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Tag Archives: Wall Street

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

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

By STAN CHOE AP Business Writer

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.

___

AP Writers Teresa Cerojano and Matt Ott contributed.

US stocks add a bit more to their all-time high

US stocks add a bit more to their all-time high

NEW YORK (AP) — The U.S. stock market added to its record as Wall Street closed out a second straight winning month. The S&P 500 rose 0.5% Monday in its first trading after completing a stunning rebound from its springtime sell-off of roughly 20%. The Dow Jones Industrial Average added 0.6%, and the Nasdaq composite gained 0.5%. Oracle helped lead the way after saying it’s off to a strong start in its fiscal year. Banks were also solid in their first trading after the Federal Reserve said they’re financially strong enough to survive a downturn in the economy. Treasury yields eased in the bond market.… Continue Reading

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

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

NEW YORK (AP) — U.S. stocks hung near their all-time high 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 on Wednesday and is sitting just 0.8% below its all-time high. The Dow Jones Industrial Average dipped 0.2%, and the Nasdaq composite rose 0.3%. Oil prices stabilized after plunging by roughly $10 per barrel in the prior two days. Stock indexes fell modestly in Europe after rising in Asia, and Treasury yields held relatively steady in the bond market.… Continue Reading

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

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

NEW YORK (AP) — Oil prices are flip-flopping, and the U.S. stock market is drifting higher following the United States’ bunker-busting entry into Israel’s war with Iran. Oil jumped as much as 4% shortly after trading began on Sunday night, but it quickly pared all of the gain by Monday morning. The S&P 500 rose 0.4%, the Dow Jones Industrial Average added 156 points and the Nasdaq composite rose 0.3%. Markets calmed amid hopes that Iran will not retaliate in a way that disrupts the global flow of crude, which would hurt economies worldwide but also its own. Treasury yields eased in the bond market.… Continue Reading

Fed leaves key rate unchanged as it awaits the impact of tariffs and Trump again scolds Powell

Fed leaves key rate unchanged as it awaits the impact of tariffs and Trump again scolds Powell

WASHINGTON (AP) — The Federal Reserve kept its key rate unchanged Wednesday as it waits for additional information on how tariffs and other potential disruptions will affect the economy this year. The Fed’s policymakers signaled they still expect to cut rates twice this year, even as they also project that President Donald Trump’s import duties will push inflation higher. They also expect growth to slow and unemployment to edge up, according to their latest quarterly projections. Fed policymakers had cut their rate three times late last year but have since have been on hold.… Continue Reading

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 under the weight of a jump for the price of oil. The S&P 500 fell 0.8% Tuesday following signals that Israel’s conflict with Iran may be worsening and that one of the U.S. economy’s main engines is weakening. That nearly erased the S&P 500’s gain for the week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite sank 0.9%. Treasury yields also fell following a weaker-than-expected report on sales at U.S. retailers. Crude oil prices rose more than 4% on worries about potential damage to the flow of oil because of fighting between Israel and Iran.… 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

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

NEW YORK (AP) — After recovering from an initial jolt, U.S. stocks drifted through quiet trading following the latest reminder that the U.S government may be hurtling toward an unsustainable mountain of debt. The S&P 500 rose 0.1% Monday after Moody’s Ratings became the last of the three major credit-rating agencies to say the U.S. government no longer deserves a top-tier “Aaa” rating. The Dow Jones Industrial Average added 0.3%, and the Nasdaq was little changed. In the bond market, the 30-year Treasury yield briefly jumped above 5% before calming. The issues Moody’s cited in its downgrade are all well known among investors.… Continue Reading

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