Connect with us

Business

US markets today: Wall Street ticks higher near record levels; Robinhood and EchoStar surge on key announcements – The Times of India

Published

on

US markets today: Wall Street ticks higher near record levels; Robinhood and EchoStar surge on key announcements – The Times of India


US stocks edged higher on Monday as investors prepared for a week packed with critical economic data that could influence whether, and by how much, the Federal Reserve adjusts interest rates at its next policy meeting in a week.The S&P 500 rose 0.3%, hovering just below the record level it reached last week. The Dow Jones Industrial Average was up 11 points, or less than 0.1%, while the Nasdaq composite added 0.6% in early trading as of 9:35 a.m. Eastern time, AP reported.AppLovin and Robinhood Markets led gains after the companies were named to join the S&P 500 index later this month, along with Emcor Group. Many investment funds directly track the S&P 500 or compare their performance against it, so stocks joining the list of the 500 largest US companies often attract immediate investor attention. AppLovin climbed 10.8%, Robinhood jumped 11.9%, and Emcor added 0.4%.These three companies will replace MarketAxess Holdings, Caesars Entertainment, and Enphase Energy, which were demoted to the SmallCap 600 index after their market capitalisation fell. The affected stocks slipped between 0.1% and 2.3%.Shares of EchoStar surged 20.5% after it announced a $17 billion deal to sell spectrum licenses to Elon Musk’s SpaceX, comprising $8.5 billion in cash and $8.5 billion in stock. SpaceX will also make approximately $2 billion in interest payments on EchoStar debt through November 2027.Trading across the broader market remained relatively quiet as investors awaited upcoming economic releases that could shift expectations on monetary policy. Currently, traders are forecasting that the Fed will cut its main interest rate for the first time this year at its meeting two Wednesdays from now.Investors generally welcome such rate cuts, which can boost economic activity and lift asset prices, but they can also stoke inflation pressures. So far this year, the Fed has been more concerned about inflationary risks, particularly those linked to President Donald Trump’s tariffs, than about the job market. However, recent reports suggesting a slowdown in the US labour market may be influencing policymakers’ views.On Tuesday, the US government is expected to release preliminary revisions of job growth numbers for the period through March, potentially indicating weaker hiring than initially reported. Inflation reports are scheduled for Wednesday and Thursday, covering both wholesale and consumer price movements. A sharper-than-expected rise in prices could constrain the Fed’s ability to cut rates, forcing officials to weigh the relative urgency of supporting employment against controlling inflation, since tools available generally influence one area at the expense of the other in the short term.In the bond market, Treasury yields continued to ease amid high expectations of a rate cut. The 10-year Treasury yield fell to 4.05% from 4.10% late Friday and from 4.28% last Tuesday.Global markets also moved higher, with indexes across Europe and Asia posting gains. Japan’s Nikkei 225 climbed 1.5% following Prime Minister Shigeru Ishiba’s announcement that he intends to resign, prompting a leadership election in the ruling Liberal Democratic Party. Analysts noted that the resignation was widely anticipated and generally welcomed, although uncertainty remains until a successor is chosen and approved by parliament. Ishiba will remain in office until the transition is formalised.Also on Monday, Japan’s Cabinet Office revised its estimate for first-quarter fiscal growth, reporting an annualised 2.2% rise in GDP, up from the earlier 1.0% estimate. The upgrade was driven by stronger consumer spending and inventory accumulation, highlighting resilience in the Japanese economy despite ongoing global uncertainties.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

University staff to vote on strikes over pay

Published

on

University staff to vote on strikes over pay



Thousands of university staff are to be balloted for strikes in a dispute over pay.

The University and College Union (UCU) said 65,000 of its members working in universities across the UK will vote in the coming weeks on whether to launch a campaign of industrial action.

The union said employers had refused to increase a 1.4% pay offer.

The UCU said it has started preparations for an aggregated UK-wide ballot of its members, covering 138 institutions, which it expects to open on October 20.

It warned of co-ordinated industrial action with other unions representing university staff in the new year.

UCU general secretary Jo Grady said: “University employers are now on notice that we will launch a UK-wide pay ballot with the potential for co-ordinated strike action that will cause maximum disruption on campus.

“Our members, not vice-chancellors, are the people who support students, create teaching materials, conduct world-leading research and keep universities running; we are the university.

Employers now need to recognise that imposing a 1.4% pay award, when inflation is still soaring, is a significant real-terms pay cut and an insult to hard-working higher education staff.

“It’s time for them to come back to the table with an improved offer that will settle this dispute and avoid the need for a strike ballot and potential industrial action.”

Raj Jethwa, chief executive of the University and Colleges Employers Association (UCEA), said: “Our sector and its students will be concerned about yet another trade union-generated ballot for industrial action.

“UCU’s Higher Education Committee (HEC) took this decision over a week ago, informing their members and HE institutions today.

EIS, GMB, Unite and Unison, will also be proceeding with statutory ballots for industrial action.

“It is palpably clear that the sector’s HE institutions cannot afford to improve the uplift.

“The sector is grappling with reduced income because of a decline in overseas students, increased costs for employer contributions to the Teachers’ Pension Scheme and an increase of over £370 million in employer National Insurance Contributions.

“UCEA has already begun to deliver on the other elements of our extensive final pay offer. This included progress on our proposals for joint work with the unions to further reduce pay gaps, and to promote good practice on contract types and workload.

“Employers take these issues extremely seriously. But they also take seriously the threat of industrial action and will have measures in place to mitigate the impact on students.”



Source link

Continue Reading

Business

What to know about the Hyundai-LG plant immigration raid in Georgia

Published

on

What to know about the Hyundai-LG plant immigration raid in Georgia


This image from video provided by U.S. Immigration and Customs Enforcement via DVIDS shows manufacturing plant employees being escorted outside the Hyundai Motor Group’s electric vehicle plant, Thursday, Sept. 4, 2025, in Ellabell, Ga

Corey Bullard/U.S. Immigration and Customs Enforcement via AP

The South Korean government said it is working to return its nationals who were detained in an immigration raid on a Hyundai facility in Georgia last week.

Federal and immigration agents conducted a massive sweep on the plant in Ellabell, Georgia, arresting 475 people as part of an investigation into allegations of unlawful employment practices. A South Korean spokesperson told NBC News that more than 300 of the arrests were South Korean nationals.

U.S. authorities, who had a search warrant, said the arrested workers were working or living in the country illegally.

South Korean President Lee Jae Myung’s office said Sunday that detainees will be returned to South Korea on a chartered flight. Hyundai did not immediately respond to CNBC’s request for comment.

Thursday’s raid, the latest in President Donald Trump‘s crackdown on illegal immigration, marked the Department of Homeland Security’s largest single-site enforcement operation in its history, according to Steven Schrank, special agent in charge of Homeland Security Investigations in Georgia.

White House border czar Tom Homan told CNN’s “State of the Union” on Sunday that the Trump administration would continue focusing on workplaces for immigration raids.

“We’re going to do more worksite enforcement operations,” he said. “These companies that hire illegal aliens, they undercut their competition that’s paying U.S. citizen salaries.”

The Georgia plant is home to South Korean companies Hyundai and LG Energy Solution, which are building a battery manufacturing plant together. The $7.6 billion Hyundai plant employs more than 1,200 people. The company began building its manufacturing plant in 2022 and started making electric vehicles less than two years later, making the plant one of the largest economic developments in the state.

LG Energy Solution said on Saturday that 47 of its employees were detained, along with an additional 250 people from “equipment partner companies.”

Schrank said the arrested workers were employed by contractors and subcontractors.

In a Friday statement, U.S. Attorney Margaret Heap said more than 400 agents took part in the raid.

“The goal of this operation is to reduce illegal employment and prevent employers from gaining an unfair advantage by hiring unauthorized workers,” Heap said in the statement. “Another goal is to protect unauthorized workers from exploitation.”

In a statement to NBC News on Friday, Hyundai said it was monitoring the situation and that none of the detainees were direct employees of the auto company.

The South Korean government said on Friday that it conveyed its “concern and regret” to the U.S. Embassy and urged them to ensure the South Korean employees’ rights were not violated.

“In the course of U.S. law enforcement, the economic activities of our investment firms and the rights and interests of our nationals must not be unjustly infringed upon,” said Lee Jae-woong, a spokesperson for South Korea’s foreign ministry.

In a Truth Social post, Trump wrote that he is calling on all foreign companies investing in the U.S. to “please respect our Nation’s Immigration Laws.”

“Your Investments are welcome, and we encourage you to LEGALLY bring your very smart people, with great technical talent, to build World Class products, and we will make it quickly and legally possible for you to do so. What we ask in return is that you hire and train American Workers,” he wrote.

Speaking to reporters on Sunday, Trump also said the raid had no connection to the economic ties between the two countries, saying that the U.S. has “a great relationship” with South Korea.

Hyundai told NBC News Monday morning that business travel to the U.S. remains in place, with some trips subject to internal review.



Source link

Continue Reading

Business

Jaguar Land Rover extends plant shutdown after cyber attack

Published

on

Jaguar Land Rover extends plant shutdown after cyber attack


Jaguar Land Rover’s (JLR) UK factories are now expected to remain closed until at least Wednesday after work was disrupted by a cyber attack just over a week ago.

The car plants at Halewood and Solihull and its Wolverhampton engine facility, along with production facilities in Slovakia, China and India, have been unable to operate since the company fell victim to the cyber attack.

Staff who work on the production lines have been told to remain at home.

JLR shut down its IT systems in response to the attack on 31 August, in order to protect them from damage. However, this caused major disruption.

JLR says it is working around the clock to restart its networks in a controlled and safe manner, and is liaising with third party cyber security specialists and law enforcement.

Last Thursday, JLR instructed staff to stay at home until at least Tuesday as it continued to grapple with the fallout from the cyber attack.

The carmaker, which is owned by India’s Tata Motors, has not commented on reports that disruption could continue for several weeks.

Under normal circumstances, the company builds about 1,000 cars a day. The production stoppage has had a significant impact on the company’s suppliers, with some understood to have told their own staff not to come into work.

As well as forcing the factories to stop building cars, it also left dealerships unable to register new cars and garages that maintain JLR vehicles unable to order the parts they needed – although it is understood workarounds have since been put in place.

The attack began at what is traditionally a popular time for consumers to take delivery of new vehicles. The latest batch of new registration plates became available on Monday, 1 September.

Last week, Shaun Adams, who manages car parts supplier Qualplast, told the BBC that a lengthy shutdown would be “concerning” for the business.

“If this starts progressing over weeks, then we would have to seriously look at what we need to future-proof.”

A group of young hackers who have been behind other attacks on UK businesses including M&S earlier this year have also claimed responsibility for the JLR attack.

Within days of the attack, the group of English-speaking hackers bragged about it on messaging app Telegram.

One security expert speculated that screenshots shared by the suggested the criminals gained access to information they should not have.

It is understood the group was trying to extort money from the firm. JLR told the BBC last week it was aware of the claims and was investigating.



Source link

Continue Reading

Trending