LABOR DAY RALLY
Dollar jumps after strong US payrolls report
The US dollar index jumped significantly following the Labor Department's report indicating an increase of 165,000 jobs last month, which far exceeded economists' forecasts. As a result, the probability of a rate hike from the Federal Reserve climbed to nearly 80% for next month. Moreover, Federal Reserve officials voiced concerns about ongoing inflation, leading to declines for other currencies such as the euro and sterling against the dollar.
Nasdaq rebounds but posts fourth straight weekly decline
On Friday, technology stocks saw a significant rebound, boosting investor optimism about growth in artificial intelligence amidst recent market fluctuations. The semiconductor sector soared, primarily driven by impressive gains from Nvidia and Advanced Micro Devices. Although this recovery was strong, the Nasdaq recorded its fourth consecutive weekly fall, hinting at a mixed market outlook. Job indicators remain strong, influencing Federal Reserve interest rate hike expectations.
US yields fall in choppy session as oil rises and equities sink
As geopolitical tensions change the landscape, US Treasuries are witnessing a spike in demand while equity markets take a hit and oil prices show volatility. Investors are reassessing their outlook on the US-Iran relations following new election results. The labor market remains resilient with dropping unemployment claims and heightened productivity levels, pointing towards ongoing inflation risk.
California could become the first state to tax billionaires' wealth
The state of California is deliberating on a proposed one-off 5% tax on the net worth of billionaires via Proposition 40. The initiative encounters significant pushback from wealthy opponents and considerable financial resources aimed at defeating it. Governor Gavin Newsom warns that it might trigger a tax flight among the richest residents.
Global Market Today: Asian stocks slide as US chip selloff deepens
The MSCI Asia Pacific gauge dropped 0.4% with South Korea’s Kospi Index sliding almost 3%. In the US, a gauge of chipmakers extended a three-day rout to 12% and the Nasdaq 100 sank 10% from its peak, entering a technical correction. In a sign some investors are looking to buy on dips, US stock futures gained. Japan is closed for a holiday.
How Trump's 'little detour' to Iran became a roadblock in the midterm elections
Frustration among voters is on the rise as soaring gas prices tilt opinions during midterm elections. Many Republican candidates grapple with challenges stemming from the ongoing Iran war and its economic repercussions. While President Trump minimizes the conflict's significance, asserting it's just a slight hurdle, some Republicans feel disillusioned, viewing the war as a breach of Trump's previous commitments.
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How Trump's 'little detour' to Iran became a roadblock in the midterm elections
The Iran war, which Trump often describes as a "little detour," has emerged as an unforced liability for the president, who once promised to keep the U.S. out of foreign wars. Republican strategists privately acknowledge that the war is severely damaging the party's push to retain control of Congress for the final two years of Trump's presidency.
Rahul Gandhi reiterates call for mega rally at Delhi’s Ramlila Maidan on November 1
Rahul Gandhi has announced a 'Save the Vote - Save the Country Jan March' rally in New Delhi on November 1. This event aims to protest against the Special Intensive Revision of voter lists and alleged voter list irregularities. Various opposition leaders, including those from the INDIA bloc, support this initiative and are mobilizing participants for the rally.
US weekly jobless claims near 57-year lows
Economists say rising profits amid strong domestic demand were shielding workers from layoffs. There are, however, worries that tightening financial conditions and higher interest rates as the US-Israeli war with Iran fuels inflation could undercut the labor market next year.
When it comes to Trump's economy, these are the numbers that matter before mid-term elections
United States President Donald Trump attempted to convince voters before the upcoming mid-term elections that the American economy is growing. However, voters have maintained the negative effects of inflation caused by the Iran war. The economy is seeing slowing job growth and widening income inequality, with high interest rates encumbering housing and automobile purchases.
Dollar retreats from 18-month high despite hot CPI as Fed officials temper hike bets
The dollar has fallen back after peaking at an 18-month high, fueled by stronger than expected inflation data. Expectations of an October rate hike were moderated by prudent remarks from Federal Reserve officials. With Treasury yields decreasing, the dollar slipped against key currencies like the euro and sterling. Traders are now closely monitoring the upcoming US producer price and retail sales figures to gauge future market movements.
Global Market Today: Stock selloff extends to Asia as chip rout deepens
MSCI Inc.’s Asia Pacific equities gauge dropped 1.5%, heading for a fourth straight decline, led by losses in South Korea, a bellwether for artificial intelligence investment. The Kospi Index slumped as much as 6.5% to its lowest since late July, with chip heavyweights Samsung Electronics Co. and SK Hynix Inc. tumbling at least 7%.
US midterm elections: Who is Michele Tafoya? The four-time Emmy winner who covered 327 NFL games before entering politics and is contesting in Minnesota Senate race
Michele Tafoya, a former sportscaster, is running for the Senate in Minnesota with a focus on accountability. Her campaign emphasizes fiscal responsibility, government transparency, and family-oriented policies while criticizing corruption. Tafoya's financial disclosures reveal a wealth significantly higher than her opponent, Peggy Flanagan, raising potential voter concerns. Flanagan has highlighted her background, focusing on economic issues affecting everyday families.
Explained: Why IT stocks ignored Donald Trump’s PERM suspension to gain Rs 70,000 crore in one day
IT stocks rallied up to 4% on Friday, adding Rs 70,000 crore in market capitalisation, despite the US suspension of a labour certification programme. Strong Q2 results from TCS, easing oil prices and bond yields, and developments around OpenAI also supported sentiment. TCS gained after reporting 15% profit growth, while brokerages flagged near-term margin pressures and evolving AI-related risks.
Infosys, TCS, Wipro and other IT stocks rise up to 4%. Here are 3 important triggers to watch
IT stocks including TCS, Infosys, Wipro, HCLTech, Tech Mahindra, Coforge and Persistent Systems rose up to 4% on Friday. The gains came amid a confluence of factors, including second-quarter earnings and the US suspension of a certification programme. TCS and Wipro were among the key gainers, while midcap IT stocks also saw strong buying interest during the session.
AI crowds out fresh grads at Wall Street tech hubs in India
The landscape of entry-level employment for Indian graduates is shifting dramatically due to advancements in AI. As machines tackle more mundane tasks, the demand for conventional positions dwindles. This reality compels new graduates to acquire advanced skills for job acquisition. In response, universities are incorporating AI-focused programs to better equip students.
Can $1 billion buy victory in the midterm elections? Some Republicans fear the answer is no
Republicans enter the final month before the midterms with a major cash advantage but growing concern that late spending may not offset voter dissatisfaction over Trump, the cost of living and the Iran war. Trump-aligned groups are pouring money into competitive Senate and governor races, but the late ad buys are far more expensive, raising doubts over how effectively the party can translate its roughly $1 billion war chest into electoral gains.
Trump opens tax-free use of 'red' diesel to all as Republicans face midterm heat
US President Donald Trump signed an executive order in Nebraska that aims to ease tax limits on diesel fuel. This decision is intended to save farmers millions of dollars and reduce the cost of goods. Trump emphasized that the move would benefit many, including truckers who would save over $100 per fill-up. As he campaigned for the upcoming elections, he expressed confidence in local GOP candidates.
Global Market Today: Asian shares rise as tech stocks lead, bonds in focus
The MSCI Asia Pacific Index climbed 0.6% with stocks in Japan and South Korea gaining. The moves came after gains for a key gauge of US semiconductor shares, while President Donald Trump rejected regulations on artificial intelligence.
Global Market Today: Asian shares slide as bond selloff fuels rate fears
Australian and New Zealand 10-year government bonds slipped in early Asian trading. The yield on a global bond index hit 4% for the first time since 2007.
In 1873, San Francisco tested underground cable cars for hills too steep for horse-drawn streetcars; the city’s cable cars still climb those streets today
San Francisco's cable cars represent a rich part of the city's heritage, facing elimination on two notable occasions. Inventor Andrew Smith Hallidie brought them to life, inspired by a tragic streetcar incident involving horses. In 1947, homemaker Friedel Klussmann spearheaded a movement to save these iconic vehicles, preserving public interest. Unfortunately, cuts in the 1950s left only three lines operational, emphasizing the importance of community action in safeguarding history.
Gold prices at Rs 1.52 lakh/10 gram, silver gains Rs 1,000/kg as falling oil lends support. Key levels to track
Gold and silver traded mixed on the MCX as a subdued dollar and weaker crude prices offered support amid uncertainty over global interest rates. Silver gained Rs 1,000 per kg, while gold fell Rs 800 per 10 grams; traders are advised to book profits on price rallies.
Gold rises slightly on lower oil prices, subdued dollar
Gold prices witnessed a small rise on Friday, influenced by lower oil costs and a softer dollar backdrop. Traders remain vigilant regarding the evolving situation in the Middle East and global monetary policy trends. The US Federal Reserve has indicated potential interest rate increases in the months ahead, with other central banks, like the Bank of England and Bank of Japan, also focusing on inflation.
Global Market Today: Asian stocks tick higher as markets weigh further Fed hikes
In a strategic shift, the Federal Reserve raised interest rates by 0.25%, aiming to address ongoing inflation challenges. This decision led to a dip in Asian sovereign bonds and the dollar, while gold maintained its losses. Interestingly, Asian stock markets posted minor gains, leaving investors speculating about the future trajectory of monetary policy adjustments.
Tech CEOs call for AI regulation. Trump and Congress are not rushing to act
President Donald Trump is leading the opposition to recent calls by tech leaders seeking greater government oversight, including Anthropic's Dario Amodei, OpenAI's Sam Altman and xAI's Elon Musk.
Global Market Today: Asian stocks retreat after AI warnings, oil advances
The Kospi Index — a key barometer for AI investments — fell over 3% with SK Hynix Inc. and Samsung Electronics Co. among the losers. Semiconductor makers and other AI-linked stocks may face the most pressure initially on Monday, while investors assess whether a more cautious approach to developing advanced models will crimp earnings.
US stocks today: Dow Jones soars 600 pts, Nasdaq 1% as oil prices fall amid high August inflation
US stocks rose sharply on Friday after August inflation data showed consumer prices increased 0.4%. The Dow gained 1.23%, S&P 500 1.05% and Nasdaq 1.08%. Falling oil prices also supported sentiment, while investors assessed the impact of sticky inflation on Federal Reserve rate expectations.
Global Market Today: Asian stocks to fall as oil stokes inflation fears
Equity-index futures for Japan, South Korea and Australia pointed lower after the S&P 500 Index fell 0.5%, led by industrial and consumer-discretionary shares. The Nasdaq 100 Index dropped 0.3% as Nvidia Corp., Amazon.com Inc. and Alphabet Inc. declined. Contracts for US stocks were little changed in early Asian trading.
Holiday Halt: Why NYSE, Nasdaq are closed for trading today
Wall Street is closed Monday, September 7, for Labor Day, with trading resuming Tuesday. Investors face a crucial week as stronger August jobs data boosts expectations of tighter Fed policy. Attention will shift to upcoming CPI inflation data, oil prices, Treasury yields and geopolitical tensions, which could drive market volatility.
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