports, though manufacturing remained in contraction.

ASX 200 expected to edge lower​

The Australian share market is expected to edge lower on Tuesday after a positive start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 6 points lower.
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In the United States, the Dow Jones was up 0.6%, the S&P 500 climbed 0.5%, and the Nasdaq pushed 0.5% higher.

The S&P 500 rose 0.5% in its first trading after completing a stunning recovery from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 275 points, or 0.6%, and the Nasdaq composite gained 0.5%.

All told, the S&P 500 rose 31.88 points to 6,204.95. The Dow Jones Industrial Average added 275.50 to 44,094.77, and the Nasdaq composite gained 96.27 to 20,369.73.

Wall Street is split as Tesla and tech drop while most other US stocks climb​

By STAN CHOE, TERESA CEROJANO and MATT OTT
Updated 7:20 AM GMT+10, July 2, 2025

NEW YORK (AP) — A mixed day of trading left the U.S. stock market split on Tuesday as Wall Street’s momentum slowed after setting record highs in each of the last two days.

The S&P 500 dipped 0.1% for its first loss in four days. The Dow Jones Industrial Average rose 400 points, or 0.9%, and the Nasdaq composite fell 0.8%.

Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies.

Tesla fell 5.3% and was one of the heaviest weights on the S&P 500. It has lost just over a quarter of its value so far this year, 25.5%, in large part because of Musk’s and Trump’s feud.

Drops for several darlings of the artificial-intelligence frenzy also weighed on the market. Nvidia’s decline of 3% was the heaviest weight on the S&P 500.

But more stocks within the index rose than fell, led by several casino companies. They rallied following a report showing better-than-expected growth in overall gaming revenue in Macao, China’s casino hub. Las Vegas Sands gained 8.9%, Wynn Resorts climbed 8.8% and MGM Resorts International rose 7.3%.

Automakers outside of Tesla were also strong, with General Motors up 5.7% and Ford Motor up 4.6%.

All told, the S&P 500 slipped 6.94 points to 6,198.01. The Dow Jones Industrial Average rose 400.17 to 44,494.94, and the Nasdaq composite fell 166.84 to 20,202.89.

The overall U.S. stock market has made a stunning recovery from its springtime sell-off of roughly 20%. But challenges still lie ahead for Wall Street, with one of the largest being the continued threat of Trump’s tariffs.

Many of Trump’s stiff proposed taxes on imports are currently on pause, and they’re scheduled to kick into effect in about a week. Depending on how big they are, they could hurt the economy and worsen inflation.

Washington is also making progress on proposed cuts to tax rates and other measures that could send the U.S. government’s debt spiraling higher, which could raise inflation. That in turn could mean higher interest rates, which would hurt prices for bonds, stocks and other investments.

Despite such challenges, strategists at Barclays say they see signals of euphoria among some investors. The strategists say a measure that tries to show how much “excess optimism” is in the market is not far from the peaks seen during the “meme stock” craze that sent GameStop to market-bending heights or to the dot-com bubble at the turn of the millennium.

Other signals include demand for what are known as “blank-check companies,” which are essentially piles of cash that hunt for privately held companies to buy. When too much optimism is in the market, it can inflate stock prices to too-high levels in what’s called a “bubble.”

Of course, “market bubbles are infamously difficult to predict and can endure far longer than anticipated before correcting,” according to the Barclays strategists led by Stefano Pascale and Anshul Gupta.

In the bond market, Treasury yields swiveled following some mixed reports on the U.S. economy.

One said U.S. employers were advertising more job openings at the end of May than the month before and than economists expected. That could be an encouraging signal for a job market that had been appearing to settle into a low-hire, low-fire state.

Separate reports on U.S. manufacturing were more mixed. One from the Institute for Supply Management said U.S. manufacturing activity shrank again in June, though not by as much as the month before.

“Customers do not want to make commitments in the wake of massive tariff uncertainty,” one survey respondent in the fabricated metal products industry said.

A separate report from S&P Global suggested manufacturing production returned to growth in June after three months of declines.

The yield on the 10-year Treasury held at 4.24%, where it was late Monday, after bouncing from a modest loss to a modest gain earlier in the day.

The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its main interest rate, rose more sharply to 3.77% from 3.72%. Better-than-expected data on the economy could push the Fed to stay on pause with interest rates, after it halted its cuts to rates at the start of this year.

Fed Chair Jerome Powell said again on Tuesday that he wants to wait for more evidence about how Trump’s tariffs will affect the economy and inflation before resuming cuts to interest rates. That’s despite Trump’s angry insistences lately that Powell and the Fed act more quickly to give the economy a boost through lower rates.

In stock markets abroad, indexes were mixed in Europe and Asia.

Japan’s Nikkei 225 fell 1.2%, and South Korea’s Kospi rose 0.6% for two of the larger moves.

ASX 200 expected to rise​

The Australian share market looks set to rise on Wednesday following a mixed night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 18 points or 0.2% higher this morning.
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A mixed day of trading left the U.S. stock market split on Tuesday as Wall Street’s momentum slowed after setting record highs in each of the last two days.

The S&P 500 dipped 0.1% for its first loss in four days. The Dow Jones Industrial Average rose 400 points, or 0.9%, and the Nasdaq composite fell 0.8%.

Tesla tugged on the market as the relationship between its CEO, Elon Musk, and President Donald Trump soured even further. Once allies, the two have clashed recently, and Trump suggested there’s potentially “BIG MONEY TO BE SAVED” by scrutinizing subsidies, contracts or other government spending going to Musk’s companies.

All told, the S&P 500 slipped 6.94 points to 6,198.01. The Dow Jones Industrial Average rose 400.17 to 44,494.94, and the Nasdaq composite fell 166.84 to 20,202.89.

US stocks hit another record as Tesla and Nike rally​

By STAN CHOE, TERESA CEROJANO and MATT OTT
Updated 7:01 AM GMT+10, July 3, 2025

NEW YORK (AP) — U.S. stocks ticked higher on Wednesday to hit another all-time high.

The S&P 500 rose 0.5% and set a record for the third time in four days. The Dow Jones Industrial Average edged down by 10 points, or less than 0.1%, and the Nasdaq composite gained 0.9%.

Tesla helped drive the market higher and rose 5% after saying it delivered nearly 374,000 of its Model 3 and Model Y automobiles last quarter. That was better than analysts expected, though the electric-vehicle maker’s overall sales fell 13% from a year earlier.

Worries have been high that CEO Elon Musk’s involvement in politics is turning off potential Tesla buyers.

Constellation Brands climbed 4.5% despite reporting a weaker profit for the latest quarter than analysts expected. It pointed to slowing growth for jobs in the construction industry and other “4000 calorie+” sectors, which tends to hurt demand for its beer.

But the company selling Modelo beer and Robert Mondavi wine nevertheless stuck with its financial forecasts for the full upcoming year.

They helped offset a 40.4% drop for Centene. The health care company withdrew its forecasts for profit this year after seeing data that suggests worse-than-expected sickness trends in many of the states where it does business. It was the worst day for the stock since its debut in 2001.

All told, the S&P 500 rose 29.41 points to 6,227.42. The Dow Jones Industrial Average slipped 10.52 to 44,484.42, and the Nasdaq composite climbed 190.24 to 20,393.13.

In the bond market, Treasury yields were mixed ahead of a highly anticipated report on Thursday, which will show how many jobs U.S. employers created and destroyed last month. The widespread expectation is that they hired more people than they fired but that the pace of hiring slowed from May.

A stunningly weak report released Wednesday morning raised worries that Thursday’s report may fall short. The data from ADP suggested that U.S. employers outside the government cut 33,000 jobs from their payrolls last month, when economists were expecting to see growth of 115,000 jobs.

“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” according to Nela Richardson, chief economist at ADP.

The ADP report does not have a perfect track record predicting what the U.S. government’s more comprehensive jobs report will say each month. That preserves hope that Thursday’s data could be more encouraging. But a fear has been that uncertainty around President Donald Trump’s tariffs could cause employers to freeze their hiring.

Many of Trump’s stiff proposed taxes on imports are currently on pause, and they’re scheduled to kick into effect in about a week. Unless Trump reaches deals with other countries to lower the tariffs, they could hurt the economy and worsen inflation.

Trump said on Wednesday that he reached a deal with Vietnam, where U.S. products sold in the country will face zero tariffs and Vietnamese-made goods will face a U.S. tariff of 20%. That helped companies that import lots of things from Vietnam, including Nike, whose stock rose 4.1%. Factories in Vietnam made half of all Nike brand footwear in its fiscal year of 2024.

Other factors could also be dragging on the job market, such as the U.S. government’s termination of protected status for 350,000 Venezuelans, potentially exposing them to deportation. That alone could create a drag on payrolls of 25,000 jobs, according to Goldman Sachs economist David Mericle, whose forecast for Thursday’s report is weaker than many of his peers.

The yield on the 10-year Treasury rose to 4.28% from 4.26% late Tuesday.

The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its overnight interest rate, held steady at 3.78%.

An unexpected weakening of the job market could push the Fed to cut interest rates in order to give the economy a boost. So far this year, the Fed has said it would rather wait to see how Trump’s tariffs affect the economy and inflation before cutting rates any further.

Trump, meanwhile, has angrily been calling for cuts to rates to happen sooner.

In stock markets abroad, indexes were mixed as the deadline approaches for when Trump’s tariffs will come off their pause.

France’s CAC 40 rose 1%, and Hong Kong’s Hang Seng gained 0.6%. But Japan’s Nikkei 225 fell 0.6%, and South Korea’s Kospi dropped 0.5%.

ASX 200 expected to fall​

The Australian share market looks set to fall on Thursday despite a relatively positive night on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 11 points or 0.1% lower this morning.
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U.S. stocks ticked higher on Wednesday to hit another all-time high.

The S&P 500 rose 0.5% and set a record for the third time in four days. The Dow Jones Industrial Average edged down by 10 points, or less than 0.1%, and the Nasdaq composite gained 0.9%.

Tesla helped drive the market higher and rose 5% after saying it delivered nearly 374,000 of its Model 3 and Model Y automobiles last quarter. That was better than analysts expected, though the electric-vehicle maker’s overall sales fell 13% from a year earlier.

All told, the S&P 500 rose 29.41 points to 6,227.42. The Dow Jones Industrial Average slipped 10.52 to 44,484.42, and the Nasdaq composite climbed 190.24 to 20,393.13.

Independence Day Friday, July 4* Holiday
* Each market will close early at 1:00 p.m. (1:15 p.m. for eligible options) on Thursday, July 3, 2025.

US stocks set another record and yields leap on signals the US economy is solid​

By STAN CHOE, TERESA CEROJANO and MATT OTT
Updated 5:24 AM GMT+10, July 4, 2025

NEW YORK (AP) — U.S. stocks climbed further into record heights on Thursday after a report showed the U.S. job market looks stronger than Wall Street expected.

The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.

The market’s gains were widespread, and companies whose profits can get the biggest boosts when workers are feeling confident helped lead the way. Expedia climbed 3.2%, and Norwegian Cruise Line steamed 2.9% higher.

Bank stocks were also strong, with Citigroup up 2.3%, and JPMorgan Chase up 1.9%.

The reaction was bigger in the bond market following the report from the U.S. government, which said employers added 147,000 more jobs to their payrolls last month than they cut. The unexpected acceleration in hiring signals the U.S. job market is holding up despite worries about how President Donald Trump’s tariffs may hurt the economy and inflation.

“There is nothing to complain about here,” according to Carl Weinberg, chief economist at High Frequency Economics. “You cannot find any evidence of a nascent recession in these figures.”

A separate report, meanwhile, said fewer U.S. workers applied for unemployment benefits last week, an indication of easing layoffs.

Yields jumped in the bond market as investors bet the better-than-expected data could keep the Federal Reserve on hold when it comes to interest rates, instead of cutting them like Trump has loudly been calling for.

Traders in the futures market now see less than a 5% chance that the Fed could cut its main interest rate at its next meeting later this month. That’s down sharply from the nearly 24% chance they saw just a day earlier, according to data from CME Group.

The Fed’s chair, Jerome Powell, has been insisting that he wants to wait and see how Trump’s tariffs affect the economy and inflation before making its next move. While lower rates give a boost to the economy by making it easier to borrow money, they can also give inflation more fuel. And that could be dangerous if Trump’s tariffs are about to send inflation higher.

Many of Trump’s stiff proposed taxes on imports are currently on pause, but they’re scheduled to kick in next week unless Trump reaches deals with other countries to lower them.

Many U.S. companies in the services industries are still saying they’re concerned about the impacts of tariffs, even if they returned to growth last month following May’s contraction, according to the most recent survey by the Institute for Supply Management.

“Increased cost from tariffs and the potential for tariffs is impacting cost increases,” one company in the agriculture, forestry, fishing and hunting industry said in the survey.

The yield on the 10-year Treasury rose to 4.34% from 4.30% late Wednesday. The two-year Treasury yield, which moves more closely with expectations for the Fed, jumped even more. It climbed to 3.88% from 3.78%.

On Wall Street, Datadog rallied 14.9% after learning that its stock will join the widely followed S&P 500 index before trading begins on Wednesday. Many managers of funds either directly mimic or at least compare themselves against the S&P 500, which drives investment into any stock that joins the index.

Datadog will replace Juniper Networks, which combined with Hewlett Packard Enterprise in a merger.

On the losing side of Wall Street were companies that can feel pain from interest rates staying high.

Homebuilders would like rates to fall in order to make mortgages cheaper to get, for example, and Lennar sank 4.1%, while D.R. Horton dropped 2.7%.

All told, the S&P 500 rose 51.93 points to 6,279.35. The Dow Jones Industrial Average added 344.11 to 44,828.53, and the Nasdaq composite climbed 207.97 to 20,601.10.

In stock markets abroad, indexes rose across much of Europe and Asia. South Korea’s Kospi climbed 1.3%, and Hong Kong’s Hang Seng fell 0.6% for two of the bigger moves.

ASX 200 expected to rise​

The Australian share market looks set to rise on Friday following a strong night in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 27 points or 0.3% higher this morning.
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U.S. stocks climbed further into record heights on Thursday after a report showed the U.S. job market looks stronger than Wall Street expected.

The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%.

The market’s gains were widespread, and companies whose profits can get the biggest boosts when workers are feeling confident helped lead the way. Expedia climbed 3.2%, and Norwegian Cruise Line steamed 2.9% higher.

All told, the S&P 500 rose 51.93 points to 6,279.35. The Dow Jones Industrial Average added 344.11 to 44,828.53, and the Nasdaq composite climbed 207.97 to 20,601.10.

ASX 200 expected to open flat

The Australian share market looks set for a subdued start to the week after Wall Street was closed for the Independence Day holiday.

According to the latest SPI futures, the ASX 200 is expected to open the day flat. In Europe, the Dax was down 0.6%, the FTSE was flat, and the CAC was down 0.75%.

Market snapshot
By Stephen Letts

ASX 200 futures: flat at 8,583 points
Australian dollar: +0.1% to 65.56 US cents
Wall Street (Friday): Closed
Europe (Friday): DAX -0.6%, FTSE flat, Eurostoxx -0.8%
Spot gold (Friday): +0.3% at $US3,335/ounce
Brent crude (Friday): -0.7% to US$68.30/barrel
Iron ore (Friday): +0.2% to $US96.70/tonne
Bitcoin: flat at $US108,791

Prices current around 7:10am AEST

Wall Street falls as Trump pressures trading partners with new tariffs​

By ALEX VEIGA
Updated 7:51 AM GMT+10, July 8, 2025

Stocks on Wall Street closed broadly lower Monday as the White House stepped up pressure on major trading partners to make deals before punishing tariffs imposed by the U.S. take effect.

The S&P 500 fell 0.8% for its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.9%. The Nasdaq composite also finished 0.9% lower, not too far from its own record high.

The losses were widespread. Decliners outnumbered gainers by nearly 4-to-1 on the New York Stock Exchange.

Tesla tumbled 6.8% for the biggest drop among S&P 500 stocks as the feud between CEO Elon Musk and President Donald Trump reignited over the weekend. Musk, once a top donor and ally of Trump, said he would form a third political party in protest over the Republican spending bill that passed last week.

The selling accelerated after the Trump administration released letters informing Japan and South Korea that their goods will be taxed at 25% starting on Aug. 1, citing persistent trade imbalances with the two crucial U.S. allies in Asia.

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,” Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung.

Trump also announced new tariff rates on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

Just before hefty U.S. tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.

On Sunday, Trump said he would impose an additional 10% in tariffs against the BRICS bloc of developing nations, which had condemned tariffs increases at its summit in Brazil. In addition to Brazil, the BRICS countries also include Russia, India, China and South Africa.

This latest phase in the trade war heightens the threat of potentially more severe tariffs that’s been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks.

“Just bringing back that meaty topic back into focus, after a strong week last week, has given a little bit of a pause in the market,” said Bill Northey, senior investment director at U.S. Bank Asset Management.

The near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs, according to analysts at Nomura.

Last week, the Trump administration announced that it reached a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April.

“The type of deal struck with Vietnam may be a blueprint for similar countries in the region with economies heavily reliant on large trade deficits with the U.S.,” said Jason Pride, chief of investment strategy and research at Glenmede.

Monday’s market sell-off came on the first day of trading in the U.S. after a holiday-shortened week.

Nearly all of the sectors in the S&P 500 index closed in the red, with technology, financial and consumer-related stocks among the biggest weights on the market.

Apple fell 1.7%, JPMorgan Chase dropped 1.4% and Home Depot slid 1.1%.

Molina Healthcare fell 2.9% after the insurer lowered its profit guidance due to rapidly accelerating costs. UnitedHealth Group also recently reported a spike in costs that forced it to cut its forecast, sending its stock tumbling in April.

In deal news, software company CoreWeave agreed to acquire cryptocurrency mining company Core Scientific in an all-stock transaction valued at about $9 billion. Shares in Core Scientific sank 17.6%, while CoreWeave fell 3.3%.

Bond yields mostly rose. The yield on the 10-year Treasury rose to 4.39% from 4.34% late Thursday.

The downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report.

All told, the S&P 500 fell 49.37 points to 6,229.98. The Dow lost 422.17 points to 44,406.36, and the Nasdaq slid 188.59 points to 20,412.52.

Stock indexes in Europe ended mostly higher. Asian markets closed mostly lower.

Oil prices fluctuated after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day.

U.S. benchmark crude settled 1.4% higher at $67.93 per barrel, while Brent crude, the international standard, rose 1.9% to settle at $69.58 per barrel.

This week will be relatively light on economic data. On Wednesday the Federal Reserve will release minutes from its policymaking committee’s meeting last month.

The Fed’s chair, Jerome Powell, has been insisting that the central bank wants to wait and see how Trump’s tariffs affect the economy and inflation before making its next move on interest rates. While lower rates give a boost to the economy by making it easier to borrow money, they can also give inflation more fuel. That could be dangerous if the Trump administration’s tariffs send inflation higher.

ASX 200 expected to fall​

The Australian share market is expected to fall on Tuesday after a poor start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 47 points or 0.6% lower.
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In the United States, the Dow Jones was down 0.95%, the S&P 500 fell 0.8%, and the Nasdaq tumbled 0.9% on trade tariff concerns.
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Stocks on Wall Street closed broadly lower Monday as the White House stepped up pressure on major trading partners to make deals before punishing tariffs imposed by the U.S. take effect.

The S&P 500 fell 0.8% for its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.9%. The Nasdaq composite also finished 0.9% lower, not too far from its own record high.

The losses were widespread. Decliners outnumbered gainers by nearly 4-to-1 on the New York Stock Exchange.

All told, the S&P 500 fell 49.37 points to 6,229.98. The Dow lost 422.17 points to 44,406.36, and the Nasdaq slid 188.59 points to 20,412.52

Wall Street ends mixed amid Trump’s new tariff deadlines​

By ALEX VEIGA, TERESA CEROJANO and MATT OTT
Updated 7:26 AM GMT+10, July 9, 2025

A choppy day in the markets left major U.S. stock indexes little changed Tuesday as the Trump administration pressed its campaign to win more favorable trade deals with nations around the globe by leaning into tariffs on goods coming into the U.S.

The S&P 500 slipped 0.1% a day after posting its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.4%. The Nasdaq composite eked out a gain of less than 0.1%, staying near its own record high.

The sluggish trading came as the market was coming off a broad sell-off following the Trump administration’s decision to impose new import tariffs set to go into effect next month on more than a dozen nations.

Still, the modest pullback in the markets is a sign that Wall Street may be betting that the U.S. and its trading partners may eventually negotiate deals that will reduce or eliminate the need for punishing tariffs, said Ross Mayfield, investment strategist at Baird.

“I think today you’re basically seeing a market that doesn’t quite believe the worst of this is going to come to bear and is just kind of waiting for any sort of clarity because we seem back in that in that kind of phase where things change every couple of hours,” Mayfield said.

Trump says he’s terminating trade talks with Canada over tax on tech firms

On Monday, President Donald Trump set a 25% tax on goods imported from Japan and South Korea and new tariff rates on a dozen other nations scheduled to go into effect on Aug. 1.

Trump provided notice by posting letters on Truth Social that were addressed to the leaders of the various countries. The letters warned them to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs.

Just before hefty U.S. tariffs on goods imported from nearly every country around the globe were to take effect in April, Trump postponed the levies for 90 days in hopes that foreign governments would be more willing to strike new trade deals. That 90-day negotiating period was set to expire before Wednesday.

With the tariffs set to kick in now on Aug. 1, the latest move by the White House amounts to essentially a four-week extension of its previous 90-day pause, wrote Tobin Marcus, an analyst at Wolfe Research.

“At a very basic level, nothing actually happened based on Trump sending these letters, so there’s no reason to panic over headlines,” he wrote. “But we think these moves do contain some signal about where the trade war is heading, and that signal is mostly hawkish.”

During a cabinet meeting Tuesday, Trump said he would be announcing tariffs on pharmaceutical drugs at a “very, very high rate, like 200%.” He also said he would sign an executive order placing a 50% tariff on copper imports, matching the rates charged on steel and aluminum.

Shares in mining company Freeport-McMoRan rose 2.5% following Trump’s remarks. The price of copper for September delivery jumped 13.1% to $5.69 per pound.

This latest phase in the trade war heightens the threat of potentially more severe tariffs that’s been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks.

Gains in technology, energy and health care stocks helped outweigh a pullback in banks and other sectors.

Intel jumped 7.2%, Exxon Mobil rose 2.8% and AbbVie rose 1.1%. JPMorgan and Bank of America each fell 3.1%.

Amazon shares fell 1.8% as the online retail giant kicked off Prime Day, which, beginning this year, lasts four days. Amazon launched the membership sales event in 2015 and expanded it to two days in 2019.

Elsewhere in the market, First Solar slid 6.5% after Trump issued an executive order ending subsidies for foreign-controlled energy companies.

Hershey Co. lost 3.2% after the chocolate maker announced that Wendy’s CEO Kirk Tanner will succeed current CEO Michele Buck, who is retiring.

Shares in WeightWatchers parent WW International gave up an early gain and dropped 1.1% after the company announced that it has completed its reorganization and relisting on Nasdaq. The company filed for Chapter 11 bankruptcy protection in May to eliminate $1.15 billion in debt and focus on its transition into a telehealth services provider.

Bond yields mostly rose. The yield on the 10-year Treasury edged up to 4.40% from 4.39% late Monday.

All told, the S&P 500 fell 4.46 points to 6,225.52. The Dow lost 165.60 points to 44,240.76, and the Nasdaq added 5.95 points to 20,418.46.

The market’s downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report.

In stock markets overseas, indexes rose across much of Europe and Asia. In two of the bigger moves, South Korea’s Kospi surged 1.8%, and Hong Kong’s Hang Seng index climbed 1.1%.

The National Federation of Independent Business reported Tuesday that its small business optimism index fell slightly last month, in line with analysts’ expectations. The index tracks how small firms view the U.S. economy and their business prospects.

On Wednesday the Federal Reserve will release minutes from its policymaking committee’s meeting last month. The Fed’s chair, Jerome Powell, has said the central bank wants to wait and see how Trump’s tariffs affect the economy and inflation before making its next move on interest rates.

ASX 200 expected to fall​

The Australian share market looks set to fall on Wednesday following a mixed night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 7 points or 0.1% lower this morning.
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A choppy day in the markets left major U.S. stock indexes little changed Tuesday as the Trump administration pressed its campaign to win more favorable trade deals with nations around the globe by leaning into tariffs on goods coming into the U.S.

The S&P 500 slipped 0.1% a day after posting its biggest loss since mid-June. The benchmark index remains near its all-time high set last week.

The Dow Jones Industrial Average gave back 0.4%. The Nasdaq composite eked out a gain of less than 0.1%, staying near its own record high.

The sluggish trading came as the market was coming off a broad sell-off following the Trump administration’s decision to impose new import tariffs set to go into effect next month on more than a dozen nations.

All told, the S&P 500 fell 4.46 points to 6,225.52. The Dow lost 165.60 points to 44,240.76, and the Nasdaq added 5.95 points to 20,418.46.

Gains for tech stocks push Nasdaq to another record​

By ALEX VEIGA, TERESA CEROJANO and MATT OTT
Updated 6:34 AM GMT+10, July 10, 2025

A rally in big tech stocks led the broader market to a higher close Wednesday, lifting the Nasdaq to an all-time high and helping Wall Street claw back most of its losses from earlier in the week.

The S&P 500 rose 0.6% for its first gain this week. The benchmark index remains near the record it set last week after a better-than-expected U.S. jobs report.

The Dow Jones Industrial Average added 0.5%. The Nasdaq composite, which is heavily weighted with technology stocks, closed 0.9% higher. The gain was good enough to nudge the index past the record high it set last Thursday.

Nvidia rose 1.8% and became the first public company to exceed $4 trillion in value after its share price briefly topped $164 each in the early going. Shares in the AI boom poster child were going for around $14 per share at the start of 2023.

The tech rally came as Wall Street continued to weigh the latest developments in President Donald Trump’s renewed push this week to use threats of higher tariffs on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe.

Wednesday was initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been extended to Aug. 1.

This latest phase in the White House’s trade war heightens the threat of potentially more severe tariffs that’s been hanging over the global economy. Higher taxes on imported goods could hinder economic growth, if not increase recession risks.

On Tuesday, Trump said he would be announcing tariffs on pharmaceutical drugs at a “very, very high rate, like 200%.” He also said he would sign an executive order placing a 50% tariff on copper imports, matching the rates charged on steel and aluminum.

Copper prices eased Wednesday after spiking a day earlier. Shares in mining company Freeport-McMoRan fell 1.5%.

Financial markets swooned from day-to-day for weeks after the White House rolled out its proposed tariff hikes in the spring. With the new batch of U.S. taxes on imports not set to kick in until next month, that gives Wall Street a breather just as the next corporate earnings season is set to begin.

“I think most people are tired of tariff news and they’re starting to realize it just doesn’t matter much,” said Jay Hatfield, CEO of Infrastructure Capital Advisors. “We’re pretty bullish about earnings. I think the rest of the market is too.”

Wall Street analysts predict that companies in the S&P 500 will deliver a combined 5% annual growth in second-quarter earnings, according to FactSet. That would mark the lowest growth rate for the index since the fourth quarter of 2023.

Delta Air Lines kicks off earnings season on Thursday, with most analysts expecting the airline’s second-quarter profit to decline from a year ago. Delta and other major U.S. carriers have trimmed their flight schedules and pulled their forecasts this year as consumers pull back on travel and other nonessential spending due to uncertainty about how Trump’s tariffs will affect their budgets.

Gains in technology and communication services stocks outweighed declines in energy and other sectors Wednesday.

Microsoft rose 1.4%, Meta gained 1.7% and Google parent Alphabet added 1.3%.

Amazon rose 1.4% a day after the online retail giant kicked off Prime Day, extending it for the first time to four days.

All told, the S&P 500 rose 37.74 to 6,263.26. The Dow added 217.54 to 44,458.30, and the Nasdaq gained 192.87 to close at 20,611.34.

In bond market trading, the yield on the 10-year Treasury slid to 4.34% from 4.40% late Tuesday.

In overseas markets, stock indexes closed broadly higher in Europe after a mixed finish in Asia.

Outside of trade talks, some corporate news surfaced Wednesday after a typically quiet early summer stretch.

Pharmaceutical giant Merck is buying Verona Pharma, a U.K. company that focuses on respiratory diseases, in an approximately $10 billion deal. If approved by Verona shareholders and U.K. officials, Merck will get access to Verona’s chronic obstructive pulmonary disease medication Ohtuvayre. Verona shares jumped 20.6% on the news, while Merck shares rose 2.9%.

ASX 200 expected to rebound​

The Australian share market looks set to rebound on Thursday following a positive night on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 41 points or 0.5% higher this morning.
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A rally in big tech stocks led the broader market to a higher close Wednesday, lifting the Nasdaq to an all-time high and helping Wall Street claw back most of its losses from earlier in the week.

The S&P 500 rose 0.6% for its first gain this week. The benchmark index remains near the record it set last week after a better-than-expected U.S. jobs report.

The Dow Jones Industrial Average added 0.5%. The Nasdaq composite, which is heavily weighted with technology stocks, closed 0.9% higher. The gain was good enough to nudge the index past the record high it set last Thursday.

Nvidia rose 1.8% and became the first public company to exceed $4 trillion in value after its share price briefly topped $164 each in the early going. Shares in the AI boom poster child were going for around $14 per share at the start of 2023.

All told, the S&P 500 rose 37.74 to 6,263.26. The Dow added 217.54 to 44,458.30, and the Nasdaq gained 192.87 to close at 20,611.34.






Traveling and will not be posting Friday

Stocks close higher, nudging the S&P 500 and Nasdaq to more highs​

By ALEX VEIGA, TERESA CEROJANO and MATT OTT
Updated 7:43 AM GMT+10, July 11, 2025

Wall Street added to its recent milestones Thursday as the market closed at an all-time high after Delta Air Lines kicked off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.

The S&P 500 rose 0.3%, inching past the record it set last week after a better-than-expected June jobs report.

The Nasdaq composite edged up 0.1%, enough of a gain to notch a new high for the second day in a row. The Dow Jones Industrial Average finished 0.4% higher.

Delta surged 12%, bringing other airlines along with it, after beating Wall Street’s revenue and profit targets. The Atlanta airline also gave a more optimistic view for the remaining summer travel season than it had just a couple months ago.

The airline and other major U.S. carriers had pulled or slashed their forecasts in the spring, citing macroeconomic uncertainty amid President Donald Trump’s tariff rollouts, which have consumers feeling uneasy about spending on travel.

“Companies are becoming more confident in the range of outcomes for tariffs,” said Michael Antonelli, market strategist at Baird. “Companies are starting to understand what the playing field looks like a little bit better, even though we continue to have these kind of tariff announcements that get bounced back and forth.”

Delta’s encouraging report boosted the entire airline sector. United jumped 14.3%, American climbed 12.7%, JetBlue gained 7.8% and Southwest finished 8.1% higher.

The market has been steadying following a downbeat start to the week as the Trump administration renewed its push to use threats of higher tariffs on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe.

Wednesday had been initially set as a deadline by Trump for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has now been extended to Aug. 1. That’s given Wall Street a breather just in time for the start of corporate earnings season.

Wall Street analysts predict that companies in the S&P 500 will deliver 5% growth in second-quarter earnings, according to FactSet. That would mark the lowest rate since the fourth quarter of 2023.

Conagra Brands fell 4.4% Thursday after the maker of Slim Jim, Swiss Miss and other food products reported earnings and revenue that fell short of Wall Street’s estimates. The company also lowered its earnings outlook, saying it expects continued cost increases due to tariffs.

Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, sank 22.7% after its latest quarterly results came in below Wall Street’s forecasts. The company said it would not be providing a fiscal year 2026 outlook, citing uncertainty over tariff policy and the economy.

Shares in AZZ rose 5.5% after the electrical equipment maker’s latest quarterly earnings topped analysts’ forecasts.

Earnings season shifts into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday.

Beyond airlines, most of the sectors in the S&P 500 notched gains Thursday, led by banks and consumer-focused companies. JPMorgan and McDonald’s each rose 1.8%.

Technology and communication services stocks were the only laggards. Autodesk fell 6.9% and Netflix ended 2.9% lower.

Shares of WK Kellogg vaulted 30.6% after Italian candy maker Ferrero agreed to acquire the cereal company in a deal valued at roughly $3.1 billion. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, Canada and the Caribbean.

Shares in mining company Freeport-McMoRan rose 3.6% after Trump said a 50% tariff on copper imports would take effect on Aug. 1. The price of copper rose 1.9% to $5.59 per pound.

All told, the S&P 500 rose 17.20 points to 6,280.46. The Dow added 192.34 points to 44,650.64. The Nasdaq gained 19.33 points to 20,630.66.

In economic news, the Labor Department reported Thursday that applications for unemployment benefits, a proxy for layoffs, fell last week, remaining in the historically healthy range they’ve been in the past couple of years.

Bond yields mostly rose, although the yield on the 10-year Treasury held steady at 4.34%.

European stock indexes closed mixed Thursday following an uneven finish in Asian markets.

Tokyo’s Nikkei 225 fell 0.4%, weighed down by selling of exporters’ shares amid the yen’s appreciation, which cuts profits from exports, and dampened sentiment because of the lack of progress in the Japan-U.S. trade talks.

ASX 200 expected to rise
The Australian share market looks set to rise on Friday following a decent night in the United States.

According to the latest SPI futures, the ASX 200 is expected to open 27 points or 0.3% higher this morning.
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Wall Street added to its recent milestones Thursday as the market closed at an all-time high after Delta Air Lines kicked off earnings season with a solid outlook for the rest of 2025, spurring an airline stock rally.

The S&P 500 rose 0.3%, inching past the record it set last week after a better-than-expected June jobs report.

The Nasdaq composite edged up 0.1%, enough of a gain to notch a new high for the second day in a row. The Dow Jones Industrial Average finished 0.4% higher.

All told, the S&P 500 rose 17.20 points to 6,280.46. The Dow added 192.34 points to 44,650.64. The Nasdaq gained 19.33 points to 20,630.66.

S&P 500 and Nasdaq composite pull back from their all-time highs​

By ALEX VEIGA and TERESA CEROJANO
Updated 6:17 AM GMT+7, July 12, 2025

A modest pullback for U.S. stocks Friday eased the market from all-time highs and left major stock indexes on Wall Street in the red for the week.

The S&P 500 closed 0.3% lower a day after setting a record high. The benchmark index’s loss for the week followed two straight weekly gains.

The Dow Jones Industrial Average dropped 0.6%, and the Nasdaq composite gave up 0.2% after drifting between small gains and losses much of the day. The tech-heavy index was coming off its own all-time high on Thursday.

The selling capped an uneven week in the market as Wall Street kept an eye on the Trump administration’s rollout of new tariff threats against trading partners like Canada and looked ahead to the upcoming corporate earnings reporting season.

President Donald Trump said in a letter Thursday that he will raise taxes on many imported goods from Canada to 35%, deepening the rift between the longtime North American allies. The letter to Canadian Prime Minister Mark Carney is an aggressive increase to the top 25% tariff rates that Trump first imposed in March.

The move was the latest bid by the White House to use threats of higher tariffs on goods imported into the U.S. in hopes of securing new trade agreements with countries around the globe, even historically close trading partners like Canada.

The administration had initially set Wednesday as a deadline for countries to make deals with the U.S. or face heavy increases in tariffs. But with just two trade deals announced since April, one with the United Kingdom and one with Vietnam, the window for negotiations has been been extended to Aug. 1.

Trump also floated this week that he would impose tariffs of as much as 200% on pharmaceutical drugs and place a 50% tariff on copper imports, matching the rates charged on steel and aluminum.

The initial rollout of Trump’s tariff policies in the spring roiled financial markets. But Wall Street has been relatively stable in recent weeks, with stocks steadily rising to record levels That suggests the market has mostly adjusted to the unpredictability of Trump’s rapidly shifting tariffs. Some market watchers, however, aren’t so sure.

The market’s response to Trump’s tariff escalation this week “has been surprisingly muted. Markets appear to believe that Trump will again back down,” Paul Ashworth, chief North America economist at Capital Economics, wrote Friday. “We are not so sure.”

Despite the uncertainty around tariffs, Wall Street has already come to accept a “base case” of 10% tariffs across the board, said Eric Teal, chief investment officer at Comerica Wealth Management.

“To the extent that this gets extended, I think the market has priced a lot of that in,” he said.

Trade policy aside, the market is now set to shift at least some of its focus on companies due to report quarterly earnings over the next few weeks.

On Friday, Levi Strauss jumped 11.3% after the jeans maker easily beat Wall Street’s sales and profit targets and raised its full-year forecast, despite expecting higher costs from tariffs.

PriceSmart climbed 5.3% a day after the warehouse club operator delivered solid third-quarter results and said it’s looking into expanding into Chile.

Earnings season shifts into high gear next week with JPMorgan Chase, Wells Fargo and Citigroup among the big banks due to report their results on Tuesday.

Shares in financial and health care sector companies were the biggest weights on the market Friday.

Visa fell 2.2% and Gilead Sciences dropped 4.3%.

Several airline stocks lost ground a day after encouraging quarterly results from Delta Air Lines set off a rally in the sector. Delta slipped 0.2%, United fell 4.3% and American gave up 5.6%.

Elsewhere in the market, shares of T-Mobile closed 0.2% lower after the Justice Department announced Thursday that it would not prevent the company from closing on its proposed $4.4 billion acquisition of U.S. Cellular. That deal, announced more than a year ago, had come under antitrust scrutiny from the Justice Department under President Joe Biden’s administration.

U.S. Cellular shares rose 3.6%.

Shares in aviation company Red Cat Holdings jumped 26.4% after Defense Secretary Pete Hegseth issued orders aimed at ramping up production and deployment of drones.

All told, the S&P 500 fell 20.71 points to 6,259.75. The Dow dropped 279.13 points to 44,371.51, and the Nasdaq slipped 45.14 points to 20,585.53.

Bond yields rose. The yield on the 10-year Treasury rose to 4.42%, from 4.34% late Thursday.

European stock indexes closed broadly lower following a mostly lower finish in Asian markets.

Meanwhile, bitcoin climbed to another all-time high Friday, briefly eclipsing $118,000 before easing back to around $117,901, according to Coindesk.

Bitcoin’s price jump came amid bullish momentum across risk assets and coincides with Nvidia’s surge to a $4 trillion valuation. It also comes days before the U.S. Congress’ Crypto Week on July 14, where lawmakers will debate a series of bills that could define the regulatory framework for the industry.

Wall Street holds near its record amid doubts about Trump’s tariffs​

By STAN CHOE, ELAINE KURTENBACH and MATT OTT
Updated 3:24 AM GMT+7, July 15, 2025

NEW YORK (AP) — U.S. stock indexes hung near their records on Monday following President Donald Trump’s latest updates to his tariffs, as speculation continues on Wall Street that he may ultimately back down on them.

The S&P 500 edged up by 0.1% to pull within 0.2% of its all-time high set on Thursday. The Dow Jones Industrial Average added 88 points, or 0.2%, and the Nasdaq composite climbed 0.3% to set a record.

Stock indexes elsewhere around the world were mixed in their first trading after Trump announced plans over the weekend for 30% tariffs on goods from Mexico and the European Union. They won’t take effect until Aug. 1, the same deadline that Trump announced last week for updated tax rates on imports from Japan, South Korea and a dozen other countries.

The latest postponements for Trump’s tariffs allow more time for him to reach trade deals with other countries that could lower the tariff rates and prevent pain for international trade. They also feed into speculation that Trump may ultimately back down on his tariffs if they end up creating too much damage for the economy and for financial markets.

If Trump were to enact all his proposed tariffs on Aug. 1, they would raise the risk of a recession. That would not only hurt U.S. voters but also raise the pressure on the U.S. government’s debt level relative to the economy’s size, particularly after Washington approved big tax cuts that will add to the deficit.

“We therefore believe that the administration is using this latest round of tariff escalation to maximize its negotiating leverage and that it will ultimately de-escalate, especially if there is a new bout of heightened bond and stock market volatility,” according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management.

“As usual, there are many conditions and clauses that can get these rates reduced,” said Brian Jacobsen, chief economist at Annex Wealth Management. “That’s probably why the market might not like the tariff talk, but it’s not panicking about it either.”

For the time being, all the uncertainty around tariffs could help keep markets unsteady. This upcoming week has several potential flashpoints that could shake things.

On Tuesday will come the latest reading on inflation across the United States. Economists expect it to show inflation accelerated to 2.6% last month from 2.4% in May.

Companies are also lining up to report how they performed during the spring. JPMorgan Chase and several other huge banks will report their latest quarterly results on Tuesday, followed by Johnson & Johnson on Wednesday and PepsiCo on Thursday.

Fastenal, a distributor of industrial and construction supplies, on Monday reported a stronger profit for the latest quarter than analysts expected. Its stock rose 4.2%, though it also said that market conditions remain sluggish.

Shares of Kenvue rose 2.2% after the former division of Johnson & Johnson said CEO Thibaut Mongon is stepping down. Kenvue, the maker of Listerine and Band-Aid brands, is in the midst of a strategic review of its options, “including ways to simplify the company’s portfolio and how it operates,” according to Larry Merlo, the board’s chair.

Waters slumped 13.8% after saying it had agreed to merge with Becton, Dickinson and Co.’s biosciences and diagnostic solutions business in a deal valued at roughly $17.5 billion.

All told, the S&P 500 rose 8.81 points to 6,268.56. The Dow Jones Industrial Average added 88.14 to 44,459.65, and the Nasdaq composite climbed 54.80 to 20,640.33 to top its last all-time high set on Thursday.

In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury slipped to 4.42% from 4.43% late Friday.

In stock markets abroad, indexes fell across much of Europe. Germany’s DAX lost 0.4%, and France’s CAC 40 fell 0.3%. But indexes rose 0.8% in South Korea and 0.3% in Hong Kong.

Chinese shares advanced after the government reported that exports rose last month as a truce in a tariff war prompted a surge in orders ahead of the Aug. 1 deadline for reaching a new trade deal with Washington.

Some of the biggest moves in financial markets were for crypto, where bitcoin continues to set records. This upcoming week is “Crypto Week” in Washington, where Congress will consider several bills to “make America the crypto capital of the world.”

ASX 200 expected to rebound​

The Australian share market is expected to rebound on Tuesday after a decent start to the week on Wall Street.

According to the latest SPI futures, the ASX 200 is poised to open the day 51 points or 0.65% higher.
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U.S. stock indexes hung near their records on Monday following President Donald Trump’s latest updates to his tariffs, as speculation continues on Wall Street that he may ultimately back down on them.

The S&P 500 edged up by 0.1% to pull within 0.2% of its all-time high set on Thursday. The Dow Jones Industrial Average added 88 points, or 0.2%, and the Nasdaq composite climbed 0.3% to set a record.

Stock indexes elsewhere around the world were mixed in their first trading after Trump announced plans over the weekend for 30% tariffs on goods from Mexico and the European Union. They won’t take effect until Aug. 1, the same deadline that Trump announced last week for updated tax rates on imports from Japan, South Korea and a dozen other countries.

All told, the S&P 500 rose 8.81 points to 6,268.56. The Dow Jones Industrial Average added 88.14 to 44,459.65, and the Nasdaq composite climbed 54.80 to 20,640.33 to top its last all-time high set on Thursday.

ASX futures were up 51 points or 0.6 per cent to 8,599at 7:15am AEST.

At the same time, the Australian dollar was up 0.1 per cent to 65.50 US cents.

Brent crude oil was down 1.9 per cent, trading at $US69.02 a barrel.

Spot gold dropped 0.4 per cent to $US3,342.87.

Iron ore rose 0.1 per cent to $US99.40 a tonne.

Most US stocks slump, but Nvidia nudges Nasdaq to another record​

By STAN CHOE and YURI KAGEYAMA
Updated 5:31 AM GMT+7, July 16, 2025

NEW YORK (AP) — Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street’s hopes for lower interest rates.

The S&P 500 fell 0.4%, though it’s still near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 436 points, or 1%.

Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2% to set another record thanks to Nvidia, the market’s most influential stock.

Stocks felt pressure from a report showing inflation in the United States accelerated to 2.7% last month from 2.4% in May. Economists pointed to increases in prices for clothes, toys and other things that tend to get imported from other countries. Their prices could be rising because of the tariffs that President Donald Trump has proposed on countries worldwide in hopes of getting them to open their markets further to U.S. products.

“Inflation has begun to show the first signs of tariff pass-through,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management.

To be sure, the inflation rate reported on Tuesday morning wasn’t far from what economists expected. And an underlying measure of inflation that economists think is a better predictor of future trends accelerated by less than feared.

Altogether, the data helped cause Treasury yields to yo-yo a few times in the bond market before they began rising.

The yield on the 10-year Treasury climbed to 4.48% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, rose to 3.95% from 3.90%.

A further acceleration in inflation could tie the hands of the Fed, which has been keeping interest rates on hold this year after cutting them at the end of last year. That’s because lower rates can give inflation more fuel, along with a boost for the economy. Wall Street loves lower rates because they goose prices higher for stocks and other investments, and Trump himself has been clamoring for the Fed to cut more quickly.

Fed Chair Jerome Powell, though, has been adamant that he wants to wait for more data about how tariffs affect the economy and inflation. Following Tuesday’s inflation report, traders are still overwhelmingly betting that the Fed will cut its main interest rate by the end of the year. But they pulled back their bets on the number of potential cuts, according to data from CME Group.

No one knows for sure if Trump will follow through on the stiff tariffs he’s proposed, or if he’ll flinch and back down if the economy and financial markets show too much pain. The hope is that he’ll reach trade deals with other countries beforehand that will lower the sky-high tariff rates that Trump has proposed.

Trump on Tuesday said he struck a deal with Indonesia, where it committed to buying energy, agricultural products and planes from the United States. Trump also said imports from Indonesia, which is the world’s fourth-largest country by population, would face a tariff of 19% instead of the 32% that he had threatened earlier.

On Wall Street, tech stocks were the outliers and rose after Nvidia said the U.S. government assured it that licenses will be granted for its H20 chip again and that deliveries will hopefully begin soon. Nvidia’s 4% gain was by far the strongest force pushing upward on the S&P 500.

Earlier this year, Nvidia said that U.S. restrictions on the chips used in artificial-intelligence development chiseled billions of dollars off its results for the first quarter of the year.

Stocks of big U.S. banks, meanwhile, were mixed following their latest profit reports.

JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns.

Citigroup rose 3.7% following its better-than-expected profit report. But Wells Fargo fell 5.5% following its own, as it trimmed its forecast for an important way that it makes money.

All told, the S&P 500 fell 24.80 points to 6,243.76. The Dow Jones Industrial Average dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80.

In stock markets abroad, indexes slipped in Europe after a mixed session in Asia. Indexes rose 1.6% in Hong Kong but fell 0.4% in Shanghai after a report said China’s economic growth slowed only slightly last quarter despite pressure from Trump’s tariffs.

ASX 200 expected to fall​

The Australian share market looks set to fall on Wednesday following a poor night of trade on Wall Street.

According to the latest SPI futures, the ASX 200 is expected to open the day 66 points or 0.75% lower this morning.
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Most U.S. stocks slumped on Tuesday after the latest update on inflation hurt Wall Street’s hopes for lower interest rates.

The S&P 500 fell 0.4%, though it’s still near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 436 points, or 1%.

Tech stocks were an outlier, though, and the Nasdaq composite rose 0.2% to set another record thanks to Nvidia, the market’s most influential stock.

All told, the S&P 500 fell 24.80 points to 6,243.76. The Dow Jones Industrial Average dropped 436.36 to 44,023.29, and the Nasdaq composite rose 37.47 to 20,677.80.