U.S. stocks rallied on Tuesday after the Trump administration delayed imposing a 10% import tariff on laptops, cell phones, video game consoles and some other products made in China that had been scheduled to start next month, in an abrupt pull-back from a hardline stance on Chinese trade.
shares leading those gains - spiking 5 percent on the news that tariffs on technology products would be delayed until December 15.
The announcement came from the Office of the U.S. Trade Representative, which published a statement just minutes after China said Vice Premier Liu He conducted a phone call with U.S. trade officials.
Other products whose tariffs will be delayed until December include, video game consoles, certain toys, and some clothing.
The decision eased investor concerns of a trade war-driven slowdown in global growth, which has sparked two weeks of volatile trading on Wall Street.
It came less than two weeks after President Donald Trump ended a ceasefire with China and said he would impose a 10% tariff on essentially all Chinese imports starting September 1st, blaming China for not following through on promises to buy more American agricultural products.
Donald Trump's nominee to fill Ruth Bader Ginsburg's vacant Supreme Court seathas praised the justice as someone who "not only broke glass ceilings, shesmashed them". Amy Coney Barrett, speaking at the White House after beingintroduced by Mr Trump, said she would "be mindful of who came before me"."Justice Ginsburg began her career at a time when women were not welcome inthe legal profession," Ms Coney Barrett said. "But she not only broke glassceilings, she smashed them. For that, she has won the admiration of womenacross the country and indeed all over the world."
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[NFA] President Donald Trump on Saturday nominated Amy Coney Barrett to the Supreme Court, and she pledged to become a justice in the mold of the late staunch conservative Antonin Scalia - another milestone in Trump's rightward shift of the top U.S. judicial body. Colette Luke has the latest.
Wall Street's main indexes closed lower on Monday as concerns about new lockdowns in Europe and possible delays in fresh stimulus from Congress raised fears the U.S. economy faces a longer road to recovery than previously hoped for. Fred Katayama reports.
Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
2020 has been a wild ride for stocks. Business Insider reports that the market continues to face risks stemming from the COVID-19 pandemic. There is also election uncertainty, and the potential for heightened trade tensions with China. BI reports that investors should continue to hold on for the potential of more gains ahead. In a note, investment group LPL raised its year-end S&P 500 fair-value target to a range of 3,450 to 3,500, the note said.
According to Business Insider, JPMorgan expects the S&P 500 to rise another 6% from current levels to a record 3,600 before the year is over. The S&P500's earnings recovery is "ahead of expectation." Tech stocks have done well, boosting the index. The S&P500 will continue to support its recovery while other sectors gain through the second half of the year, they added. JPMorgan expects S&P 500 firms' margins to fully recover from the pandemic by the second half of 2021.
CFRA's Sam Stovall said that the recent S&P 500 pullback may be converted into a "low-level, double-digital correction." According to Business Insider, Stovall said that this will be an opportunity for investors to buy, not "bail." He feels the Fed is likely to keep interest rates low for the next few years. Stovall added that recent S&P 500 sell-off was not surprising. For Stovall, the "extreme" difference between price returns for growth stocks versus value stocks made the market vulnerable.
There have been back-to-back weeks of stock market declines. In a note UBS said the steady declines should be used by investors as an opportunity to buy stocks at better levels. Record highs were recorded on September 2. Now, the S&P 500 is down 7%, while the Nasdaq 100 is down 10%. UBS expects markets to "refocus on the positives."
A group of Apple's critics - including Spotify Technology, Match Group and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices. Fred Katayama reports.
Apple TV+ series Tehran tells the thrilling fictional story of a Mossad agent who goes deep undercover on a dangerous mission in Tehran that places her and everyone around her in dire jeopardy. Stars Shaun Toub and Niv Sultan talk to Hindustan Times about finding the humanity in their adversarial characters.
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Apple has finally marked its first retail presence in the country by way of its very own e-commerce portal named Apple Store Online. The store offers a full range of its products and services directly to customers across India. According to Mashable, the online store offers a range of new services that haven't been available to Indian users before. The customers can now interact with Apple Specialists, who can help customers with a range of product-related queries - from custom-configuring a Mac to set up new devices. Customers can get advice, receive guidance, and learn about new products directly from Apple in Hindi and English. Through its financing options and trade-in program, the platform also offers a range of affordable services and products. Students can shop for a Mac or iPad with special pricing and receive discounts on accessories. The Cupertino giant's AppleCare+ service - which extends the standard two-year limited warranty and adds accidental damage coverage - is also being offered to Indian customers for the first time. Mashable reported that following today's launch, Apple's next steps in India include a flagship brick-and-mortar store set to open in Mumbai in 2021.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.
US stocks climbed on Wednesday with the S&P 500 and Nasdaq composite extending records. According to Business Insider, both indexes closed at all-time highs on Tuesday. The rally was partly spurred by sectors that have underperformed in 2020, including utilities and financials. Traders are closely watching for signs that Congress will sign on for another pandemic stimulus bill soon. Treasury Secretary Steven Mnuchin on Tuesday encouraged Congress to pass stimulus measures.