Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5977
    -0.0028 (-0.47%)
     
  • NZD/EUR

    0.5535
    -0.0008 (-0.14%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    +1.76 (+2.16%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • NZD/JPY

    90.4440
    -0.3360 (-0.37%)
     

Stocks rally, Trump indictment, Tesla-GM deal: Top stories

The S&P 500 enters a bull market. Former President Donald Trump faces a second indictment tied to possession of classified documents. General Motors partners with Tesla to have access to its EV charging network. Yahoo Finance Live's Brad Smith breaks down several of this morning's developing stories.

Video transcript

BRAD SMITH: Here are three things that you need to know to start this morning. The S&P 500 joins the Stoxx 600, DAX, and South Korea's Kospi in a bull market. The rally has been notoriously narrow and driven by a handful of big tech stocks.

In recent weeks, it's been helped by expectations of a great pause [INAUDIBLE] next meeting. And the bond market is telling a different story here, of course, yields pushing higher after shock rate decisions this week and threatening to derail the Nasdaq and ongoing frenzy. JPMorgan says that there's a 20% downside risk for stocks if bonds are proved correct.

ADVERTISEMENT

Well, second thing Donald Trump has been indicted for a second time now on federal charges relating to the handling of classified documents while out of office. The indictments remain sealed, and it's unclear what impact this could have on his run for the GOP nomination, though he's still far and away the front runner in a crowded pack. The former president's poll numbers, they jumped after his April indictment by Manhattan's district attorney. Trump remains under criminal investigation by the Department of Justice in Georgia's state prosecutor for his efforts to overturn the 2020 election.

And GM joins Ford in adopting Tesla's North American EV charging standard, solidifying the dominance of Elon Musk's technology in North America. The move was announced by GM CEO Mary Barra and Musk on a Twitter SpaceX event. It will give GM's EV owners access to Tesla networks of 12,000 superchargers. Now Tesla, GM, and Ford, they make up 70% of current US EV sales. Wall Street, they were happy with the news. Shares in automakers jumped on this news.