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.
Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global ...
Iran is grappling with a worsening water crisis, with more than 20 of its 31 provinces suffering from severe shortages that have left the capital Tehr...
Elon Musk’s satellite internet service Starlink faced a rare global outage on Thursday, affecting tens of thousands of users and prompting a swift r...
The International Criminal Court (ICC) has sentenced two former Anti-Balaka militia leaders from the Central African Republic to lengthy prison terms ...
At least 14 people were killed on the Thai side — including a soldier and a child — after a day of airstrikes and rocket fire between Thailand and...
Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global motorsport map.
Iran is grappling with a worsening water crisis, with more than 20 of its 31 provinces suffering from severe shortages that have left the capital Tehran facing the risk of running dry.
Elon Musk’s satellite internet service Starlink faced a rare global outage on Thursday, affecting tens of thousands of users and prompting a swift response from Elon Musk’s SpaceX.
The International Criminal Court (ICC) has sentenced two former Anti-Balaka militia leaders from the Central African Republic to lengthy prison terms for war crimes and crimes against humanity.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
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.
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.
Ukraine and Russia attacked targets on each other's territory on Thursday after brief direct talks between the two sides failed to make any progress on steps to end nearly three-and-a-half years of war.
Nigeria has submitted a formal bid to host a Formula 1 Grand Prix, in what officials are calling a landmark effort to place the country on the global motorsport map.
The International Criminal Court (ICC) has sentenced two former Anti-Balaka militia leaders from the Central African Republic to lengthy prison terms for war crimes and crimes against humanity.
At least 14 people were killed on the Thai side — including a soldier and a child — after a day of airstrikes and rocket fire between Thailand and Cambodia, as border tensions over a disputed area erupted into the worst fighting in years.
An Indian company shipped $1.4 million worth of military-grade explosives to Russia late last year, according to Indian customs data obtained by Reuters — despite repeated U.S. warnings that supplying Russia’s war effort in Ukraine could trigger sanctions.
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