4:08pm: Another Nasdaq record
US stocks pushed higher as Wall Street mulled data showing a weaker-than-expected labor market and what this could mean for the Fed’s next move.
The Nasdaq closed at a new record high up 0.3% at 21,860 points. The Dow Jones was up 0.4% at 45,710 points and the S&P 500 added 0.3% at 6,511 points.
3.33pm: Proactive news headlines
- T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, announced that it has been selected as one of the top 40 participants in the K-Startup Grand Challenge (KSGC) 2025, South Korea’s premier acceleration program for innovative foreign startups.
- Excellon Resources Inc (TSX:EXN, OTCQB:EXNRF) announced the closing of its previously disclosed private placement of common shares, raising gross proceeds of C$12 million.
- American Resources Corp (NASDAQ:AREC), through its subsidiary ReElement Technologies Corporation, announced that the US Department of Defense (DoD) has awarded $2 million to support the company’s advanced rare earth element (REE) refining technology.
- Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF) announced that it has entered into a production sharing contract and a joint venture (JV) agreement with Record Resources, the Republic of Gabon, and Gabon’s national oil and gas company, Gabon Oil Company.
- Immunic Inc (NASDAQ:IMUX) announced that it has received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) covering dose strengths of its lead asset, vidofludimus calcium (IMU-838), for the treatment of progressive multiple sclerosis (PMS).
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) announced an exploration update, including what it called “significant” exploration results from its Oko West Gold Project in Guyana and its Gurupi Project in Brazil.
2:59pm: Tariff impact already visible
The majority of tariff-driven inflation has already filtered into US consumer prices, with additional effects still to come, according to economists at Deutsche Bank.
“As of July, relative to their 2024 trend, prices for high import share core PCE goods are about 1.3% higher, which has boosted the overall core PCE level by about 30 basis points,” analysts wrote in a note.
High import share goods, which represent about 23% of the core personal consumption expenditures (PCE) index, have absorbed most of the tariff impact so far.
“This implies that relative to full passthrough, about 75% of the first round of tariffs have thus far made their way through into the consumer prices for high import share goods,” they wrote.
While much of the impact is already visible, Deutsche Bank pointed out that some categories, such as new vehicles and apparel, have not yet seen significant effects.
2:33pm: Market movers
- CaliberCos (NASDAQ:CWD) shares rose sharply after the company announced it has completed its initial purchase of Chainlink (LINK) tokens, marking the first step in its newly launched Digital Asset Treasury (DAT) strategy.
- UnitedHealth Group Inc (NYSE:UNH, ETR:UNH) shares moved up 4% to about $333 on Tuesday after the health insurer reaffirmed its full-year 2025 financial guidance.
- Wolfspeed Inc (NYSE:WOLF) shares surged 49% after the provider of silicon carbide technology said it has received court approval for its reorganization plan that will allow the company to emerge from bankruptcy.
- CoreWeave (Nasdaq: CRWV) shares gained 8% after the cloud infrastructure company announced that it has launched a venture fund to invest in artificial intelligence (AI) startups.
- Microsoft Corp (NASDAQ:MSFT) has agreed a contract worth as much as $19 billion with Nebius to lease computing power for its artificial intelligence operations over the next five years, sending Nebius shares surging.
- Eightco Holdings Inc (NASDAQ:OCTO) saw its shares skyrocket after announcing a $250 million private placement to adopt Worldcoin as its primary treasury reserve asset, alongside a $20 million strategic investment from BitMine Immersion Technologies.
- Anglo American PLC (LSE:AAL) and Teck Resources Ltd (TSX:TCK) have agreed to merge in an all-share transaction to form a new company, Anglo Teck, that would be the second-largest listed copper producer in the world. Tech shares surged 13% to about $40.
1:07pm: OpenAI weighs relocation
OpenAI executives have privately discussed the possibility of relocating the company outside California due to political and regulatory pressure over its planned restructuring, according to a report from The Wall Street Journal.
The artificial intelligence developer is seeking to shift from its current nonprofit-controlled governance model to a for-profit structure.
That transition has attracted opposition from California’s attorney general and other regulators, who are investigating whether the move could violate state nonprofit and charitable trust laws.
A coalition of nonprofits, philanthropies, labor groups, and rival technology companies, including Meta, has also voiced concerns that the restructuring could undermine OpenAI’s original mission.
12:05pm: Jobs picture 'keeps deteriorating'
Stocks were little changed as investors digested updated jobs data that showed the US labor market is weaker than previously thought.
"The jobs picture keeps deteriorating," says Chris Zaccarelli, chief investment officer for US-based Northlight Asset Management, said following the BLS revisions.
"While that should make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally. Worse still, if the CPI shows a worsening trend of higher inflation on Thursday then the market will begin worrying about stagflation."
He continued: "The bull market has been extremely resilient this year, but we could be approaching an inflection point where it is tested again."
10:44am: Jobs data surprises
US stocks were mixed as investors weighed up a revision to jobs data that showed the labor market is weaker than expected.
The Bureau of Labor Statistics (BLS) said on Tuesday that the US economy added 911,000 fewer jobs than previously expected in the 12 months ending March 2025.
Economists surveyed by Bloomberg had expected the data to show about 680,000 fewer jobs were added during this period.
The Nasdaq retreated 0.2% from record territory, the S&P 500 was down 0.1% while the Dow Jones edged 0.1% higher.
9.55am: S&P 500 inches higher
Wall Street has started pretty flat, joining in with the indecisive mood in Europe too.
The S&P 500 and Nasdaq are both 0.1% higher, while the Dow Jones has wavered either side of the flatline.
Risers on the S&P are led by Phillips 66 and Valero Energy, up 3%, while biggest fallers are Albemarle and Fox Corp.
8.10am: Modest gains expected
US stocks are predicted to enjoy another day of modest gains on Tuesday, pushing records highs higher.
Gains are expected to be led by the tech sector again, with Nasdaq 100 futures pointing 0.2% higher, while Dow Jones and S&P 500 futures are up 0.1%.
This would take the Nasdaq to extend its record high, having reached an all-time high closing of 21,798 points at the start of the week.
The S&P hovered just below its peak after gaining 0.2% and the Dow ended 0.25% higher.
Optimism about Federal Reserve rate cuts was said to be driving gains, ahead of key inflation data due later in the week.
Treasuries continued to attract demand, sending yields lower, with the 10yr yield dropping below 4.04% for the first time since early April.
Gold prices continued to climb in sync, gaining $50 to end the day at $3,635 and this morning climbing to almost $3,660.
Oil climbed from its $62 low at the start of the week, moving towards $63 a barrel.