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Wall Street Stays Resilient as Nasdaq Hits Record Amid Tariff Turbulence

  Markets defy trade jitters with mixed performance Wall Street wrapped up the week with a show of resilience, as the Nasdaq Composite edged to a fresh record close , buoyed by strong tech earnings and steady economic data. The S&P 500 posted a modest weekly gain , while the Dow Jones Industrial Average slipped 0.3% , reflecting investor caution amid escalating tariff tensions. Despite President Trump’s push for 15% to 20% blanket tariffs on European Union imports , markets largely shrugged off the geopolitical noise. Economic indicators, including a sharp drop in inflation expectations from the University of Michigan’s consumer sentiment survey, helped soothe investor nerves. Netflix’s earnings beat failed to impress, dragging its stock lower, while American Express posted strong results , signaling continued spending strength among affluent consumers. Meanwhile, CRISPR Therapeutics surged 17% after a major insider stock purchase, and Bitcoin briefly topped $118,000 befor...
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Starmer Retreats on Welfare Cuts Amid Mounting Labour Dissent

British Prime Minister Keir Starmer has scaled back controversial welfare reform plans following a significant backlash from within his own Labour Party. The proposed changes, which aimed to tighten eligibility for key disability benefits and reduce support for low-income individuals with health conditions, were expected to save the government £5 billion annually.

However, more than 100 Labour MPs publicly opposed the reforms, warning they would disproportionately harm vulnerable citizens. Facing a potential defeat in Parliament just a year after his landslide election victory, Starmer’s government announced that existing recipients of the Personal Independence Payment (PIP) would no longer be affected. The revised plan will now apply only to new claimants.

Work and Pensions Minister Liz Kendall emphasized that the government remains committed to reforming the welfare system to ensure sustainability while protecting those most in need. The move was welcomed by some Labour figures as a “workable compromise,” though critics labeled it another in a series of government U-turns.

The revised bill is set to be voted on in Parliament on July 1.

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