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Yahoo
an hour ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures stall as Trump sets deadline for US joining Mideast conflict
US stock futures traded mostly flat on Friday as oil prices swung, with investors weighing the likelihood of direct US military involvement in the Israel-Iran conflict after President Trump set a deadline for a decision. Dow Jones Industrial Average futures (YM=F) and contracts on the S&P 500 (ES=F) clung to the flatline, while those on the tech-heavy Nasdaq 100 (NQ=F) nudged up 1%. Markets were closed Thursday in observance of Juneteenth, offering investors a brief pause as global headlines grew more volatile. Trump has introduced a self-imposed two-week time limit on deciding whether to enter the Middle East conflict, via a message relayed on Thursday by the White House press secretary. While the move added another layer of uncertainty to an already cautious market, it also opened a window for diplomacy to persuade Iran to negotiate — an idea its president rejected strongly on Friday. Eyes are now on European efforts to get Iran back to the table and avert further escalation in tensions. Foreign ministers from France, the UK, and Germany are holding talks in Geneva with their Iranian counterpart. Stocks have struggled since the attacks began Friday past, putting the Dow (^DJI) and Nasdaq Composite (^IXIC) on track to end the week with losses. But the S&P 500 (^GSPC) is headed for a gain. Oil prices swung back and forth as the conflict entered its second week. West Texas Intermediate (CL=F) and Brent crude (BZ=F) have both risen sharply since the start of the conflict as traders price in supply disruption risk should Iran block the Strait of Hormuz, a bottleneck for one-fifth of the world's oil trade. Meanwhile, Wall Street continues to digest comments from Federal Reserve Chair Jerome Powell after the central bank left interest rates unchanged on Wednesday, leading to a fresh attack from Trump. Powell reiterated that policymakers are not rushing to ease, saying rate decisions will remain "data-dependent." A majority of traders, according to CME Group, expect a rate cut by September's meeting. Read more: The latest on Trump's tariffs Investors will turn their attention to fresh economic data Friday morning, including the Philadelphia Fed's June manufacturing index and the Conference Board's Leading Economic Indicators for May. Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter. Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Reuters reports: Read more here. CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations. CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year. The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates. CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' Bloomberg reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi. Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy. GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price. Economic data: Leading index (May); Philadelphia Fed Business Outlook (June) Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR) Here are some of the biggest stories you may have missed yesterday, overnight and early this morning: The Fed is also in 'wait and see' mode about AI taking jobs The Trump phone probably won't be built in the US Investors look past 'blah' Fed meeting Tesla signs deal for first China battery storage station: Report Trump to decide on Iran strike within two weeks Dealmaking in 2025: AI to the rescue Tariff talks with Canada, EU take focus as deadlines loom A $20B clock is ticking for OpenAI as Microsoft talks sour Trump blasts Powell again, calls for effectively 10 Fed rate cuts China's rare earth magnet shipments halve in May due to export curbs Why the US housing market is so stuck Shares of Pop Mart ( PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media. That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here. Accenture (ACN) stock is down more than 4% after the global consultancy company reported new bookings decreased 6% to $19.7 billion in the quarter. Earnings topped estimates, with revenue coming in at $17.7 billion for the quarter, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Reuters reports: Read more here. CarMax (KMX) stock climbed 11% in premarket trading after the used car dealer's first quarter earnings and revenue beat Wall Street expectations. CarMax sold 379,727 cars in the first quarter, a 5.8% increase from the same period last year. The company also reported earnings per share of $1.38, and revenue rose 6.1% to $7.55 billion, topping estimates. CarMax CEO Bill Nash said that its omnichannel buying and selling experience "is a key differentiator in a very large and fragmented market that positions us to continue to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.' Bloomberg reports: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Tesla (TSLA) stock rose over 1% before the bell following reports that the EV maker had signed a $557 million energy storage station deal. This deal was announced two days before Elon Musk's expected launch of its robotaxi. Semiconductor maker, Wolfspeed's (WOLF) stock fell 4% premarket after reports emerged on Thursday it would be taken over by creditors inculding Apollo Global Management. The chipmaker has been struggling recently and the new proposal would put them into bankruptcy. GMS (GMS) stock was up 23% after the Wall Street Journal (WSJ) reported that Home Depot (HD) the home-improvement giant, has made an offer to acquire GMS, a building-products distribution company, citing people familiar with the matter. The WSJ did not specify a price. Economic data: Leading index (May); Philadelphia Fed Business Outlook (June) Earnings: Accenture (ACN), CarMax (KMX), Darden Restaurants (DRI), Kroger (KR) Here are some of the biggest stories you may have missed yesterday, overnight and early this morning: The Fed is also in 'wait and see' mode about AI taking jobs The Trump phone probably won't be built in the US Investors look past 'blah' Fed meeting Tesla signs deal for first China battery storage station: Report Trump to decide on Iran strike within two weeks Dealmaking in 2025: AI to the rescue Tariff talks with Canada, EU take focus as deadlines loom A $20B clock is ticking for OpenAI as Microsoft talks sour Trump blasts Powell again, calls for effectively 10 Fed rate cuts China's rare earth magnet shipments halve in May due to export curbs Why the US housing market is so stuck Shares of Pop Mart ( PMRTY) slid in Hong Kong after a call for stricter regulation of blind-box and trading cards in Chinese state media. That fueled concerns about prospects for the maker of furry Labubu elf dolls, whose explosive popularity has helped lift Beijing-based Pop Mart's market cap to around $40 billion — twice that of Hasbro (HAS) and Mattel (MAT) combined. Bloomberg reports: Read more here. Oil prices look set to end this week with gains for the third consecutive week in a row. Extreme tensions in the Middle East have put consistent upwards pressure on the commodity, with the recent eruption into outright violence leaving investors looking at supply chains and production facilities with concern. Reuters reports: ` Read more here. Sign in to access your portfolio
Yahoo
9 hours ago
- Business
- Yahoo
Stocks tumble, dollar up as Middle East war lights safe-haven trade
By Kevin Buckland, Johann M Cherian and Amanda Cooper TOKYO/LONDON (Reuters) -Global stocks fell and the dollar rose on Thursday, reflecting investors' preference for perceived safe havens as concerns mounted over possible U.S. involvement in the Israel-Iran air war, which has ignited a rally in the oil price this week. On the geopolitical front, President Donald Trump kept the world guessing about whether the United States would join Israel's bombardment of Iranian nuclear sites, telling reporters outside the White House on Thursday: "I may do it. I may not do it." A flurry of central bank decisions in Europe highlighted how Trump's erratic approach to trade and tariffs has complicated the job of central bankers in setting monetary policy. In Europe, the STOXX 600 fell 0.6%, set for a third day of declines, having dropped nearly 2.5% on the week, which would mark its biggest week-on-week decline since the tariff-induced turmoil of April. U.S. S&P 500 futures fell almost 1%, although most U.S. markets - including Wall Street and the Treasury market - will be closed on Thursday for a public holiday. "Market participants remain edgy and uncertain," said Kyle Rodda, senior financial markets analyst at Speculation was rife "that the U.S. will intervene, something that would mark a material escalation and could invite direct retaliation against the U.S. by Iran", he added. "Such a scenario would raise the risk of a greater regional conflict, with implications for global energy supply and probably economic growth." Much of the recent nervousness in markets has been centred around crude supply shocks from the Middle East, which has driven the price of crude oil up by 11% in a week. Brent crude shot up 2% to $78 a barrel on Thursday, close to its highest since January. Gold traded around at $3,365 an ounce, slightly lower on the day. The dollar itself rose broadly, leaving the euro down 0.2% at $1.1462 and the Australian and New Zealand dollars - both risk-linked currencies - fell around 1%. CENTRAL BANK POLICY The Federal Reserve left interest rates unchanged on Wednesday, much to Trump's displeasure, and policymakers retained projections for two quarter-point rate cuts this year. Fed Chair Jerome Powell struck a cautious note about further easing ahead, saying that he expects "meaningful" inflation ahead as a result of Trump's aggressive trade tariffs. Strategists at MUFG said the Fed "is underestimating the weakness in the economy that was present before the tariff shock, specifically, almost ignoring the cracks that have been visible in the labor market for years." On Thursday, the Bank of England left UK rates unchanged, as expected, and policymakers said trade policy uncertainty would continue to hurt the economy, triggering a drop in the pound. The Norges Bank surprised markets on Thursday with a quarter-point cut that weighed on the crown currency, while the Swiss National Bank cut interest rates to zero, as expected, but the fact it did not go below zero gave the franc a lift, leaving the dollar down 0.1% at 0.8184 francs. In commodity markets, the price of platinum hit its highest in almost 11 years, near $1,300 an ounce, driven partly by what analysts said was consumers seeking a cheaper alternative to gold. (Additional reporting by Kevin Buckland in Tokyo and Johann M Cherian in Bengaluru, Editing by Shri Navaratnam, Bernadette Baum and Ed Osmond)
Bloomberg
11 hours ago
- Business
- Bloomberg
It's Raining Deals, But no Signs of Market Euphoria in India
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Ashutosh Joshi, an equities reporter in Mumbai. Indian stocks look set for another quiet session this Friday morning. It's the end of the week, and traders are ready to wrap things up. Across Asia, markets are trading in a narrow range as investors keep an eye on geopolitical tensions in the Middle East. A dip in oil prices and a slightly softer dollar could offer some support to the broader Indian market that's still on track for a modest weekly gain.
Reuters
a day ago
- Business
- Reuters
TSX futures inch lower on concerns of US involvement in Israel-Iran conflict
June 19 (Reuters) - Futures linked to Canada's main stock index fell marginally on Thursday amid caution over the United States' possible entry into the Israel-Iran air war. Futures on the S&P/TSX index were down 0.1% at 05:45 a.m. ET (10:45 GMT). President Donald Trump kept the world guessing about whether the United States will join Israel's bombardment of Iranian nuclear sites, saying "I may do it. I may not do it." Much of the recent nervousness in markets has been centred around crude supply shocks, triggered by the tensions in the Middle East. On Thursday, oil prices , inched higher. Gold prices held steady while copper hit a near one-week low. Most other base metals also declined, pressured by a stronger U.S. dollar. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE), opens new tab shed most of its gains to end almost flat on Wednesday after Federal Reserve Chair Jerome Powell said inflation in goods prices is expected to go up over the summer as Trump's tariffs work their way to consumers. Investors now await Canadian retail sales data for April on Friday to assess whether consumer spending has been resilient in the face of tariff uncertainty. Trading volumes in Canada remained subdued on Thursday as U.S. markets are closed for a public holiday. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
CTV News
a day ago
- Business
- CTV News
Asian shares decline after mixed Wall Street finish and tensions simmer in the Middle East
A dealer walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Thursday, June 19, 2025. (AP Photo/Lee Jin-man) TOKYO — Asian shares retreated Thursday as worries persisted about conflict in the Middle East. Ratcheting up tensions, President Donald Trump warned of the possibility of getting directly involved in the conflict with Israel, while Iran's supreme leader rejected U.S. calls for surrender. Oil prices rose while U.S. futures declined. In Asian trading, Japan's benchmark Nikkei 225 shed 1.0% to finish at 38,488.34. Shares in Japan's Nippon Steel Corp. jumped 2.3% after it announced that its acquisition of U.S. Steel, which met U.S. government opposition for more than a year, was finally completed. Hong Kong's Hang Seng dropped 2.1% to 23,217.07 on heavy selling of tech-related shares, while the Shanghai Composite lost 0.8% to 3,362.11. Australia's S&P/ASX 200 was little changed at 8,523.70 and in South Korea, the Kospi rose 0.2% to 2,977.74. U.S. financial markets will be closed Thursday for the Juneteenth holiday. On Wednesday, U.S. stocks drifted to a mixed finish after the Federal Reserve indicated it may cut interest rates twice this year, though it's far from certain about that. The S&P 500 finished nearly unchanged at 5,980.87. The Dow Jones Industrial Average dipped 0.1% to 42,171.66, and the Nasdaq composite rose 0.1% to 19,546.27. Treasury yields also wavered but ultimately held relatively steady after the Fed released projections showing the median official expects to cut the federal funds rate twice by the end of 2025. That's the same number they were projecting three months ago, and it helped calm worries a bit that inflation caused by T rump's higher tariffs could tie the Fed's hands. Cuts in rates would make mortgages, credit-card payments and other loans cheaper for U.S. households and businesses, which in turn could strengthen the overall economy. But they could likewise fan inflation higher. So far, inflation has remained relatively tame, and it's near the Fed's target of 2%. But economists have been warning it may take months to feel the effects of tariffs. And inflation has been feeling upward pressure recently from a spurt in oil prices because of Israel's fighting with Iran. Fed Chair Jerome Powell stressed on Wednesday that all the uncertainty surrounding tariffs means the median forecast for two cuts to interest rates this year could end up being far from reality. 'Right now it's just a forecast in a very foggy time,' he said Fed officials are waiting to see how big Trump's tariffs will ultimately be, what they will affect and whether they will drive a one-time increase to inflation or something more dangerous. There is also still deep uncertainty about how much tariffs will grind down on the economy's growth. 'Because the economy is still solid, we can take the time to actually see what's going to happen,' Powell said. 'We'll make smarter and better decisions if we just wait a couple months or however long it takes to get a sense of really what is going to be the passthrough of inflation and what are going to be the effects on spending and hiring and all those things.' A report released Wednesday said fewer workers applied for unemployment benefits last week, possibly indicating fewer layoffs. But another said homebuilders broke ground on fewer homes last month than economists expected. That suggests higher mortgage rates may be casting a chill on the industry. In other dealings early Thursday, benchmark U.S. crude rose 71 cents to $74.21. Brent crude, the international standard, advanced 76 cents to $77.46 a barrel. Oil prices have been yo-yoing as fears rise and ebb that the conflict between Israel and Iran 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. In currency trading, the U.S. dollar rose to 145.33 Japanese yen from 145.13 yen. The euro cost $1.1465, down from $1.1484. Yuri Kageyama, The Associated Press
