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The Wall Street Journal on Thursday reported that the US Treasury will stop minting new pennies next year, bringing an end to the country's smallest monetary denomination. According to the Journal, the Treasury lost $85 million last year on new pennies, with 3 billion new one-cent pieces minted and then sent into circulation. The move is expected to save the government $56 million annually. For businesses, the lack of new pennies in circulation will mean cash transactions need to be rounded up or down to the nearest 5 cents, with...

US economic output rebounded in May as businesses digested President Trump's tariff rollback. S&P Global's flash US composite PMI, which captures activity in both the services and manufacturing sectors, came in at 52.1 in May, up from 50.6 in April. Increased activity in both the services and manufacturing sectors helped drive the gains. S&P's services PMI increased to 52.3 in May, up from 50.8. Meanwhile, the manufacturing PMI also increased, rising to 52.3, above the 50.2 seen the month prior. “Business confidence has improved in May from the worrying slump...

The S&P 500's (^GSPC) macro moment may be over. As tariff news whipsawed markets to start the second quarter, stocks moved roughly in unison. In April, the one-month correlation of stock movements within the benchmark index soared to nearly 0.7, a level only seen in the past five years when the Federal Reserve began hiking interest rates in 2022 and during the onset of the pandemic. But as President Trump has dialed back the height of his tariffs on other nations, the correlation between stocks in the S&P 500 has...

US stocks managed to eke out gains on Monday as bond yields eased off bigger gains and Wall Street largely shrugged off Moody's downgrade of the US credit rating. Meanwhile, investors digested developments in President Trump's tariff salvos. The Dow Jones Industrial Average (^DJI) edged up 0.3%. The S&P 500 (^GSPC) managed to close above the flatline to extend its 5-day win streak. The tech-heavy Nasdaq Composite (^IXIC) also rose slightly. Moody’s cut the US government’s long-term credit rating from AAA to AA1 late Friday, citing escalating deficits and the...

Stocks closed up for the week, as optimism over trade deals overshadowed plummeting consumer sentiment data released on Friday. The S&P 500 (^GSPC) extended gains for a fifth straight session, up more than 5% for the week. The tech-heavy Nasdaq Composite (IXIC) also rose more than 7% over the past five days. The Dow Jones Industrial Average (DJI) also rose on Friday, gaining more than 3% for the week. Investors expect more negotiations to come after the US announced a trade pact with China on Monday. Meanwhile, consumer sentiment tumbled...

US stock futures slid back on Thursday as investors waited for fresh retail sales and wholesale inflation data to shed light on the health of the economy, with a Jerome Powell speech and earnings from Walmart (WMT) on deck. Futures on the S&P 500 (ES=F) dropped 0.5%, while Dow Jones Industrial Average futures (YM=F) dropped around 0.4%. Contracts on the Nasdaq 100 (NQ=F) tumbled 0.7%, coming off a sixth upbeat session for tech stocks in a row. Markets are on watch for the next catalyst now the US-China trade-truce euphoria...

US stock futures held steady as investor sentiment continued to moderate following signs of easing trade tensions and an invigorated tech sector. Futures attached to the Dow Jones Industrial Average (YM=F) and the tech-heavy Nasdaq 100 (NQ=F) slipped 0.1%. Futures attached to the benchmark S&P 500 (ES=F) dipped 0.2%. On Wednesday, stocks mostly rose, boosted by an Nvidia-led tech rally. The chipmaker's stock has been on a tear this week and turned green for the year as President Trump's visit to the Middle East opened up deals with Saudi Arabia...

April's Consumer Price Index (CPI) report showed inflation pressures eased in the first month that many of President Trump's tariffs were in effect. The latest data from the Bureau of Labor Statistics showed that consumer prices increased 2.3% over the prior year in April, a slowdown from March's 2.4% and below economists' forecast for 2.4%. This marked the lowest annual increase since February 2021, before a large increase in inflation sparked a Federal Reserve interest rate hiking cycle. On a month-over-month basis, prices increased 0.2%, above the 0.1% decrease seen...

Investors worldwide are assessing the US-China deal to reduce their hefty rates of reciprocal tariffs, slashed by 115 percentage points to 10% on both sides. Aaron Hill, FP Markets' chief analyst This "marks a pivotal moment in global trade dynamics. However, the 90-day timeframe indicates these tariff cuts are a negotiation tactic rather than a permanent resolution, creating uncertainty about long-term trade policies." Kenneth Broux, Societe Generale senior FX and rates strategist "There is a de-escalation between China and U.S. resulting in a reduction of tariff on Chinese goods to...

Stocks rose at the open on Wall Street on Friday after President Trump suggested cutting US tariffs on Chinese imports. His comment fueled further optimism that the trade war is easing ahead of talks between Treasury Secretary Scott Bessent's team and Chinese officials in Switzerland this weekend. The Dow Jones Industrial Average (^DJI) edged up 0.2%. The S&P 500 (^GSPC) rose 0.4%, while the Nasdaq Composite (IXIC) gained about 0.5%. In a social media post on Friday morning, Trump suggested an 80% tariff rate for Chinese imports. Markets are attempting...