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NEW YORK (AP) — U.S. stocks are rising toward records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The S&P 500 climbed 0.5% and was on track to top its all-time high set a couple weeks ago. The Dow Jones Industrial Average added 81 points, or 0.2%, to its own record set the day before, while the Nasdaq composite was 0.5% higher, with less than an hour remaining in trading. Stock markets abroad were down, but mostly only modestly, after President-elect Trump said he plans to impose sweeping new tariffs on Mexico, Canada and China as soon as he takes office. Stock indexes were down 0.1% in Shanghai and nearly flat in Hong Kong, while Canada's main index edged down by just 0.1%. Trump has often praised the use of tariffs , but investors are weighing whether his latest threat will actually become policy or is just an opening point for negotiations. For now, the market seems to be taking it more as the latter. Unless the United States can prepare alternatives for the autos, energy products and other goods that come from Mexico, Canada and China, such tariffs would raise the price of imported items all at once and make households poorer, according to Carl Weinberg and Rubeela Farooqi, economists at High Frequency Economics. They would also hurt profit margins for U.S. companies, while raising the threat of retaliatory tariffs by other countries. General Motors sank 8.2%, and Ford Motor fell 2.6% because both import automobiles from Mexico. Constellation Brands, which sells Modelo and other Mexican beer brands in the United States, dropped 3.9%. Beyond the pain such tariffs would cause U.S. households and businesses, they could also push the Federal Reserve to slow or even halt its cuts to interest rates. The Fed had just begun easing its main interest rate from a two-decade high a couple months ago to offer support to the job market . While lower interest rates can boost the overall economy and prices for investments, they can also offer more fuel for inflation. “Many” officials at the Fed's last meeting earlier this month said they should lower rates gradually, according to minutes of the meeting released Tuesday afternoon. Unlike tariffs in Trump's first term, his proposal from Monday night would affect products across the board. Trump’s tariff talk came almost immediately after U.S. stocks rose Monday amid excitement about his pick for Treasury secretary, Scott Bessent. The hope was the hedge-fund manager could steer Trump away from policies that balloon the U.S. government deficit, which is how much more it spends than it takes in through taxes and other revenue. The talk about tariffs overshadowed another set of mixed profit reports from U.S. retailers that answered few questions about how much more shoppers can keep spending. They’ll need to stay resilient after helping the economy avoid a recession, despite the high interest rates instituted by the Fed to get inflation under control. Kohl’s tumbled 17.6% after its results for the latest quarter fell short of analysts’ expectations. CEO Tom Kingsbury said sales remain soft for apparel and footwear. A day earlier, Kingsbury said he plans to step down as CEO in January. Ashley Buchanan, CEO of Michaels and a retail veteran, will replace him. Best Buy fell 4.7% after likewise falling short of analysts’ expectations. Dick’s Sporting Goods topped forecasts for the latest quarter thanks to a strong back-to-school season, but its stock lost an early gain to fall 1.4%. A report on Tuesday from the Conference Board said confidence among U.S. consumers improved in November, but not by as much as economists expected. J.M. Smucker jumped 5.4% for one of the biggest gains in the S&P 500 after topping analysts' expectations for the latest quarter. CEO Mark Smucker credited strength for its Uncrustables, Meow Mix, Café Bustelo and Jif brands. Big Tech stocks also helped prop up U.S. indexes. Gains of 2.8% for Amazon and 2% for Microsoft were the two strongest forces lifting the S&P 500. In the bond market, Treasury yields rose following their big drop from a day before driven by relief following Trump’s pick for Treasury secretary. The yield on the 10-year Treasury climbed to 4.30% from 4.28% late Monday, but it’s still well below the 4.41% level where it ended last week. In the crypto market, bitcoin continued to pull back after topping $99,000 for the first time late last week. It's since dipped back toward $91,600, according to CoinDesk. It’s a sharp turnaround from the bonanza that initially took over the crypto market following Trump’s election. That boom had also appeared to have spilled into some corners of the stock market. Strategists at Barclays Capital pointed to stocks of unprofitable companies, along with other areas that can be caught up in bursts of optimism by smaller-pocketed “retail” investors. AP Business Writer Elaine Kurtenbach contributed. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission. Get the latest local business news delivered FREE to your inbox weekly.
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Russia has 'limited' stock of new missile: US official
GENEVA (AP) — Netflix has secured the U.S. broadcasting rights to the Women’s World Cup in 2027 and 2031 as the streaming giant continues its push into live sports. The deal announced Friday is the most significant FIFA has signed with a streaming service for a major tournament. The value was not given, though international competitions in women’s soccer have struggled to draw high-value offers. “Bringing this iconic tournament to Netflix isn’t just about streaming matches,” its chief content officer Bela Bajaria said in a statement. “It’s also about celebrating the players, the culture and the passion driving the global rise of women’s sport.” Netflix dipped into live sports last month with more than 60 million households watching a between retired heavyweight legend Mike Tyson and social media personality Jake Paul. Some viewers reported , however. Netflix also will broadcast two NFL games on Christmas Day: the Kansas City Chiefs at the Pittsburgh Steelers and Baltimore Ravens at the Houston Texans. That’s part of announced in May. World Cups are typically broadcast on free-to-air public networks to reach the biggest audiences, and the last women's edition in 2023 earned FIFA less than 10% of the men's 2022 World Cup. FIFA president Gianni Infantino had , especially in Europe, for undervaluing offers to broadcast the 2023 tournament that was played in Australia and New Zealand. That tournament was broadcast by Fox in the U.S. “This agreement sends a strong message about the real value of the FIFA Women’s World Cup and the global women’s game,” Infantino said. The World Cup rights mark another major step in Netflix’s push into live programming. It’s recipe that Netflix has cooked up to help sell more advertising, a top priority for the company since it introduced a low-priced version of its streaming service that includes commercials two years ago. The ad-supported version is now the fastest growing part of Netflix’s service, although most of its 283 million worldwide subscribers till pay for higher-priced options without commercial. But Netflix is still trying to sell more ads to boost its revenue, which is expected to be about $30 billion. Netflix executives have predicted it might take two or three years before its ad sales become a major part of its revenue. Netflix expects to spend about $17 billion on programming this year — a budget that the Los Gatos, California, company once funneled almost entirely into scripted TV series and movies. But Netflix is now allocating a significant chunk of that money to sports and live events, a shift that has made it a formidable competitor to traditional media bidding for the same rights. FIFA will likely use the Netflix deal to drive talks with European broadcasters that likely will be hardball negotiations. Soccer finance expert Kieran Maguire, a co-host of The Price of Football podcast, suggested the deal was “a bit of a gamble" for FIFA and “saber-rattling” by Infantino. “(Netflix) get experience of football broadcasting, FIFA can say, ‘we are now partnering with a blue chip organization, so watch out you nasty Europeans,’” Maguire, an academic at the University of Liverpool, said in a telephone interview. FIFA and Infantino also want to raise the price of broadcast deals to help fund increased prize money and close the gender pay gap on the men’s World Cup. At the men’s 2022 World Cup in Qatar, the 32 team federations shared $440 million in prize money. For the , FIFA had a $152 million total fund for prize money, contributions to teams’ preparation costs and payments to players’ clubs. In FIFA’s , the soccer body reported total broadcasting revenue of $244 million. In the year of the men’s 2022 World Cup it was almost $2.9 billion. The next Women's World Cup will be a 32-team, 64-game tournament in 2027, played in Brazil from June 24-July 25. The jointly with Mexico. The 2031 host has not been decided, though the U.S. likely will bid for a tournament which FIFA is expected to try to expand to 48 teams. That would match the size of the 104-game format of the men's World Cup that debuts in 2026 in the U.S., Canada and Mexico. Spain won the 2023 Women's World Cup after the U.S. won the two previous titles — in France in 2019 and Canada in 2015. More than 25 million viewers in the U.S. watched the 2015 World Cup final, a 5-2 win over Japan, played in Vancouver, Canada, in a time zone similarly favorable to Brazil. FIFA tried to sign Apple+ to an exclusive global deal to broadcast the inaugural 32-team Club World Cup which is being played in 11 U.S. cities next June and July. Broadcast networks showed little interest in the FIFA club event that will now be broadcast for free on streaming service DAZN, which is building closer business ties to Saudi Arabia. Ahead of the next Women's World Cup, Netflix will "produce exclusive documentary series in the lead-up to both tournaments, spotlighting the world’s top players, their journeys and the global growth of women’s football,” FIFA said. AP Technology Writer Michael Liedtke in San Francisco contributed to this report. AP soccer:
NoneIRVING, Texas , Dec. 9, 2024 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC ), in conjunction with its first quarter earnings release for fiscal 2025, invites you to listen to its conference call that will be broadcast live over the Internet on Monday, January 6, 2025 , at 11:00 a.m. Eastern Time ( 10:00 a.m. Central) with Peter Matt , President and Chief Executive Officer, and Paul Lawrence , Senior Vice President and Chief Financial Officer. The teleconference will also be available via webcast. To access the webcast (in listen-only mode), please visit CMC's Web site at www.cmc.com . About CMC CMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe , we offer products and technologies to meet the critical reinforcement needs of the global construction sector. CMC's solutions support construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission. SOURCE Commercial Metals Company
TGM MOURNS DEATH OF CO-FOUNDER AND MANAGING PRINCIPAL STEVEN C. MACYAfter delay, Trump signs agreement with Biden White House to begin formal transition handoff
The global boss of Samsung is already familiar with prison life, now prosecutors in South Korean want him back in the slammer, claiming he manipulated stock during the 2015 merger of two Samsung affiliates. Prosecutors in South Korea have proposed a sentence of five years in prison and a fine of A$500,000 for Samsung Electronics Chairman Lee Jae-yong. The new demand follows an appeal earlier this year after a lower court acquitted Lee of all 19 charges it had filed. This week the prosecution kept to their original claims, insisting the chief of the country’s largest conglomerate rigged the company valuation and falsified accounting records in the merger of Cheil Industries and Samsung C&T Corp. in 2015. Samsung Electronics Chairman Lee Jae-yong seen centre. Indicting 12 other Samsung executives on the same charges, the prosecution claimed the criminal actions were aimed at strengthening the Samsung chief’s control over the business empire at a lower cost. “In this case, the accused damaged the constitutional value that upholds the justice of our economy and builds the fundamentals of the capital market,” the prosecutors said during this week hearing according to the Korean Times. “When the merger process became unclear and faced strong backlash from shareholders, the defendants deceived them by claiming the merger would serve the national interest.” The prosecutors urged the court to reconsider the acquittal, saying the case would set the precedent for future rulings on chaebol group restructuring and accounting management. “To indulge the defendant would be to give controlling shareholders free rein to pursue mergers by unlawful means,” the prosecutors added. At the time of the merger, Lee Jae-yong held 23.3 percent of shares in Cheil Industries. After the merger, he and his family secured a combined 39.9 percent shares in the merged entity, Samsung C&T, which now serves as the group’s de facto holding unit. The final ruling in the retrial is expected before the court’s personnel reshuffle in February next year. Currently Samsung stock is down 29% year to date.Rico Carty, who won the 1970 NL batting title with the Atlanta Braves, dies at 85
