Europe launches next-generation weather satellite MTG-S1
Europe’s new-generation weather satellite, Meteosat Third Generation-Sounder 1 (MTG-S1), was successfully launched into space from the U.S. Cape Can...
The S&P 500 barely budged Wednesday as weak job and service sector data revealed the economic fallout from President Trump’s trade war tactics.
The benchmark S&P 500 index closed nearly flat on Wednesday (June 4), rising just 0.01%, as investors weighed tech stock gains against troubling economic signals tied to President Donald Trump’s erratic trade policies.
While tech shares kept the market afloat, enthusiasm quickly waned after data showed the U.S. services sector contracted in May for the first time in nearly a year. On top of that, input prices for businesses rose—a worrying sign that the U.S. is facing both slowing growth and persistent inflation.
Labor market data also disappointed. According to the ADP National Employment Report, private employers added the fewest jobs in more than two years last month. All eyes are now on Friday’s nonfarm payrolls report for a clearer picture of how trade volatility is rattling U.S. hiring.
Washington has now doubled tariffs on imported steel and aluminum to 50%, and June 4 marked Trump’s deadline for global trading partners to present revised deals—before more punishing levies kick in this July.
Investors are anxiously watching for signs of breakthrough in trade talks, particularly a possible call between Trump and Chinese President Xi Jinping. The world’s two largest economies remain locked in a high-stakes standoff.
Despite the uncertainty, May still delivered the strongest monthly gains for both the S&P 500 and the Nasdaq since November 2023, thanks to a temporary easing in trade rhetoric and strong corporate earnings.
Still, the S&P 500 remains over 2% below its all-time high set in February.
Barclays became the latest major brokerage to raise its year-end forecast for the S&P 500, citing hopes that trade disruptions will ease and earnings growth will normalize by 2026. That’s a long-term bet—short-term pain remains the more immediate reality.
Here’s how the numbers shook out:
S&P 500: +0.44 points, or 0.01%, to close at 5,970.81
Nasdaq Composite: +61.53 points, or 0.32%, to 19,460.49
Dow Jones Industrial Average: -91.90 points, or 0.22%, to 42,427.74
The U.S. economy faces a 40% risk of recession in the second half of 2025, JP Morgan analysts said on Wednesday, citing rising tariffs and stagflation concerns.
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Severe rain in Venezuela has caused rivers to overflow and triggered landslides, sweeping away homes and collapsing a highway bridge, with five states affected and no casualties reported so far.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Thousands of protesters rallied in Bangkok on Saturday, demanding Prime Minister Paetongtarn Shinawatra resign as political and economic tensions mount.
The Asian Infrastructure Investment Bank (AIIB) and the Arab Fund have signed a memorandum of understanding to formalize a strategic partnership focused on advancing sustainable infrastructure in shared priority regions.
Tesla’s new car registrations plunged sharply in June, dropping 64.4% in Sweden and 61.6% in Denmark compared to last year, highlighting growing challenges for the U.S. electric vehicle maker in these Nordic markets.
More than $2.5 billion in new deals and commitments between the United States and African partners were announced at the 17th summit, underscoring the U.S. commitment to prioritizing trade over aid by engaging Africans as equal partners in investment-driven growth, the State Department announced.
Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
The French Riviera town of Cannes will restrict large cruise ships from docking starting from January 2026, as part of new efforts to manage over tourism and protect local infrastructure.
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