The S&P 500 and Nasdaq indices closed at record highs on Wednesday, buoyed by strong performances from Nvidia and power equipment manufacturer GE Vernova, amid signs of a potential US-European Union trade agreement reminiscent of a prior US-Japan deal.
Diplomatic sources suggest the prospective agreement may introduce a 15% tariff on European Union imports, possibly including vehicles, echoing the framework established between the U.S. and Japan.
The S&P 500 rose 0.78% to finish at 6,358.91 points, while the Nasdaq climbed 0.61% to 21,020.02 points. The Dow Jones Industrial Average increased by 1.14%, closing at 45,010.29 points, just shy of its 4 December record.
Shares of GE Vernova surged 14.6% to an all-time high after the company raised its revenue and free cash flow forecasts, beating second-quarter earnings expectations. The firm has now gained over 80% in 2025, driven by soaring electricity demand from Artificial Intelligence and cryptocurrency data centres.
Meanwhile, AI chip giant Nvidia advanced 2.25%, significantly contributing to the upward momentum in both the S&P 500 and Nasdaq.
Tesla shares edged up 0.14% ahead of its earnings report, due after market close. Analysts anticipate a sharp decline in revenue due to intensifying competition, a limited new model line-up, and a consumer backlash against CEO Elon Musk.
Alphabet, the parent company of Google, saw its stock slip 0.58%, also poised to release quarterly results after trading hours.
Texas Instruments dropped 13% following a disappointing earnings outlook, citing softer demand and tariff-related uncertainty. The report weighed on the broader analogue chip segment, pulling down shares of NXP Semiconductors, Analog Devices, and ON Semiconductor by between 1% and 4.6%.
U.S. existing home sales declined more than expected in June. Markets now await weekly jobless claims and S&P Global’s flash PMI figures for further insight into the economic landscape amid ongoing trade tensions.
Following last week’s mixed economic indicators, traders have largely ruled out an interest rate cut by the Federal Reserve at next week’s meeting. According to the CME FedWatch tool, the likelihood of a rate reduction in September is currently around 58%.
Advancing issues in the S&P 500 outpaced decliners by a 2.1-to-1 ratio. The index posted 50 new highs and 2 new lows, while the Nasdaq recorded 96 new highs and 20 new lows.
Afghan authorities in Kabul and Herat have sought wider investment, trade and environmental cooperation with Uzbekistan, Russia, Kazakhstan, Iran and ...
The United States carried out a third consecutive night of airstrikes against Iran, targeting military capabilities around the Strait of Hormuz as Don...
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claim...
Afghan authorities in Kabul and Herat have sought wider investment, trade and environmental cooperation with Uzbekistan, Russia, Kazakhstan, Iran and an international aid organisation.
The United States carried out a third consecutive night of airstrikes against Iran, targeting military capabilities around the Strait of Hormuz as Donald Trump announced the reinstatement of a blockade on Iranian shipping and proposed a 20% fee on cargo passing through the strategic waterway.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
A Sudanese court has sentenced Rapid Support Forces (RSF) commander Mohamed Hamdan Dagalo, known as Hemedti, and 15 other defendants to death in absentia over crimes committed during the conflict in West Darfur.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
The U.S. has launched fresh strikes on Iran after Tehran targeted a container ship and said it had again closed the Strait of Hormuz. Iran also claimed to have expanded attacks on U.S. military facilities across the Gulf.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
President Ilham Aliyev is holding his annual question-and-answer session with international journalists at the 4th Shusha Global Media Forum in Azerbaijan.
Qatar is mourning the death of its former ruler, Sheikh Hamad bin Khalifa Al Thani, who has passed away at the age of 74.
The United States carried out a third consecutive night of airstrikes against Iran, targeting military capabilities around the Strait of Hormuz as Donald Trump announced the reinstatement of a blockade on Iranian shipping and proposed a 20% fee on cargo passing through the strategic waterway.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
A Sudanese court has sentenced Rapid Support Forces (RSF) commander Mohamed Hamdan Dagalo, known as Hemedti, and 15 other defendants to death in absentia over crimes committed during the conflict in West Darfur.
Ukrainian lawmakers are expected to vote on a new government this week after President Volodymyr Zelenskyy unexpectedly dismissed Prime Minister Yulia Svyrydenko, saying the shake-up is needed to bring "renewal" as the country faces mounting wartime challenges.
Twelve people have been arrested in connection with an alleged extreme right-wing terrorism plot targeting a major Islamic gathering in Suffolk, prompting counter-terrorism police to declare a major incident and bring the event to an early close.
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