News archive

Wall Street kept the rally going yesterday, and both the S&P 500 and Nasdaq notched fresh record highs. Investors ignored Trump's attack on Brazil and focused instead on jobless claims coming in lower than expected, and a well-received 30-year bond auction.

In company news, Tesla surged 4.7% after announcing plans to roll out its Robotaxi service in California and Arizona. Elon also said his AI chatbot Grok will soon be deployed in Tesla cars. Delta Air Lines soared 12% after reviving its full-year profit forecast, saying that travelers are back in droves. Lastly, Ferrero, the company behind Nutella and Ferrero Rocher, snapped up WK Kellogg for $3.1 billion, doubling down on their US expansion.

In summary, the JSE All-share closed up 0.14%, the S&P 500 rose 0.27%, and the Nasdaq was 0.09% higher. Splendid.

US markets ended higher yesterday as big tech came roaring back. The S&P 500 is near all-time highs, despite ongoing trade tensions. Trump is throwing bombs, and Brazil was the latest to receive a 50% bitch-slap.

Nvidia was the lead steer last night, that stock is now up over 20% for the year, and was briefly valued above $4 trillion in market cap, the first listed company ever to reach that level.

In company news, Autodesk is kicking the tyres of rival engineering software company PTC Inc for a potential takeover, sending the latter's shares up 17.7%. Elsewhere, advertising giant WPP fell 18.1% after cutting profit guidance on weak demand and disruptions from AI alternatives.

At the closing bell, the JSE All-share closed down 0.03%, but the S&P 500 rose 0.61%, and the Nasdaq marched 0.94% higher. Good times!

US markets bumbled sideways yesterday. Each day seems to bring a new set of tariffs, which is unsettling. Trump said he would impose a 50% tariff on copper imported into the US, so the price jumped 17% in New York, but fell in London. The US imports 36% of its copper, primarily from Chile and Canada. The higher cost of a key industrial material would be carried through to finished products, surely?

In company news, EssilorLuxottica, the world's largest eyewear maker, jumped 6% on the news that Meta has taken a 3% stake in the company. The two companies have a very successful partnership creating smart glasses, which is set to expand. Clean energy stocks took some heat yesterday, SunRun (-11.43%), Enphase Energy (-3.58%), and First Solar (-6.54%) as Trump signed an executive order directing federal agencies to speed up the elimination of wind and solar subsidies.

In summary, the JSE All-share closed down 0.11%, the S&P 500 fell by 0.07%, and the Nasdaq ended 0.03% higher. Small beer and a nothingburger.

Tariffs are rising, so US stocks dropped yesterday. Trump told the leaders of South Korea and Japan that their exports to the US will face 25% tariffs starting on 1 August. South Africa also got a special mention, and a 30% tariff, but it is unclear if that includes the extra 10% for being part of BRICs. Amusingly, in Trump's letter to Ramaphosa, he says that the US's trade deficit with South Africa is a threat to their economy and national security.

In company news, Uber closed 3% higher due to a stock upgrade from Wells Fargo, which expects good ridership growth. Tesla was a big loser yesterday, dropping 7% because Elon Musk appeared to be launching a new political party. The market is worried that his focus will shift away from managing Tesla, again, and that there could be retaliation from the Republican establishment.

In summary, the JSE All-share closed up 0.19%, but the S&P 500 fell 0.79%, and the Nasdaq ended 0.92% lower. Not too bad.

US markets were closed on Friday last week when Congress finally approved the new tax legislation and sent it off to Trump's desk for signing. The bill comes with juicy tax incentives, particularly for large companies spending billions on infrastructure like data centres.

Last week marked 50 days after the 'Liberation Day' market lows. Since then, the S&P 500 has bounced 19.8%. Looking back in history, the last eight times the market rallied that hard in such a short time, it was even higher one year later (on average another 16.4% gain). The lesson is this: don't let a strong market scare you from getting invested.

On Friday, the JSE All-share closed up 0.25%, and the US was closed for Independence Day.

US stocks notched their third record close of the week. Traders started the day worrying about weak US jobs numbers but those fears abated when official data showed 147 000 were added in June, much higher than the 117 500 expected. The odds of an interest rate cut later this month plunged, and the chances of a September cut dropped to 68% from 94%.

In company news, TripAdvisor popped 17% on news that activist investor Starboard Value has taken a 10% stake in the online travel company. Elsewhere, Robinhood dropped 3.6% after not being included in the S&P 500, meaning large index-tracking funds won't be buyers. Finally, Krispy Kreme fell 3.5% after its CFO quit.

In summary, the JSE All-share closed up 0.34%, the S&P 500 rose by 0.83%, and the Nasdaq ended 1.02% higher. We are ecstatic.

The S&P500 cruised to another all-time high yesterday. Remember, when the market is setting records, the odds are that it will continue setting them. President Trump announced a new trade deal with Vietnam and although the 20% tariff was slightly higher than the market was hoping for, it is still well below the 46% initially suggested.

In company news, Nike jumped 4% because Vietnam is one of their key supply countries. Tesla was up 5% after reporting poor sales figures, but not as bad as the market had feared. Elsewhere, Centene plunged 40.4% after the health insurer rescinded its fiscal 2025 guidance. The whole health insurance industry went down in sympathy: UnitedHealth Group (-5.70%), CVS Health (-4.28%), Elevance Health (-11.50%), and Molina Healthcare (-21.97%).

In summary, the JSE All-share slipped by 0.31%, but the S&P 500 added on another 0.47%, and the Nasdaq marched 0.94% higher. Outstanding!

US markets went sideways yesterday, but tech stocks were weak. Another spat between Trump and Musk provided some distraction, and the Senate passed its version of the US budget.

In company news, Tesla dropped 5% after The Donald insinuated that Elon might be deported. To where, Pretoria? Meanwhile, one-time meme stock AMC Entertainment tumbled 9% due to announcing a new debt restructuring plan. Elsewhere, Amgen was up 4% thanks to encouraging data for a new stomach cancer drug called bemarituzumab. Lastly, Ford popped 4.6% after reporting an impressive 14% increase in car sales last quarter.

In summary, the JSE All-share closed up 0.50%, but the S&P 500 slipped by 0.11%, and the Nasdaq faceplanted by 0.82%. We can take the rough with the smooth.

US markets closed at another record high yesterday, closing out the best quarter for stocks since December 2023. We expect this positive momentum to continue as earnings season kicks off in a few weeks. Previously, a strong dollar has been a headwind for the tech-titans, but now it will swing to a tailwind for companies that earn a lot of money outside the US, giving a nice boost to profits.

In company news, HP popped 11% after settling a lawsuit with the Department of Justice, clearing the way for it to acquire Juniper Networks, which was also up 8.45%. Elsewhere, Amazon dropped 1.75% after former CEO Jeff Bezos announced he's selling $5.4 billion worth of shares. The amount up for sale is insignificant for him, and it continues his trend of selling a few billion each year. Also, he has to pay for his wedding.

In summary, the JSE All-share closed up 0.59%, the S&P 500 marched 0.63% higher, and the Nasdaq added a fresh 0.52%. That will do nicely, thanks.

The US market is at a record high; as it should be. For the year to date, the S&P 500 is up 5%, which isn't bad. For those investors who bought at the tariff-induced April lows, it's been a spectacular run, we are up 24% since then.

We expect a stronger second half of the year as there are interest rate cuts to come, global consumers are in relatively good shape, and World War 3 seems to be off the table again.

In company news, gold miners tumbled as the price of the shiny metal fell on Friday; Newmont lost 4.1%, Barrick Mining fell 3.4%, and Kinross Gold shed 6.2%. Elsewhere, a good showing from Nike (more below) meant Dick's Sporting Goods, ON Holdings, and Lululemon were up 3.6%, 1.7% and 1.5%, respectively.

In summary, the JSE All-share closed down 0.11%, but the S&P 500 rose by 0.52%, and the Nasdaq ended up 0.52%. Ah, that feels good.

US markets hovered close to all-time highs yesterday after the White House said that the July 9 deadline that marks the end of its 90-day tariff pause "is not critical." The S&P 500 reached a new intraday high, and Nvidia and Microsoft both set new records.

In company news, Nike jumped 10.7% in after-market trading, thanks to stronger-than-expected sales, a sign that the world's biggest sportswear brand is getting back on track by clearing old inventory and focusing on newer, trendier designs. Elsewhere, Meta is in advanced talks to acquire PlayAI, a niche startup that uses AI to replicate human voices.

At the closing bell, the JSE All-share was 0.69% higher, the S&P 500 rose 0.80%, and the Nasdaq climbed by 0.97%. One more push and we'll be flying into open skies.

US markets held steady near record highs yesterday. The S&P 500 was flat but still within 1% of its all-time peak as the Israel-Iran ceasefire held firm. Nvidia rose 4.3% to hit a fresh lifetime high, cementing its position as the most valuable company in the world. What a winner!

In company news, Google is rolling out a new AI coding assistant in a move to catch up with rivals including OpenAI's Codex and Anthropic's Claude Code. European defence contractors like Rheinmetall and Thales climbed after NATO members agreed to increase spending to 5% of GDP. Lastly, BP rose on reports that it might be acquired by Shell.

Izolo, the JSE All-share closed down 0.60%, the S&P 500 was literally unchanged, and the Nasdaq was 0.31% higher.

Wall Street continued to move higher yesterday, as Middle East tensions cooled. Trump scolded Israel and Iran for ceasefire breaches, saying "they don't know what the f**k they are doing."

The S&P 500 is now less than 1% off its all-time high, a strong bounce back after those terrible April lows. It's been an eventful year, that's for sure, but the market has shown great resilience.

In company news, Uber is expanding its partnership with Waymo by rolling out driverless rides in Atlanta. Elsewhere, Starbucks pushed back on reports that it's considering a full sale of its China business. Finally, Nektar Therapeutics shareholders scratched an itch; the stock rose 156.3% after strong Phase 2 trial results of a new eczema treatment.

In summary, the JSE All-share closed up 0.80%, the S&P 500 added on another 1.11%, and the Nasdaq shifted 1.43% higher. Hells bells!

US markets ended higher yesterday as traders shrugged off Iran's limited retaliatory strike on a US air base in Qatar. The S&P 500 climbed nearly 1%, helped by news that Qatar intercepted the attack with no casualties.

Meanwhile, oil prices dipped, with Brent falling 10% to $69, as Iran and Israel agreed to a ceasefire. The pullback in energy prices also helped cool inflation worries, giving markets some breathing room.

In company news, Tesla shares popped 8.2% after the EV giant finally launched its long-awaited driverless taxi service, offering rides to a select group of users in Texas. Elsewhere, Novo Nordisk pulled the plug on its partnership with Hims & Hers Health less than two months in, accusing the company of using "deceptive marketing" to push knockoff versions of its hit weight-loss drug, Wegovy.

Here's the lowdown, the JSE All-share closed up 0.44%, the S&P 500 rose 0.96%, and the Nasdaq was 0.94% higher.

A choppy week on Wall Street ended on a cautious note, with major US indices barely budging as traders digested rising oil prices, geopolitical tensions, and trade headlines. The Nasdaq edged up 0.2% and the S&P 500 slipped 0.2% for the week. Energy stocks stood out, gaining 1.1%, as oil continued to rise. All in all, it was a jittery stretch with more noise than direction.

In company news, Meta was apparently interested in acquiring AI search startup Perplexity AI before ultimately opting for a multibillion-dollar investment in Scale AI, signalling its continued push to secure a lead in the AI arms race. Elsewhere, Tesla is preparing to open its first showrooms in India this July, marking the EV giant's formal entry into the world's third-largest car market. With sales slowing in Europe and China, Elon Musk is now turning to India for the next wave of growth.

On Friday, the JSE All-share closed down 0.22%, the S&P 500 fell 0.22%, and the Nasdaq was 0.51% lower.