US stocks go up as news of trade deals mean tariff risks go down |
A trade deal with Japan and reports that a similar agreement with the EU was near the finish line propelled the S&P 500 to fresh all-time and closing highs on Wednesday. The benchmark US stock index closed up 0.8%, the Nasdaq 100 rose 0.4%, and the Russell 2000 advanced 1.5%. Every S&P 500 sector ETF gained outside of utilities, with healthcare, industrials, and energy leading the way higher. The day's gains were led by Lamb Weston, with shares jumping 16% after the frozen potato producer topped Q4 expectations and doubled down on its cost-cutting plan. Fiserv was among the worst performers, falling nearly 14% after the payment tech company topped Q2 estimates but narrowed its full-year earnings forecast. |
- Shares of Toyota, Honda, and Mazda all soared following Japan's fresh trade deal with the US, which slashes levies on Japanese auto imports to 15% from 27.5%.
- GE Vernova jumped nearly 15% after the energy equipment giant posted better-than-expected Q2 results. Other AI-linked power providers posted solid gains, as rising electricity prices are poised to be passed on to consumers.
- The meme stock targets shifted, and the impulse was a lot weaker than previous editions: the likes of Krispy Kreme and GoPro were up huge in early trading, but pared much of those gains throughout the day.
- Similarly, but with much better results, Hims & Hers was up 16% on ostensibly no news pertaining to the company and amid a spike in bullish options activity.
- Abivax closed up more than 500% after it announced that late-stage trials for its treatment for ulcerative colitis showed promise.
- Hasbro shares jumped as much as 5% before closing in the red after the toymaker topped Q2 estimates and raised its full-year guidance.
- Roblox shares dipped after Raymond James issued a rare downgrade on the stock, tapping the brakes following a massive rally in recent months.
|
— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
|
|
Meet the DORK stocks — the latest obsessions of Reddit's retail trader army |
The acronym will probably be out of date by lunchtime, as feverish trading spreads and the lifespan of a meme stock appears to be shortening. Read more. |
|
|
How some US companies are turning a potential tariff hangover into an even bigger profit party |
By preparing for the worst, these management teams no longer have to hope for the best. Read more. |
|
|
Chipotle dives after it reports comparable sales that missed Wall Street estimates Chipotle also said same-store sales declined by 4%, compared to the 2.9% decline analysts were penciling in, and lowered its outlook for the year. Read more. |
|
|
- The AI boom is devouring US power, raising prices, and the market loves it
The ongoing investment boom is pulling in more resources. - Alphabet reports solid Q2 earnings and plans to increase capex spend to $85 billion
Google's parent company beat analysts' revenue and EPS expectations.
- Google's new capex guidance is music to Broadcom's ears
The hyperscalers' capex outlooks are the AI chip designers' earnings outlooks.
- Tesla Q2 sales fall 12%
The company said its plans for new models this year and a more affordable model next year remain "on track." - Have corporate bitcoin treasuries reached a tipping point?
The insane rise of companies adopting bitcoin treasury strategies has some warning there could soon "be blood in the streets." - Archer Aviation CEO Adam Goldstein thinks defense, not air taxis, could be its "front and center" business
Between test flights, executive orders, and new partnerships, eVTOL companies like Archer Aviation are off to a roaring start this year.
- Nintendo's Switch 2 had a record-setting launch month in the US
Fresh data from research firm Circana showed a banger of a June for the Switch 2. - White House unveils "America's AI Action Plan"
A sweeping plan for government-backed AI may sweep aside state regulations. - AT&T slips despite solid Q2 results as full-year profit outlook disappoints
Adjusted earnings per share for 2025 should range between $1.97 to $2.07, per management, while analysts anticipated $2.09.
- Ford, GM, and Stellantis hate the Japan trade deal that the White House calls a "historic win for American automakers"
A trade group representing Detroit automakers has spoken against a reported trade deal with Japan.
- Apple's new "AppleCare One" covers up to three devices for $20 per month
The new $19.99 per month AppleCare One plan will let users cover existing devices less than 4 years old if they are in good condition. - MARA drops following $850 fundraise announcementThe proceeds will be used to acquire additional bitcoin and repurchase a portion of existing 1% convertible senior notes, among other things.
- Nashville tops the list of Americans' favorite US cities
A YouGov survey of how Americans view 50 US cities places Music City in first chair. - The LA Times' owner wants to take the struggling newspaper public again
Subscribers, circulation, and staff numbers all slumped at the paper last year.
|
|
|
Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox. Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts! |
|
|
Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more |
|
|
|
No comments:
Post a Comment