Haitian police seize 1 ton of cocaine in deadly boat raid
Haitian police have seized more than 1,000 kilograms of cocaine during a raid off the country’s northern coast that left three suspected traffickers...
U.S. stocks pushed higher on Monday, closing in on record levels after a volatile start to the day. Despite weak manufacturing data and renewed trade tensions between the U.S. and China, investor optimism held strong, with major indexes recovering thanks to tech gains and a surge in oil prices.
Wall Street inched closer to record territory on Monday, continuing its upward momentum after a strong May—the best month for U.S. stocks since 2023. The S&P 500 gained 0.4%, the Nasdaq rose 0.7%, and the Dow Jones Industrial Average added a modest 0.1%.
Markets opened lower, with all three major indexes down nearly 1% in the morning, as investors reacted to weak manufacturing data and renewed trade tensions. However, stocks recovered by the afternoon, boosted by strong performances from key tech companies and a sharp rise in oil prices.
Shares of Nvidia and Meta climbed 1.7% and 3.6%, respectively, helping to offset broader market weakness. Oil prices surged more than 3% after the OPEC+ group confirmed plans to gradually increase production—a move already anticipated by investors. Meanwhile, Ukrainian attacks on Russian territory over the weekend added new uncertainty to global energy markets.
One of the biggest stories driving market sentiment is the return of U.S.-China trade tensions. Just weeks after both countries agreed to pause tariffs, the rhetoric has once again heated up. China’s Commerce Ministry criticized the United States for restricting exports of artificial intelligence chips and software, and for reportedly planning to revoke student visas. In response, President Donald Trump accused China of violating the trade agreement reached last month and announced a dramatic increase in steel tariffs—from 25% to 50%—during a speech to steelworkers in Pennsylvania.
The tariff hike gave a strong boost to American steelmakers. Nucor surged 10.1%, and Steel Dynamics jumped 10.3%. However, companies that rely heavily on steel, such as automakers, saw their shares fall. Both Ford and General Motors dropped 3.9%.
While some investors cheered the tariff protections, others worry that rising prices for materials like steel could push up costs for construction, manufacturing, and housing. This concern was echoed in economic reports released Monday. A survey from the Institute for Supply Management showed weaker-than-expected activity in the U.S. manufacturing sector. One respondent from the transportation equipment industry said the administration’s shifting trade policies had made it hard for suppliers to stay profitable. Another report from S&P Global painted a slightly more optimistic picture but noted ongoing supply chain disruptions and inflationary pressures.
Bond markets reflected the tension as well. The yield on the 10-year U.S. Treasury rose to 4.44%, up from 4.41% on Friday and significantly higher than the 4.01% seen two months ago. Rising yields can increase borrowing costs for businesses and consumers and often pressure stock prices.
International markets also reacted to the escalating U.S.-China tensions. Hong Kong’s Hang Seng fell 0.6%, Japan’s Nikkei 225 dropped 1.3%, and most other major Asian and European indexes ended the day in the red. Investors were also digesting data showing that Chinese factory activity continued to contract in May, although the pace of decline had eased slightly since April.
Despite the geopolitical tensions and mixed economic signals, U.S. stocks remain near record highs. Much of the recent market optimism has been driven by expectations of tariff relief and hopes for global trade stability. But with the Trump administration’s trade agenda back in the spotlight, investors will be watching closely for any signs of further escalation.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Start your day informed with AnewZ Morning Brief: here are the top news stories for 10th July, covering the latest developments you need to know.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Chinese automaker Chery has denied an industry-ministry audit that disqualified more than $53 million in state incentives for thousands of its electric and hybrid vehicles, insisting it followed official guidance and committed no fraud.
Hollywood star Sydney Sweeney is reportedly the top contender to become the next Bond girl, as director Denis Villeneuve and Amazon look to modernise the James Bond franchise.
U.S. consumer prices rose at their fastest pace in five months in June, signaling the early impact of tariffs on inflation. However, subdued demand and falling service prices may keep the Federal Reserve cautious about rate changes.
Dashkesan Iron Ore LLC, a subsidiary of CJSC AzerGold, has signed an agreement with China's Sinosteel Equipment & Engineering Co., Ltd. to conduct a feasibility study for building a production chain the Dashkesan iron ore deposits complex.
Tesla's highly-anticipated entry into India has finally happened with the opening of its first showroom — nine years after CEO Elon Musk first hinted at its launch.
An Italian court has placed LVMH group's high-end Italian cashmere firm Loro Piana under judicial administration for a year after allegedly uncovering worker abuse inside its supply chain, in the latest in a string of cases that have tainted the image of Italy's luxury brand.
A Moscow court has ruled that the assets of U.S.-owned canned food company Glavprodukt be handed over to the Russian state, the TASS news agency reported late on Friday, ending a months-long legal tussle over the company.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment