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Stock market news live updates: Stocks jump as investors eye Trump's health – Yahoo Canada Finance
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks rose Monday, recovering after Friday’s losses, as market participants continued to closely monitor developments around President Donald Trump’s health.” data-reactid=”16″>Stocks rose Monday, recovering after Friday’s losses, as market participants continued to closely monitor developments around President Donald Trump’s health.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Dow gained more than 290 points, or about 1%, shortly after 9:30 a.m. in New York, to follow equities in Europe higher. Shares of Regeneron Pharmaceuticals (REGN) gained more than 5%, with Trump having received the company’s experimental antibody drug as part of his treatment.” data-reactid=”17″>The Dow gained more than 290 points, or about 1%, shortly after 9:30 a.m. in New York, to follow equities in Europe higher. Shares of Regeneron Pharmaceuticals (REGN) gained more than 5%, with Trump having received the company’s experimental antibody drug as part of his treatment.
The president remains at Walter Reed National Military Medical Center after first being taken to the hospital on Friday to be treated for Covid-19. White House physician Dr. Sean Conley said during a press conference Sunday that they had treated him with the steroid dexamethasone, which is typically used for more severe cases of Covid-19, and admitted that Trump had been given supplemental oxygen on Friday, after saying a day earlier that Trump had not been treated with oxygen.
Still, the president’s medical team has maintained an upbeat tone on the trajectory of Trump’s health. One of his doctors during the briefing also said the president could be released from the hospital as soon as Monday. Trump briefly left the hospital on Sunday to wave to supporters from his motorcade.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“We’re getting great reports from the doctors,” Trump said in a video posted to Twitter Sunday. “It’s a very interesting journey. I learned a lot about Covid.”” data-reactid=”20″>“We’re getting great reports from the doctors,” Trump said in a video posted to Twitter Sunday. “It’s a very interesting journey. I learned a lot about Covid.”
While uncertainties still remain over Trump’s recovery and skepticism lingers over the developments publicized by the White House, the blend of more positive comments around Trump’s health helped to diffuse some of markets’ anxiety from late last week.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Market participants also continue to closely eye updates around the election in light of Trump’s condition, and his at least temporary inability to campaign in the last few weeks leading up to Nov. 3. A new poll released Sunday by NBC News and the Wall Street Journal conducted after last week’s presidential debate, but before news emerged that Trump had tested positive for Covid-19, found that former Vice President Joe Biden was leading Trump 53% to 39% nationally among registered voters in the survey.” data-reactid=”22″>Market participants also continue to closely eye updates around the election in light of Trump’s condition, and his at least temporary inability to campaign in the last few weeks leading up to Nov. 3. A new poll released Sunday by NBC News and the Wall Street Journal conducted after last week’s presidential debate, but before news emerged that Trump had tested positive for Covid-19, found that former Vice President Joe Biden was leading Trump 53% to 39% nationally among registered voters in the survey.
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9:30 a.m. ET: Stocks open higher, recovering Friday’s losses
Here were the main moves in markets, as of 9:30 a.m. ET:
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S&P 500 (^GSPC): +23.51 points (+0.7%) to 3,371.95
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Dow (^DJI): +209.89 points (+0.76%) to 27,892.7
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Nasdaq (^IXIC): +99.18 points (+0.92%) to 11,178.01
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Crude (CL=F): +$1.89 (+5.1%) to $38.94 a barrel
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Gold (GC=F): +$5.60 (+0.29%) to $1,913.20 per ounce
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10-year Treasury (^TNX): +4.3 bps to yield 0.737%
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8:20 a.m. ET: Regal Cinemas owner to temporarily suspend operations at all US, UK theaters, impacting 45,000 employees
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Cineworld (CINE.L), the parent-company of Regal Cinemas, announced early Monday that the company would be temporarily suspending operations across its 536 Regal theaters in the US and 127 Cineworld and Picturehouse theaters in the UK starting on Thursday.” data-reactid=”37″>Cineworld (CINE.L), the parent-company of Regal Cinemas, announced early Monday that the company would be temporarily suspending operations across its 536 Regal theaters in the US and 127 Cineworld and Picturehouse theaters in the UK starting on Thursday.
“As major US. markets, mainly New York, remained closed and without guidance on reopening timing, studios have been reluctant to release their pipeline of new films,” the company said in a statement. “In turn, without these new releases, Cineworld cannot provide customers in both the US and the UK – the company’s primary markets – with the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.”
The closures are expected to impact about 45,000 employees, the company added.
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7:18 a.m. ET Monday: Stock futures jump after doctors say Trump may leave hospital as soon as Monday
Here were the main moves in markets, as of 7:18 a.m. ET:
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S&P 500 futures (ES=F): 3,366.00, up 26.75 points or 0.8%
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Dow futures (YM=F): 27,794.00, up 229 points or 0.83%
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Nasdaq futures (NQ=F): 11,359.00, up 125.75 points or 1.12%
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Crude (CL=F): +$1.74 (+4.70%) to $38.79 a barrel
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Gold (GC=F): -$3.30 (-0.17%) to $1,904.30 per ounce
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10-year Treasury (^TNX): +2 bps to yield 0.714%
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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.
The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.
Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.
Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.
Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.
The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.
Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.
By Charles Kennedy for Oilprice.com
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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”
“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”
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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.
Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.
“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”
In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.
Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.
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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.
The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.
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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.
“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”
• Email: bshecter@nationalpost.com
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Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.
The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).
Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.
Meta has been updating its ad-buying products with AI tools to boost earnings growth.
It has also been introducing more AI features on its social media platforms such as chat assistants.
The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.
Its shares fell despite it beating expectations on its earnings.
First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.
She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.
More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.
She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.
Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.
President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.
Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.
Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.
And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.
Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.
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