European stocks will rise after Trump says he will delay tariffs until July 9th
European shares rose after President Donald Trump announced a new 50% tariff delay until July 9th.
US stocks went low late at night as investors await income after the artificial intelligence chip chip darling Nvidia’s Bell.
The Broad S&P 500 Index lost 0.2% in nearly 5,908 trades, falling about 13 points. The Dow Jones industrial average fell 82 points with nearly 42,262 trades. The high-tech Nasdaq composite was about 36 points lower, down 0.2% to 19,164.
Nvidia is the last of seven so-called grandiose companies reporting revenue. The group includes the largest and most influential tech companies: Alphabet, Amazon, Apple, Meta Platforms, Microsoft and Tesla.
Last month, Nvidia warned that in the first three months of the year it would reach a $5.5 billion bill due to a US export ban on several chips.
Later that day, investors will receive minutes from the Federal Reserve monetary policy meeting held in May. Bond yields sucked up the market away from the hit highs at the beginning of the month, but were slightly higher on Wednesday. The benchmark 10-year notes scored 6 basis points to trade nearly 4.489% in the morning. Bonds rise as prices drop.
Corporate News
- Identity management software company Okta has passed analyst estimates with results from the first three months of the fiscal year. Although they maintained year-round guidance, they pointed out that customers are becoming more cautious. Stocks plummeted 13%.
- Dick’s sports goods stocks were slightly higher late at night after retailers beat estimates and didn’t make any changes to this year’s forecast.
- Macy’s reported a slight decline in sales than expected in the spring quarter, but trimmed its full-year revenue guidance as tariffs remained relatively cautious. The stocks were almost 2% higher.
- Motorola Solutions said it has agreed to buy Silvus Technologies for $4.4 billion.
- Vail Resorts said Rob Katz has returned as the company’s chief executive. Stock jumped nearly 13%.
GameStop buys bitcoin
GameStop said in its filing it purchased 4,710 Bitcoin worth approximately $513 million. Bitcoin was trading about 1.7% lower at nearly $107,568. GameStop stock was over 10% lower for midmorning.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
