LIVE MARKETS-Wall Street's major indexes edge up in early trade

Reuters
Aug 06
LIVE MARKETS-Wall Street's major indexes edge up in early trade

Main US indexes slightly green

Staples leads S&P sector gainers; Healthcare weakest group

Euro STOXX 600 index ~flat

Dollar, gold lower; bitcoin, crude rise

US 10-Year Treasury yield edges up to ~4.22%

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WALL STREET'S MAJOR INDEXES EDGE UP IN EARLY TRADE

After falling on Tuesday after some weak economic data, Wall Street main indexes are rising slightly on Wednesday morning as investors monitored trade policy updates while they pinned hopes on U.S. Federal Reserve interest rate cuts.

With hopes for rate cuts rising after Friday's weaker than expected jobs report, Minneapolis Fed President Neel Kashkari fueled the fire saying on Wednesday that the central bank may need to cut interest rates in the near term in response to a slowing U.S. economy, even though it remains unclear whether tariffs will continue to push inflation higher. Kashkari said that two quarter-point rate cuts by the end of the year "seems reasonable."

Meanwhile, Swiss President Karin Keller-Sutter and her trade delegation met with Swiss business leaders in Washington on Wednesday ahead of talks aimed at reducing U.S. tariffs on Swiss products with Secretary of State Marco Rubio.

On the earnings front, investors looked less than impressed.

The S&P 500's biggest drag is coming from Advanced Micro Devices AMD.O, whose shares are off ~5%, after the chipmaker reported disappointing revenue from its data center segment, which includes lucrative artificial intelligence chips that investors are betting on for rapid growth.

AMD's selloff is putting pressure on the Philadelphia Semiconductor Index .SOX, which is down ~1%, along with Cirrus Logic CRUS.O, whose shares are down more than 11% after its financial results.

Another big drag is coming from Walt Disney DIS.N whose shares are off ~3% even after it reported better-than-expected quarterly results and raised its annual profit forecast on Wednesday, led by gains in streaming business, which is expected to be the centerpiece of its growth strategy in coming years.

On the other side of the fence, however, the S&P's biggest boost is from Apple AAPL.O, with its shares rising more than 3% after a White House official said it will announce a domestic manufacturing pledge of $100 billion on Wednesday that will focus on bringing more manufacturing to the United States.

Here is your morning snapshot from around 10:19 a.m ET:

(Sinéad Carew)

*****

EARLIER ON LIVE MARKETS:

MIRROR, MIRROR ON THE WALL, WILL SMALL CAPS EVER BE THE FAIREST OF THEM ALL? CLICK HERE

THE GREAT DIVIDE AT THE BANK OF ENGLAND CLICK HERE

JAPANESE LAGGARDS TO PLAY CATCH UP, SAYS CITI CLICK HERE

MARKETS CALM, BUT YEN ROUT MEMORIES STIR HEDGING CLICK HERE

MORE GAINERS THAN FALLERS IN VOLATILE TRADE, PHARMA DOWN CLICK HERE

EUROPE BEFORE THE BELL: BOUNCE CONTINUES AS EARNINGS PLEASE CLICK HERE

TARIFF TOLL YET TO DETER STOCK BULLS CLICK HERE

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Wall Street indexes advance https://fingfx.thomsonreuters.com/gfx/mkt/mypmxbexavr/Pasted%20image%201754489929947.png

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