The S&P 500 fell for the third day in a row as markets reacted to Kevin Warsh's nomination as the next Federal Reserve chair, while Wall Street finished January on a high note.
US equity indexes declined this week as big tech reported mixed quarterly results, producer price inflation turned hot, and President Donald Trump nominated policy hawk Kevin Warsh as the next chair of the Federal Reserve. The S&P 500 closed at 6,939.03 on Friday versus 6,940.01 a week ago. *Technology was among the worst performers as Microsoft's (MSFT) fiscal Q2 results hurt the sector.
US equity indexes declined on Friday as Kevin Warsh's nomination to be the Federal Reserve chair lifted the dollar and slammed precious metals amid hot producer price inflation data.
US equity indexes ended lower Friday after President Trump nominated Kevin Warsh as the next Federal Reserve chair, pushing the dollar higher and precious metals into freefall. * President Donald Trump has nominated former Fed governor Kevin Warsh to succeed Jerome Powell.
US equity indexes slumped ahead of Friday's close as Kevin Warsh's nomination to be the Federal Reserve chair boosted the dollar while sending precious metals into a tailspin.
RBC Capital Markets said the Bank of Canada delivered the expected hold this week, underlining that the timing and direction of the next rate move was uncertain. RBC continues to see a sizable risk of hikes late in the year. RBC said a steady hold at 2.25% was delivered on Wednesday, as expected.
Financial stocks were lower in Friday late afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF off 0.2%. The Philadelphia Housing Index dropped 2%, and the State Street Real Estate Select Sector SPDR ETF shed 0.1%. Bitcoin was declining 0.1% to $83,657, and the yield for 10-year US Treasuries rose 1.6 basis points to 4.24%. In e...
Financial stocks were lower in Friday late afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF off 0.4%. The Philadelphia Housing Index dropped 2%, and the State Street Real Estate Select Sector SPDR ETF shed 0.3%. Bitcoin was declining 0.9% to $83,760, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.24%. In c...
Fed Governor Christopher Waller said that he dissented in favor of a 25-basis point rate cut at the January FOMC meeting because he believes the current stance of policy is still restrictive given the ongoing weakness in the labor market and an inflation rate that is near the 2% goal when temporary tariffs impacts are removed.
US benchmark equity indexes were lower intraday, while gold and silver prices slumped after President Donald Trump nominated Kevin Warsh to be the next Federal Reserve chair.
Gold and silver prices sank Friday after US President Donald Trump nominated Kevin Warsh to replace Jerome Powell as Federal Reserve Chair in May. Gold futures slumped 11% to $4,763.71 per troy ounce, while silver slid 31% to $78.60. Earlier this week, gold futures surged past $5,600, while the white metal crossed $121 as investors turned to safe-haven assets amid mounting geopolitical uncertai...
Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index falling 1% and the State Street Financial Select Sector SPDR ETF off 0.7%. The Philadelphia Housing Index dropped 2.3%, and the State Street Real Estate Select Sector SPDR ETF shed 0.8%. Bitcoin was declining 1.9% to $82,982, and the yield for 10-year US Treasuries was rising 1.6 basis points to 4.24%. In eco...
US equity indexes slumped in midday trading on Friday as Kevin Warsh's nomination as Federal Reserve chair boosted the dollar while sending precious metals into a tailspin, and as producer price inflation turned hot in December.
Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index falling 1% and the State Street Financial Select Sector SPDR ETF off 0.7%. The Philadelphia Housing Index dropped 2.3%, and the State Street Real Estate Select Sector SPDR ETF shed 0.8%. Bitcoin was declining 1.9% to $82,982, and the yield for 10-year US Treasuries was rising 1.6 basis points to 4.24%. In cor...
US equity indexes dropped as Kevin Warsh's nomination as Federal Reserve chair boosted the dollar and sent precious metals into a tailspin, and as the producer price inflation rate jumped in December. The Nasdaq Composite dropped 1% to 23,457.1, with the S&P 500 down 0.8% to 6,914.2 and the Dow Jones Industrial Average lower by 1.1% to 48,563.1 after midday Friday.
The Toronto Stock Exchange is sharply lower in midday trading, plunging near 1,000 points with all sectors lower as fourth-quarter GDP data shows Canada is struggling for growth. The worst performers are miners, and info tech, followed by industrials. Tiago Figueiredo at Desjardins said the Canadian economy appears to have ended the year on very weak footing.
The European stock markets were moving higher in Friday trading as The Stoxx Europe rose 0.6%, Germany's DAX gained 0.9%, the FTSE 100 was up 0.5%, France's CAC increased 0.7%, and the Swiss Market Index was moving 0.3% higher. In Germany, gross domestic product grew 0.3% in Q4 from Q3, adjusted for price, seasonal, and calendar effects, according to the Federal Statistical Office.
US producer price growth unexpectedly accelerated in December as the services index logged the largest. increase since July, the Bureau of Labor Statistics reported Friday. The producer price index rose by 0.5% on a seasonally adjusted basis last month, representing the biggest gain since September, government data showed.
US President Donald Trump on Friday nominated Kevin Warsh to replace Federal Reserve Chair Jerome Powell, who has regularly been criticized by the US leader for taking a cautious view on lowering interest rates. Warsh served as a governor on the central bank's board from 2006 to 2011.
The current stance of monetary policy is still restraining economic growth and requires more reduction in the policy rate, Federal Reserve Governor Christopher Waller said Friday in a statement explaining his dissent in favor of a 25-basis point rate cut at this week's Federal Open Market Committee meeting.
US stocks look set to open lower in Friday's trading session as investors seem calmed by President Donald Trump's nomination of former Fed Governor Kevin Warsh to replace Fed Chairman Jerome Powell when his term expires in May. Investors are also parsing the Bureau of Labor Statistics' Producer Price Index reading, which rose 0.5% in December, up from a 0.2% gain the previous month, and above a...
The broad market exchange-traded fund SPDR S&P 500 ETF Trust was down 0.4% and the actively traded Invesco QQQ Trust was 0.6% lower in Friday's premarket activity as geopolitical uncertainty looms, while investors still await a Federal Reserve interest rate cut.
The Canadian economy was still struggling for growth toward the end of Q4, with November gross domestic product showing a flat reading and the advance estimate for December pointing to only marginal growth, said CIBC after Friday's data.
Canadian real gross domestic product was essentially unchanged in November, following a 0.3% month over month decline in October, as contractions in goods-producing industries offset expansions in services-producing industries, said the country's statistical agency on Friday. November's flat reading was slightly less than the 0.1% consensus month-over-month rise provided by MUFG.
The US Producer Price Index rose by 0.5% in December following a 0.2% increase in November, well above the 0.2% gain expected in a survey compiled by Bloomberg. Energy prices fell by 1.4% in the month, while food prices declined by 0.3%. After excluding food and energy prices, core PPI jumped by 0.7%, above the 0.2% gain expected and following a flat reading in the previous month.
The US dollar rose against its major trading partners early Friday ahead of the release of producer price data for December at 8:30 am ET and the Chicago purchasing managers' index reading for January at 9:45 am ET.
US stock futures are tracking lower in Friday's premarket session, but rebounding from earlier levels as investors appear assuaged by President Donald Trump's nomination of former Fed Governor Kevin Warsh to replace Fed Chairman Jerome Powell when his term expires in May. Investors are also looking ahead to the Producer Price Index reading, which will be released at 8:30 am ET.
Canada will release the monthly gross domestic product data at 8:30 a.m. ET on Friay, said Bank of Montreal. The bank noted that the Canadian economy has struggled to gain momentum in recent months as the support from past rate cuts is offset by still-significant trade uncertainty.
European bourses tracked moderately higher midday Friday as traders nodded to earnings, and shrugged off geopolitical conflicts and the outlook for a new US central bank chief. President Donald Trump is expected to nominate former Federal Reserve governor Kevin Warsh as the central bank's next chair, Friday morning in Washington.
Wall Street futures pointed lower pre-bell Friday on Wall Street as traders awaited President Donald Trump's announcement, slated for Friday morning, of his pick for the next Federal Reserve chair. Kevin Warsh, a former Fed governor, is the leading contender for next central bank chief, with Polymarket placing a 95% chance on Warsh getting the Trump nod.
Gross domestic product growth in the eurozone held steady at 0.3% quarter-on-quarter in Q4, said ING after Friday's data. This was slightly better than expected, as sentiment data had been more downbeat toward the end of the year, wrote the bank in a note.
US equity indexes ended mostly lower Thursday as details from Microsoft's (MSFT) quarterly results triggered a sell-off in the technology sector. * Initial jobless claims declined to 209,000 in the week ended Jan. 24 from an upwardly revised 210,000 in the previous week, compared with analyst expectations of 205,000 according to a survey compiled by Bloomberg.
Financial stocks rose in late Thursday afternoon trading, with the NYSE Financial Index advancing 0.9% and the State Street Financial Select Sector SPDR ETF adding 0.8%. The Philadelphia Housing Index rose 0.3%, and the State Street Real Estate Select Sector SPDR ETF gained 1.4%. Bitcoin was falling 6.3% to $83,864, and the yield for 10-year US Treasuries dropped 2.2 basis points to 4.23%. In e...
Financial stocks rose in late Thursday afternoon trading, with the NYSE Financial Index advancing 0.9% and the State Street Financial Select Sector SPDR ETF adding 0.8%. The Philadelphia Housing Index rose 0.3%, and the State Street Real Estate Select Sector SPDR ETF gained 1.4%. Bitcoin was falling 6.3% to $83,864, and the yield for 10-year US Treasuries dropped 2.2 basis points to 4.23%. In c...
Initial jobless claims decreased by 1,000 to 209,000 in the week ended Jan. 24, but the four-week moving average rose by 2,250 to 206,250 after three straight decreases. Insured claims fell by 38,000 to 1.827 million in the employment survey week ended Jan. 17, the lowest level since the week ended Sept. 21, 2024, when it was 1.825 million.
Stifel Canada's quarterly consumer spending survey suggests that spending intentions are moderating sequentially compared with October 2025. "In almost all categories we monitor, female and low income respondents, as well as young shoppers show declining spending intentions," write analysts Martin Landry and Daryl Young.
Financial stocks rose in Thursday afternoon trading with the NYSE Financial Index advancing 0.6% and the State Street Financial Select Sector SPDR ETF adding 0.5%. The Philadelphia Housing Index eased 0.1%, and the State Street Real Estate Select Sector SPDR ETF gained 1%. Bitcoin fell 6.6% to $83,769, and the yield for 10-year US Treasuries dropped1.6 basis points to 4.235%. In economic news, ...
Financial stocks rose in Thursday afternoon trading, with the NYSE Financial Index advancing 0.6% and the State Street Financial Select Sector SPDR ETF adding 0.5%. The Philadelphia Housing Index was up 0.1%, and the State Street Real Estate Select Sector SPDR ETF rose 0.6%. Bitcoin was falling 5.1% to $84,597, and the yield for 10-year US Treasuries was decreasing 1.6 basis points to nearly 4....
Weekly applications for unemployment insurance in the US dropped, while continuing claims reached the lowest level since September 2024, government data showed Thursday. For the week through Jan. 24, the seasonally adjusted number of initial claims decreased by 1,000 to 209,000 from the previous week's average that was revised upwards by 10,000, the Department of Labor said.
The widening of Canada's merchandise trade deficit in November was entirely due to a decline in exports, particularly of metal and non-metallic mineral products, said National Bank of Canada.
The European stock markets were mixed in Thursday trading as The Stoxx Europe was off 0.2%, Germany's DAX tumbled 2.1%, the FTSE 100 gained 0.2%, France's CAC was up 0.1%, and the Swiss Market Index rose 1%. The Economic Sentiment Indicator, released by the European Commission, increased 1.9 points to 99.2 in the European Union, and 2.2 points to 99.4 in the euro area in January from December.
The Bank of Canada held rates at at 2.25% at Wednesday's meeting, with the statement maintaining directionality in the next move and this was emphasized by Governor Tiff Macklem too, said UBS. Updated projections were little changed and uncertainty reigns, wrote the bank in a note to clients.
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