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Tag Archives: S&P

Stocks slump and oil prices jump as Trump urges Iran’s unconditional surrender

Stocks slump and oil prices jump as Trump urges Iran’s unconditional surrender

NEW YORK (AP) — U.S. stocks slumped on Tuesday under the weight of another jump for the price of oil. It was a return to formfor financial markets after Wall Street’s worries about Israel’s fighting with Iran had seemed to calm a bit on Monday.

The S&P 500 fell 0.8% following signals that the Israel-Iran conflict may be worsening and that one of the U.S. economy’s main engines is weakening. The swing sent Wall Street’s main measure of health nearly back to where it started the week.

The Dow Jones Industrial Average dropped 299 points, or 0.7%, and the Nasdaq composite fell 0.9%.

Stocks sank under increasing pressure from crude oil prices, which climbed in their latest see-saw move. A barrel of benchmark U.S. crude jumped 4.3% to $74.84. Brent crude, the international standard, added 4.4% to $76.45 per barrel.

Their gains accelerated after President Donald Trump raised the temperature on Israel’s fight with Iran by calling for “UNCONDITIONAL SURRENDER!” on his social media platform and saying, “We are not going to” kill Iran’s leader, “at least for now.”

Before that, Trump had left a Group of Seven summit early and warned that people in Iran’s capital should evacuate immediately. It took only about eight hours for Trump to go from suggesting a nuclear deal with Iran remained “achievable” to urging Tehran’s 9.5 million residents to flee for their lives.

The fighting has the potential to drive up prices for crude oil and gasoline because Iran is a major producer of oil, and it sits on the narrow Strait of Hormuz, through which much of the world’s crude passes. Past conflicts in the area have caused spikes in oil prices, though they’ve historically proven to be only temporary after showing that they did not disrupt the flow of oil.

Often, higher oil prices can help stocks of companies in the solar industry because they increase the incentive to switch to alternative energy sources. But solar stocks tumbled Tuesday because of the possibility that Congress may phase out tax credits for solar, wind and other energy sources that produce fewer emissions that change the Earth’s climate.

Enphase Energy dropped 24%, and First Solar fell 17.9%.

Treasury yields also fell in the bond market after a report said shoppers spent less last month at U.S. retailers than the month before and than economists expected. Solid such spending has been one of the linchpins keeping the economy out of a recession, but part of May’s drop may have simply been a return to more normal trends.

In April, some shoppers had rushed to buy automobiles to get ahead of Trump’s tariffs.

“Today’s data suggests consumers are downshifting, but they haven’t yet slammed the brakes,” according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management

On the winning side of Wall Street was Jabil, which jumped 8.9% after reporting a stronger profit for the latest quarter than analysts expected. CEO Mike Dastoor credited strength from accelerated demand related to artificial-intelligence technology, among other things.

Verve Therapeutics soared 81.5% after Eli Lilly said it would buy the company developing genetic medicines for cardiovascular disease in a $1 billion deal that could be worth up to $1.3 billion if certain conditions are met. Lilly’s stock fell 2%.

All told, the S&P 500 lost 50.39 points to 5,982.72. The Dow Jones Industrial Average dropped 299.29 to 42,215.80, and the Nasdaq composite sank 180.12 to 19,521.09.

All the action took place as the Federal Reserve began a two-day meeting on interest rates. The nearly unanimous expectation among traders and economists is that the Fed will make no move.

The Fed has been hesitant to lower interest rates, and it’s been on hold this year after cutting at the end of last year, because it’s waiting to see how much Trump’s tariffs will hurt the economy and raise inflation. Inflation has remained relatively tamerecently, and it’s near the Fed’s target of 2%.

More important for financial markets on Wednesday will likely be the latest set of forecasts that Fed officials will publish for where they see the economy and interest rates heading in upcoming years.

In the bond market, the yield on the 10-year Treasury eased to 4.38% from 4.46% late Monday.

In stock markets abroad, indexes fell across much of Europe after finishing mixed in Asia.

Tokyo’s Nikkei 225 index rose 0.6% after the Bank of Japan opted to keep its key interest rate unchanged. It’s been gradually raising its rate from near zero and cutting back on its purchases of Japanese government bonds to help counter inflation.

Wall Street’s rally stalls as US stocks dip for their 1st loss in 4 days

Wall Street’s rally stalls as US stocks dip for their 1st loss in 4 days

NEW YORK (AP) — Wall Street’s rally stalled after stocks climbed back within 2% of their all-time high. The S&P 500 slipped 0.3% Wednesday for its first drop in four days. The Dow Jones Industrial Average ended little changed, and the Nasdaq composite lost 0.5%. The action was stronger in the bond market, where Treasury yields eased after a report showed inflation ticked up by less last month than economists expected. That raised expectations for the Federal Reserve to cut interest rates later this year. Markets didn’t react much to the conclusion of two days of trade talks between the U.S. and China.… Continue Reading

US stocks drift higher as trade talks start with China in hopes of avoiding a recession

US stocks drift higher as trade talks start with China in hopes of avoiding a recession

NEW YORK (AP) — U.S. stocks are drifting higher as the world’s two largest economies begin talks on trade that could help avoid a recession. The S&P 500 rose 0.3% Monday. The Dow Jones Industrial Average rose 58 points, and the Nasdaq composite gained 0.5%. Markets are waiting to hear what comes of trade talks between the United States and China taking place in London. Treasury yields eased in the bond market after a survey suggested consumers’ expectations for coming inflation eased a bit. Chinese stocks rose, while indexes were mixed amid mostly modest movements across the rest of Asia and Europe.… Continue Reading

A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs

A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs

NEW YORK (AP) — A big rally for stocks that began in Asia lost steam amid uncertainty about what will happen next after a U.S. court blocked many of President Donald Trump’s tariffs. The S&P 500 rose 0.4% Thursday after giving up most of an earlier gain. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite added 0.4%. It’s a downshift after stocks initially leaped in Tokyo and Seoul, where markets had the first chance to react to Wednesday’s ruling by the U.S. Court of International Trade. The White House said it would appeal. Nvidia rallied after its profit report.… Continue Reading

S&P 500 rallies 2% as Wall Street’s roller-coaster ride whips back upward after Trump delays tariffs

S&P 500 rallies 2% as Wall Street’s roller-coaster ride whips back upward after Trump delays tariffs

NEW YORK (AP) — Wall Street rallied after President Donald Trump delayed a 50% tariff on goods coming from the European Union. The S&P 500 jumped 2% Tuesday. Its gains accelerated following a better-than-expected report on U.S. consumer confidence. The Dow Jones Industrial Average jumped 740 points, and the Nasdaq composite climbed 2.5%. They more than recovered their losses from Friday, when Wall Street’s roller-coaster ride dropped after Trump announced the tariffs on the European Union. Nvidia was the strongest single force pushing the S&P 500 higher. Treasury yields eased in the bond market.… Continue Reading

Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock

Dow drops 1,600 as US stocks lead worldwide sell-off after Trump’s tariffs cause a COVID-like shock

NEW YORK (AP) — Financial markets around the world reeled following President Donald Trump’s latest and most severe set of tariffs, and the U.S. stock market took the worst of it. The S&P 500 fell 4.8% Thursday, more than other major stock markets. The Dow Jones Industrial Average dropped 1,679 points, and the Nasdaq composite sank 6%. Little was spared as fear flared globally about the potentially toxic mix of weakening economic growth and higher inflation that tariffs can create. Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold pulled lower.… Continue Reading

Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

Wall Street tumbles after Trump escalates his trade war; S&P 500 sinks 1.2%, and Dow drops 500

NEW YORK (AP) — Wall Street’s sell-off is accelerating after President Donald Trump upped the stakes in his trade war. Not even a double-shot of good news on the U.S. economy could stop the bleeding, and the S&P 500 fell 1.2% Thursday. The index is threatening to close more than 10% below its record, which would be its first such drop since 2023. The Dow Jones Industrial Average fell 507 points, and the Nasdaq composite lost 1.6%. Trump’s escalating trade war is raising worries about the economy’s strength, though reports came in better than expected during the morning on both inflation and joblessness in the United States.… Continue Reading

Stocks’ sell-off worsens as Wall Street wonders how much pain Trump will accept for the economy

Stocks’ sell-off worsens as Wall Street wonders how much pain Trump will accept for the economy

NEW YORK (AP) — Wall Street’s sell-off is worsening. The S&P 500 fell 2.2% Monday as worries build about how much pain President Donald Trump is willing to endure on the economy in order to get what he wants. The Dow Jones Industrial Average dropped 530 points, and the Nasdaq composite sank 3.6%. The losses follow the worst week for U.S. stocks since September on concerns that on-and-off-again tariffs will either hurt the economy directly or create enough uncertainty to freeze it. Elon Musk’s Tesla fell to one of the market’s sharpest losses, as did airlines and other companies that need U.S. shoppers feeling confident enough to spend.… Continue Reading

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