US stocks rallied on Wednesday (July 23), driven by optimism over a new trade agreement and strong corporate momentum. The S&P 500 rose 0.8% to a new record high, while the Nasdaq gained 0.7%. The Dow Jones Industrial Average surged 505 points, nearly reaching its own record high. The market welcomed news of a finalized trade deal between the US and Japan that includes reciprocal tariffs of 15%, with President Trump signaling similar progress in negotiations with the European Union. Reports suggesting a US-EU deal is nearing completion, mirroring Japan's framework, further boosted...
Wall Street closed on a mixed note on Wednesday as investors weighed steady Middle East ceasefire developments and digested Fed Chair Jerome Powell's second day of congressional testimony. The S&P 500 finished flat, and the Dow slipped 105 points, while the Nasdaq 100 rose 0.2% notching a fresh record close. Fed Chair Jerome Powell maintained a cautious tone, signaling that while the Fed can manage potential inflation from tariffs, it's not yet ready to cut rates, despite mounting pressure from President Trump and some lawmakers. Meanwhile, housing data revealed new home sales dropped...
European stocks close firmly lower on Wednesday as markets continued to assess the impact as geopolitical tension in the Middle East may have on energy prices and the outlook of European debt supply amid pledges of higher defense spending. The Eurozone's STOXX 50 dropped 0.8% to close at 5,254 and the pan-European STOXX 600 dropped 0.7% to 537. NATO members agreed to increase defense spending to 5% of their GDP by 2030 during the ongoing summit in the Hague. Food and beverage producers led the losses among main equity sectors of the Eurozone, with AB InBev and Danone dropping more than 3%....
The S&P 500 edged up 0.2% on Wednesday, while the Nasdaq 100 gained 0.4% and appeared poised to surpass the all-time high set in the previous session. The Dow Jones on the other hand, hovered near the flatline. Traders continued to assess the economic and monetary policy outlook ahead of Fed Chair Powell's second day of testimony before Congress. His remarks on Tuesday were widely seen as dovish, reinforcing expectations for at least two interest rate cuts by year-end. Meanwhile, the apparent stability of the ceasefire between Iran and Israel also provided some support to market...
The Hang Seng jumped 298 points or 1.2% to close at 24,475 on Wednesday, rising for the fourth straight session and notching its highest level in over three months. The rally tracked strong gains on Wall Street, as the U.S.-brokered truce between Iran and Israel appeared to hold, with both nations signaling an end to their air strikes, at least for now. Meanwhile, Fed Chair Powell reiterated there's no need to rush rate cuts, though some analysts believe easing could come sooner if inflation remains contained. In China, Beijing unveiled new guidelines to boost consumption through financial...
European stocks edged higher on Wednesday as investors looked to a ceasefire between Israel and Iran as a sign of easing tensions. The pan-European STOXX 600 index (.STOXX), was up 0.2% at 542.12 points, as of 0704 GMT. Other major regional indexes were also trading higher, except for Spain's (.IBEX), which fell 0.3%. A truce brokered by U.S. President Donald Trump between Iran and Israel appeared to be holding on Wednesday, a day after both countries signaled that their air war was over, at least for now. Trump's Middle East envoy said late Tuesday that talks between the U.S. and Iran...