2025-04-02 00:37

Benchmarks endure topsy-turvy day ahead of Trump tariff event Airlines drop after Jefferies downgrades on outlook J&J falls after judge rejects $10 billion baby-powder settlement Big gains for recent IPO names CoreWeave, Newsmax Indexes: Dow down 0.03%, S&P 500 up 0.38%, Nasdaq up 0.87% April 1 (Reuters) - The S&P 500 and the Nasdaq Composite both closed higher on Tuesday, after a topsy-turvy day on Wall Street dominated by investor angst ahead of the impending tariff announcements from the Trump administration. Financial markets have been volatile in recent weeks as investors assessed the economic fallout of U.S. President Donald Trump's extensive tariff plans, which have sparked worries about a U.S. economic slowdown and higher inflation. Sign up here. Some of the uncertainty that has gripped markets is expected to dissipate after Trump unveils his tariff plan on Wednesday during an event in the Rose Garden, currently scheduled for 4 p.m. EDT. However, while clarity on the specific tariff measures will be welcomed by investors, the overall backdrop is set to remain highly uncertain, making it difficult for markets to agree on directionality. "The fact of the matter is sentiment is washed out and positioning is still fairly light," said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions. "I don't think we're going to get the type of clarity that investors and business leaders want," he added. "And at the end of the day, we spend a lot of time talking about tariffs, but the bigger story is we are dealing with an economy that is not firing on all cylinders." For now, according to Melson, this means investors are "sitting on their hands, biding their time." This attitude was reflected in the three Wall Street benchmarks on Tuesday, which swung between positive and negative territory throughout much of the day, before finishing the afternoon with some decent momentum. The S&P 500 (.SPX) , opens new tab gained 21.22 points, or 0.38%, to 5,633.07 points, while the Nasdaq Composite (.IXIC) , opens new tab climbed 150.60 points, or 0.87%, to 17,449.89. The Dow Jones Industrial Average (.DJI) , opens new tab edged down 11.80 points, or 0.03%, to 41,989.96. Gains on the Nasdaq and S&P 500 were fueled by rebounds in technology stocks, which have been among the most punished in the opening weeks of the year. Big-tech advances were led by Tesla (TSLA.O) , opens new tab, which climbed 3.6% ahead of its first-quarter vehicle deliveries report on Wednesday. There were also gains for other Magnificent Seven stocks including Amazon.com (AMZN.O) , opens new tab, Microsoft (MSFT.O) , opens new tab and Meta Platforms (META.O) , opens new tab, which rose between 1% and 1.8%. The S&P, however, was also weighed down by falls in healthcare and airlines. Johnson & Johnson (JNJ.N) , opens new tab was the worst performer on the S&P 500, falling 7.6% and dragging the broader healthcare sector (.SPXHC) , opens new tab down 1.8% to the bottom of the 11 S&P sectors. A U.S. bankruptcy judge rejected the company's $10 billion proposal to end tens of thousands of lawsuits alleging that its baby powder and other talc products cause ovarian cancer. Meanwhile, Delta Air Lines (DAL.N) , opens new tab, American Airlines (AAL.O) , opens new tab and Southwest Airlines (LUV.N) , opens new tab all dropped between 2.4% and 5.9%, as Jefferies analysts downgraded stocks amid concerns that economic uncertainty could disrupt both business and retail travel demand. Among single stocks, there were big gains posted by some of the newest public companies. Conservative news outlet Newsmax (NMAX.N) , opens new tab soared for the second straight day, jumping 208%, following a more than 700% surge in its NYSE debut on Monday. CoreWeave (CRWV.O) , opens new tab, which has had a more rocky start since debuting as a public company on Friday, climbed 41.8% to trade back above the IPO price of the artificial-intelligence startup. Volume on U.S. exchanges was 15.09 billion shares, compared with the 15.83 billion average for the full session over the last 20 trading days. https://www.reuters.com/markets/us/futures-slip-investors-focus-tariff-risks-2025-04-01/

2025-04-02 00:01

LONDON, April 1 (Reuters) - Copper has been on a tariff high ever since President Donald Trump ordered an investigation into U.S. copper imports in February. But how long will it last and how hard will the come-down be? The race is on to get as much physical copper as possible through U.S. customs before tariffs kick in. There's little doubt that copper tariffs are coming. It's just a question of at what level and when? Sign up here. The betting is that copper levies will be set at 25%, matching the rate imposed on imports of steel and aluminium. The market thought it had 270 days, which is the limit for a so-called Section 232 national security investigation. Now it's not so sure. A premature unwind of the copper tariff trade adds to the uncertainty around the impact of broader reciprocal trade tariffs due to be announced on Wednesday, which Trump has hailed as "Liberation Day". The confused and confusing tariff picture has split market opinion, with some analysts calling for higher copper prices and others warning of a pending crash. 'TRUMP TIME' The CME spot copper price hit an all-time record high of $5.277 per lb on March 26, surpassing the previous peak of $5.199 recorded during the May 2024 squeeze. The London Metal Exchange (LME) cash price made it only as far as $10,100 per metric ton, some way short of its May 2024 peak of $10,900. The gap between U.S. customs-cleared and international prices flexed out to more than $1,600 per ton following a Bloomberg report , opens new tab that tariffs may come within weeks rather than the expected months. This possibility shouldn't really have come as a shock. White House trade adviser Peter Navarro said at the time of the Section 232 announcement that the investigation would be completed "in Trump time". But the apparent confirmation of what "Trump time" means has left traders unsure as to the shipping window to move physical copper to the U.S. PHYSICAL FLOOD Up to half a million tons of physical copper could be heading towards the U.S. to profit from the unprecedented arbitrage opportunity, according to trade house Mercuria. But will it get there in time? The physical arbitrage is complicated by the CME's relatively restrictive list of good delivery brands. LME available stocks have fallen from 258,425 tons to 106,900 tons since February's Section 232 announcement, with around half of total inventory now awaiting physical load-out. But it's unlikely that much of this metal will make it directly to the U.S., given the high ratio of Chinese and Russian metal in the LME warehouse system. Rather, LME stocks will be diverted to physical buyers prepared to swap the South American copper brands that dominate the CME good-delivery list. Switching locations and swapping brands with the physical supply chain takes time and there may not be as much of it as was commonly assumed. BULLS AND BEARS Were copper tariffs to come sooner rather than later, the gravitational pull on copper towards the U.S. may prove to be weaker and shorter-lasting than anticipated. That means any tightening of supply in the rest of the world would also be less acute than expected. Just as copper's own tariff trade looks a lot less predictable, markets generally are braced for the turbulence of the reciprocal U.S. trade tariffs due to be announced this week. How micro and macro tariffs combine to play out in the copper market is dividing opinion. Goldman Sachs is in the bull camp, sticking with its forecasts for three-, six-, and twelve-month LME copper prices at $9,600, $10,000 and $10,700 per ton, respectively. Citi, by contrast, has cut its short-term price forecast from $10,000 to $9,500 per ton and is looking for an average $8,800 in the second half of the year. That's still too optimistic for BNP Paribas, which warns of a price crash to $8,500 per ton just as soon as copper tariffs are announced and the arbitrage trade comes to a halt. If you're confused about copper, you're not on your own. And the price outlook will remain confusing until Doctor Copper, like the rest of us, gets more clarity on Trump's tariffs. Don't hold your breath. The opinions expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/copper-market-grows-wary-what-follows-its-us-tariff-rush-andy-home-2025-04-01/

2025-04-01 22:29

CHICAGO, April 1 (Reuters) - U.S. President Donald Trump is expected on Wednesday to announce 20% tariffs on most goods imported to the United States after previously slapping steep duties on autos, steel and aluminum and on goods from China, Mexico and Canada. The moves have triggered retaliation and threats of further countermeasures by the top importers of U.S. farm products, and prompted wild swings in commodities markets. Sign up here. U.S. consumers could see prices rise for food, from meat and dairy products to avocados and fresh fruits and vegetables, as a result of tariffs, economists have said. Retaliation from China, Canada and Mexico would hurt the $191 billion U.S. agricultural export sector. They are the top three markets for American farm products and imported a total of $91 billion in U.S. agricultural goods and related products in 2024. Retaliatory tariffs during Trump's first term resulted in around $27 billion in lost U.S. agricultural exports, including $25.7 billion in sales to China, according to Rabobank analysts. U.S. AGRICULTURAL EXPORTS Soybeans, the top U.S. farm export by value, as well as corn, wheat and meat exports are vulnerable to retaliatory tariffs. SOYBEANS Exports totaled $24.5 billion in 2024, down from $27.7 billion in 2023 and a record of nearly $34.4 billion in 2022, according to U.S. Census Bureau trade data. Exports to top market China totaled $12.8 billion in 2024, down from $15.1 billion in 2023 and a record $17.9 billion in 2022. Trade tensions with Beijing in 2018 saw total U.S. soybean exports drop to the lowest in nine years, with shipments to China falling 74% from the prior year. Value of U.S. soybean exports in 2024: China: $12.8 billion Mexico: $2.3 billion Indonesia: $1.3 billion CORN U.S. corn exports to all destinations in 2024 rose to $13.9 billion in 2024, up from a three-year low of $13.1 billion in 2023 and below record sales of $18.6 billion in 2021, Census data showed. Total 2024 exports, by value, were up 6% from the prior year as higher shipments to major importers Mexico, Japan, Colombia and South Korea offset an 80% drop in exports to China, due to competition from other global suppliers. Value of top three U.S. corn export markets in 2024: Mexico: $5.6 billion Japan: $2.8 billion Colombia: $1.6 billion WHEAT U.S. wheat exports to all global buyers in 2024 were down 2%, at $5.9 billion, Census data showed, amid pressure from cheaper Russian supplies. Value of top three U.S. wheat export markets in 2024: Mexico: $1.05 billion Philippines: $735.7 million Japan: $582.8 million BEEF The United States exported nearly $10.5 billion in beef and beef products in 2024, Census data showed, a 5% increase from 2023 as tight domestic supplies raised beef prices. Value of top three U.S. beef export markets in 2024: South Korea: $2.2 billion Japan: $1.9 billion China: $1.6 billion PORK U.S. pork and pork product exports totaled more than $8.6 billion in 2024, Census data showed, up 6% from the prior year as consumers looked for cheaper alternatives to higher-priced beef and as domestic hog supplies shrank. Value of top three U.S. pork export markets in 2024: Mexico: $2.6 billion Japan: $1.4 billion China: $1.1 billion U.S. AGRICULTURAL IMPORTS The U.S. imported a record $214.1 billion worth of agricultural products from suppliers around the world in 2024, up 9% from a year earlier, Census data showed. Top agricultural products imported into the U.S. in 2024, by value: * Baked goods, pasta, cereals: $14.9 billion * Processed fruit and vegetables: $13.6 billion * Fresh vegetables: $13.4 billion * Fresh fruit and berries: $13.4 billion * Vegetable oils: $12.6 billion * Beef products: $11.7 billion * Coffee: $6.6 billion * Sugars and sweeteners: $5.4 billion * Dairy products: $5.4 billion * Chocolate and cocoa products: $4.8 billion https://www.reuters.com/markets/commodities/us-agricultural-exportsimports-threatened-by-trump-trade-actions-2025-04-01/

2025-04-01 22:13

NEW YORK, April 1 (Reuters) - An exchange run by billionaire twins Tyler and Cameron Winklevoss may soon resolve a U.S. Securities and Exchange Commission lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors. In a joint letter filed on Tuesday in Manhattan federal court, the twins' Gemini Trust and the SEC asked to put all deadlines in the civil case over Gemini Earn on hold for 60 days to allow the parties to explore a potential resolution. Sign up here. The letter did not say whether this might entail a settlement, the SEC dropping its case, or some other outcome. Neither lawyers for Gemini nor the SEC immediately responded to requests for comment. The SEC sued Gemini and cryptocurrency lender Genesis Global Capital in January 2023 over Gemini Earn, which let customers lend crypto assets including Bitcoin to Genesis in exchange for interest payments, with Gemini taking a fee as high as 4.29%. Genesis halted withdrawals in November 2022, the same month Sam Bankman-Fried's FTX cryptocurrency exchange collapsed, and filed for bankruptcy two months later. It held $900 million of assets from about 340,000 Gemini Earn customers at the time. The SEC said that in creating Gemini Earn, Genesis and Gemini bypassed disclosure requirements meant to protect investors. Genesis agreed in March 2024 to pay a $21 million fine to settle, pending the resolution of claims in its Chapter 11 case, without admitting wrongdoing. Gemini has denied wrongdoing. The SEC has eased oversight of the cryptocurrency industry since Donald Trump became president in January, and is widely expected to remain more supportive of the industry than under the Biden administration. In recent weeks, the SEC has ended civil lawsuits against crypto exchanges Coinbase (COIN.O) , opens new tab and Kraken, and agreed to settle a case against cryptocurrency company Ripple Labs over the unregistered sale of securities. Tyler and Cameron Winklevoss are each worth $3 billion according to Forbes magazine. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No. 23-00287. https://www.reuters.com/legal/sec-billionaire-winklevoss-twins-may-resolve-lawsuit-over-gemini-earn-2025-04-01/

2025-04-01 21:57

April 1 (Reuters) - Lithium Americas (LAC.TO) , opens new tab said on Tuesday it has reached a final investment decision (FID) for constructing the first phase of the Thacker Pass lithium mine in Nevada. The Thacker Pass project is a joint venture between Lithium Americas and U.S. automaker General Motors (GM.N) , opens new tab. Phase 1 of the project is expected to be completed in late 2027. Sign up here. "Together, we will develop a U.S.-produced lithium supply chain to reduce American dependence on foreign suppliers for critical minerals," said Lithium Americas CEO Jonathan Evans. Vancouver-based Lithium Americas and General Motors, have each contributed an additional $192 million and $100 million, respectively, in cash to the JV, allowing it to achieve a fully funded status for the development of the project's first phase. Last year, the U.S. Department of Energy finalized a $2.26 billion loan for Lithium Americas to build the project. The company also had access to $650 million from its JV with General Motors. Once open, Thacker Pass is expected to produce 40,000 metric tons of battery-quality lithium carbonate per year in its first phase, enough for up to 800,000 electric vehicles. https://www.reuters.com/markets/commodities/lithium-americas-reaches-final-investment-decision-thacker-pass-mine-2025-04-01/

2025-04-01 21:54

BOGOTA, April 1 (Reuters) - Colombia's state-run energy company Ecopetrol said on Tuesday that unauthorized people had entered its Rubiales and Cano Sur oil field facilities on Monday, forcing an abrupt shutdown. The shutdown is the latest in a spate of incidents at the two fields since Friday, including road blockades, which have affected operations and drilling, the company said in a statement. Sign up here. Ecopetrol did not attribute the incident on Monday to any group. Several facilities remained affected on Tuesday, including one at Rubiales and another two at Cano Sur, both in Meta province. "This act puts at risk the safety of all the people who were present, including the protesters, as well as the environment and the facilities," the statement said. The halt in work has directly affected 3,800 of the 7,500 workers at the two fields, Ecopetrol added. https://www.reuters.com/business/energy/ecopetrol-halts-rubiales-cano-sur-facilities-after-unauthorized-entry-2025-04-01/