2025-04-14 20:00

Apple shares gain on exemptions on tariffs Goldman Sachs rises after results More earnings to come this week including from Netflix Indexes: Dow up 0.8%, S&P 500 up 0.8%, Nasdaq up 0.6% NEW YORK, April 14 (Reuters) - U.S. stocks ended higher on Monday, with Apple giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from new tariffs. Uncertainty over future tariffs kept a lid on optimism, with the main indexes finishing off their highs of the day. Investors remain worried about how companies will manage supply chains as more changes are expected on the tariff front. Sign up here. The United States unveiled the exemptions on Friday, but President Donald Trump said on Sunday that he would be announcing the tariff rate on imported semiconductors over the next week. Global technology shares mostly rose on the news, especially for companies that rely on imports from China. Shares of iPhone maker Apple (AAPL.O) , opens new tab rose 2.2%. Dell Technologies (DELL.N) , opens new tab gained 4% and HP (HPQ.N) , opens new tab climbed 2.5%. At the same time, an index of semiconductors (.SOX) , opens new tab rose just 0.3% and shares of top chipmaker Nvidia (NVDA.O) , opens new tab were down 0.2% on the day. Monday's trading was choppy, as has been the case since Trump announced sweeping tariffs on April 2. Investors, worried that a global trade war will push the economy into recession, have seen some of the biggest swings in the market in years as the Trump tariff news changes. "Really what we have is just continued uncertainty and inability for consumers and businesses and investors to plan much going forward or have reason to commit to long-term spending plans," said Jed Ellerbroek, a portfolio manager at Argent Capital Advisors in St. Louis, Missouri. The Dow Jones Industrial Average (.DJI) , opens new tab rose 312.08 points, or 0.78%, to 40,524.79, the S&P 500 (.SPX) , opens new tab rose 42.61 points, or 0.79%, to 5,405.97 and the Nasdaq Composite (.IXIC) , opens new tab rose 107.03 points, or 0.64%, to 16,831.48. The CBOE Volatility Index (.VIX) , opens new tab, Wall Street's "fear gauge," eased to 30.89, its lowest closing level since April 3. Technical analysts noted, though, that the S&P 500 is now in a "death cross" pattern, which marks a spot where a shorter-term correction could turn into a longer-term downtrend. A death cross occurs when the 50-day moving average slips below the 200-day moving average. History suggests the ominous-sounding signal may not necessarily mean equities face more significant downside. The S&P 500 remains down about 8% for the year so far. Markets will be closed on Good Friday, but this week is still expected to bring some key results from U.S. companies. U.S. companies have begun to report results for the 2025 first quarter and, with tariff troubles looming, corporate executives may hold back on giving much guidance. "Everybody knows the future is going to look a fair amount different than the past, and management teams are going to be really hesitant to commit to much," Ellerbroek said. Still, shares of Goldman Sachs (GS.N) , opens new tab rose 1.9% on Monday after the bank reported higher first-quarter profit. Quarterly results from companies including Netflix (NFLX.O) , opens new tab and UnitedHealth Group (UNH.N) , opens new tab are also on the radar this week. Also gaining were some drugmakers after Pfizer (PFE.N) , opens new tab said it would end the of its experimental weight-loss pill. Pfizer shares ended 1% higher. On the Nasdaq, 3,266 stocks rose and 1,200 fell as advancing issues outnumbered decliners by about a 2.72-to-1 ratio. There were 43 new highs and 101 new lows. On the NYSE, advancing issues outnumbered declining ones by a 4.4-to-1 ratio . There were 45 new highs and 65 new lows. Volume on U.S. exchanges was 18.2 billion shares, compared with the roughly 18.7 billion average for the full session over the last 20 trading days. https://www.reuters.com/markets/us/futures-rally-tech-shares-jump-tariff-reprieve-some-electronics-2025-04-14/

2025-04-14 19:04

US LNG export feedgas on track to hit record high in April US gas output on track to hit record high in April US gas storage about 4% below five-year average April 14 (Reuters) - U.S. natural gas futures fell about 6% to a nine-week low on Monday on record output over the weekend and forecasts for less demand next week than previously expected. Gas futures for May delivery on the New York Mercantile Exchange fell 20.2 cents, or 5.7%, to settle at $3.325 per million British thermal units, their lowest close since February 7. Sign up here. The price drop came despite record flows to liquefied natural gas export plants and forecasts for higher gas demand this week than previously expected. Gas stockpiles were currently about 4% below normal levels for this time of year, after cold weather in January and February forced energy firms to pull large amounts of gas out of storage, including record amounts in January. Financial firm LSEG said average gas output in the Lower 48 U.S. states rose to 106.3 billion cubic feet per day so far in April, up from a monthly record of 106.2 bcfd in March. On a daily basis, output hit a record 107.4 bcfd on Saturday and Sunday, topping the prior all-time high of 107.3 bcfd on March 24. Looking forward, however, analysts said energy firms could cut back on oil drilling in coming weeks due to the roughly 14% drop in U.S. crude futures so far in April. The crude price drop was related in part to uncertainty tied to U.S. President Donald Trump's on-again off-again trade tariffs. Any reduction in oil drilling in shale basins such as the Permian in Texas and New Mexico and the Bakken in North Dakota could boost gas prices by cutting gas output associated with that production. WARMER WEATHER COMING Meteorologists projected temperatures in the Lower 48 states would remain mostly warmer than normal through April 29. With seasonally milder weather coming, LSEG forecast average gas demand in the Lower 48, including exports, will fall from 101.0 bcfd this week to 97.2 bcfd next week. The forecasts for this week were higher than LSEG's outlook on Friday, while its forecast for next week was lower. The average amount of gas flowing to the eight big LNG export plants operating in the U.S. climbed from a monthly record of 15.8 bcfd in March to 16.3 bcfd so far in April, on rising flows to Venture Global's (VG.N) , opens new tab 3.2-bcfd Plaquemines export plant under construction in Louisiana. The U.S. became the world's biggest LNG supplier in 2023, surpassing Australia and Qatar, as surging global prices fed demand for more exports due in part to supply disruptions and sanctions linked to Russia's 2022 invasion of Ukraine. Gas was trading around $12 per mmBtu at the Dutch Title Transfer Facility (TTF) benchmark in Europe and at an eight-month low of around $13 at the Japan Korea Marker (JKM) benchmark in Asia. https://www.reuters.com/business/energy/us-natgas-prices-drop-6-9-week-low-record-output-lower-demand-2025-04-14/

2025-04-14 18:31

Canadian dollar falls 0.1% against the greenback Touches five-month high at 1.3829 Price of US oil decreases 0.6% Bond yields ease across the curve April 14 (Reuters) - The Canadian dollar edged back on Monday from an earlier five-month high against its U.S. counterpart as oil prices fell and investors turned their attention to a Bank of Canada interest rate decision this week. The loonie was trading 0.1% lower at 1.3875 per U.S. dollar, or 72.07 U.S. cents, after touching its strongest intraday level since November 6, at 1.3829. Sign up here. “It had a good run over the last little bit. The rally ran out of steam,” said Rahim Madhavji, president of KnightsbridgeFX.com. “Everyone is looking towards the inflation report for Tuesday and then the Bank of Canada monetary policy decision on Wednesday.” Canada's consumer price report for March, due on Tuesday, is expected to show inflation matching the 2.6% annual rate it posted in February. Growing recession risks to Canada from the U.S.-led trade war will push the Bank of Canada to cut interest rates at least twice more this year, according to a Reuters poll, although a majority of the economists said policymakers will leave the benchmark rate unchanged at 2.75% on Wednesday. Investors see a 55% chance of a pause in rate cuts, swaps market data shows. The price of oil , one of Canada's major exports, was trading 0.6% lower at $61.15 a barrel on concerns that the trade war could weaken global economic growth despite exemptions for some electronics from U.S. tariffs. Speculators have reduced their bearish bets on the Canadian dollar to the lowest since October, data from the U.S. Commodity Futures Trading Commission showed on Friday. As of April 8, net short positions had decreased to 119,241 contracts from 130,016 in the prior week. Canadian bond yields moved lower across the curve as U.S. Treasury yields pulled back after an epic surge last week. The 10-year was down 13.6 basis points at 3.131%. https://www.reuters.com/markets/currencies/canadian-dollar-edges-off-5-month-high-ahead-boc-rate-decision-2025-04-14/

2025-04-14 17:46

Exchange-rate overhaul welcomed but immediate sales unlikely due to delayed harvest Soy and corn sales slow amid Easter holidays and uncertain peso value Farmers focus on harvesting; potential tax break extension uncertain BUENOS AIRES, April 14 (Reuters) - Argentina's grain industry welcomed an exchange-rate overhaul on Monday, though the new measures will likely not translate into immediate sales as the harvest remains behind schedule, experts said. Late on Friday, Argentina's central bank loosened foreign-exchange controls, a long-awaited measure twinned with billions of dollars to be disbursed by development banks including the International Monetary Fund. Sign up here. Lifting of the controls is also meant to speed up agricultural sales, a prime source of cash from abroad. Despite that, soy and corn sales should remain slow this week, with Easter holidays cutting trading short and exporters still unsure of where the peso currency will settle. The soybean harvest has also fallen behind due to heavy rainfall. "Producers are more focused on harvesting than on the exchange rate, which they already know will be above Friday's 1,129 pesos per dollar," said analyst Lorena D'Angelo, based in grains hub Rosario. With the capital controls lifted on Monday, the peso was allowed to float freely within a moving band between 1,000 and 1,400 pesos per dollar. By midday, it was trading around 1,190 pesos per greenback. Farmers are now rushing to bring in the soy crop amid a break in rains. More precipitation could cause fungus and infection, hitting the harvest's yield. "We're harvesting as much as we can," said Noelia Castagnini, a farmer near Venado Tuerto in grain province Santa Fe. "Right now, all my machines are covered in mud, but we'll worry about the fields later." President Javier Milei, in an interview on Monday with local radio El Observador, pushed for farmers to speed up their sales. "Tell the farmers that if they need to sell, they need to do it now," he said. Argentina currently taxes soy exports at 26% and shipments of derived oil and meal at 24.5%. Milei hinted that a temporary tax break, set to expire at the end of June, would not be extended. WAIT AND SEE "We'll have to wait today and maybe tomorrow to see where the market settles," said Federico Zerboni, head of corn association MAIZAR, when asked if the weakened peso would further slow grains sales. "Today, it's hard to evaluate the new measures without that information." Grain prices were not available by midday, D'Angelo said. "The government clearly made a positive, favorable decision to normalize the foreign-exchange market," said Gustavo Idigoras, head of the grains export and processing chamber. "In any case, the harvest is delayed, so we're not expecting a quick market reaction." Grain sales as of April 2 were at their slowest rate in the last decade, data from the Agricultural Ministry showed. https://www.reuters.com/markets/commodities/argentina-farmers-focus-harvest-over-sales-despite-currency-boost-2025-04-14/

2025-04-14 16:16

MEXICO CITY, April 14 (Reuters) - Mexican President Claudia Sheinbaum said on Monday that she had instructed Finance Minister Edgar Amador to speak with banks so they can lower interest rates for both commercial and development loans. Sheinbaum said that banks should follow the central bank, known as Banxico, in cutting rates as it was still expensive and bureaucratic for Mexicans to access credit. Sign up here. Economists have argued that this has hindered growth in Latin America's second-largest economy. Weaker economic growth has stoked fears of a recession in recent months. In late March, Banxico cut its benchmark interest rate to 9%, highlighting progress on inflation, but warning of heightened uncertainty relating to trade tensions and the weakening economic outlook. Mexico's benchmark rate is now at the lowest level since September 2022. https://www.reuters.com/world/americas/mexicos-finance-minister-ask-banks-lower-interest-rates-president-says-2025-04-14/

2025-04-14 15:31

Trader's position, bought for $5 mln, was worth as much as $14 mln on Monday morning Analysts note that the trade was likely based on tariff exemption hopes Apple shares rise 7% after tariff exemption news NEW YORK, April 14 (Reuters) - An unidentified options trader's multi-million dollar bet on a short-term rebound in Apple Inc.'s shares was set to reap a sizable profit as the iPhone-maker's shares soared on Monday following the Trump administration's weekend move to grant tariff exclusions for smartphones. On Monday, Apple shares rose as much as 7% to a high of $212.94 before paring gains to trade up 4.5% at $206.05, after the Trump administration, late on Friday, granted exclusions from the steep reciprocal tariffs on smartphones and a set of other electronics products, a move seen as a big break for technology firms such as Apple that rely on imports from China. Sign up here. The jump in Apple's share price means a bullish options trade opened Friday for about $5 million was, on paper, valued at about $14 million early on Monday, a gain of 180%, according to a Reuters calculation. Friday's bullish trade could have been a trader speculating on a reprieve for Apple from tariffs or China in general over the weekend, Ophir Gottlieb, chief executive of Los Angeles-based research and financial technology firm Capital Market Laboratories, said. "That rumor was floating around during market hours on Friday," he said. With Apple shares trading at around $192.69 on Friday, some 35,000 of Apple 25, 210-220 call spreads appeared to be bought for about $5.25 million, according to a Reuters analysis of Trade Alert data. Call spread trades involve simultaneous buying and selling of call options. Friday's spread trade in Apple's options, one of the largest that day by contracts volume for individual stock options, was counting on Apple shares rising in the next two weeks to finish above $210 by April 25, with a maximum potential gain capped at around $30 million, if the shares rose above $220 by then. Based on Apple's share price at the time of the trade, the trader was counting on Apple shares to appreciate by as much as 14% to finish near where the stock was trading before President Donald Trump's April 2 announcement on tariffs. About 10,000 of these spreads appeared to have been closed early on Monday at an average price of about $4, according to Trade Alert data. Apple shares tumbled as much as 23% in the days following the tariff announcement amid a market-wide selloff as investors fretted over the business impact from the tariffs on China, a major production hub for iPhones. The shares recovered ground late last week as markets rebounded and investors grew more optimistic about Apple securing an exemption from tariffs. "I knew (the trade) was a China exemption play," said Joe Kunkle, founder of options analytics firm OptionsHawk.com, who noticed the trade on Friday. "It was just positioning for what most of us knew would happen anyhow," Kunkle said. https://www.reuters.com/technology/bullish-trade-apple-options-reaps-gains-shares-jump-tariff-exemption-2025-04-14/