|Day's range||26,749.18 - 26,874.33|
|52-week range||21,712.53 - 27,398.68|
Losses in consumer goods makers, utilities and technology stocks helped outweighed gains in banks and real estate companies. The muted trading followed a rally Friday spurred by investor optimism over signs of progress in the latest round of trade talks between the U.S. and China.
Investing.com - Stocks pulled back slightly Monday after concerns emerged that the U.S.-China trade deal announced Friday might not be as solid as first thought.
News, again, drives the US stock market and major indexes higher as optimism of a US/China trade agreement floods the news wires. As we’ve been suggesting, the global markets continue to be news-driven and are seeking any positive news related to easing trade tensions and capital markets. We believe any US/China trade deal would be received as very positive news by the global capital markets – yet we understand the process of achieving the components of the “deal” would likely still be 6 to 24 months away.
Based on the early price action and the current price at 26795, the direction of the December E-mini Dow Jones Industrial Average futures contract into the close on Monday is likely to be determined by trader reaction to the short-term Fibonacci level at 26697.
Wall Street stocks dipped early Monday ahead of a heavy calendar of earnings reports as skepticism about last week's US-China trade announcement weighed on sentiment. This week's earnings schedule includes a trove of large banks such as JPMorgan Chase and Wells Fargo, as well as reports from Netflix, IBM and Honeywell International. Analysts expect companies in the S&P 500 to report a 4.1 percent drop in third-quarter results, according to Factset.
U.S. stock markets opened the week with a scramble to recover premarket losses that had been caused by a report suggesting China will seek more concessions from the U.S. before it signs the modest handshake deal it made last week with the U.S. Treasury Secretary Steven Mnuchin reassured CNBC earlier Monday that the two sides have an understanding, while Hu Xijin, the editor of China’s English-language mouthpiece, Global Times, also tried to downplay concerns. Initial statement of the Chinese side is moderate,” Hu said via Twitter.
Despite quite a few calls for caution, at the end of the trading session, the data revealed that Big Tech, Banks and chipmaker investors liked the news. Since stock investors tend to discount future events, they were probably happy because the tariffs that were set to begin on October 15 had been suspended.
On October 10, in an interview with CNBC, Mike Wilson said investors should focus on the fundamental story. He's worried about expensive growth stocks.
It is a big week ahead, with corporate earnings, trade talks, Brexit and economic data in focus. There’s also the IFM meetings and the EU Summit.
Wall Street stocks finished higher on Friday as US-China trade negotiations yielded a partial deal that included a halt to tariffs scheduled for next week. The broad-based S&P 500 gained 1.1 percent to 2,970.27, while the tech-rich Nasdaq Composite Index advanced 1.3 percent to 8,057.04. Analysts said the stock market's pullback in the final moments likely reflected disappointment that the interim agreement did not go further, and left in place existing tariffs.
Based on the early price action and the current price at 26922, the direction of the December E-mini Dow Jones Industrial Average futures contract into the close is likely to be determined by trader reaction to the downtrending Gann angle at 26992.
Shares of tech companies Alibaba, JD.com, the Trade Desk, and Roku are up today. The broader indexes have also opened higher on trade talk optimism.
There may be one hell of a thing taking shape in the market thanks to President Trump and Federal Reserve Chair Jerome Powell.
Investing.com - Stocks finished at their highest levels in about two weeks as President Donald Trump touted a "substantial phase one deal" that resolves some of the trade disputes between the United States and China.
Wall Street stocks jumped early Friday on optimism for progress in US-China negotiations, including a possible agreement to pause new tariff measures. The talks in Washington, now in their second day, were given a positive push by US President Donald Trump, who said the negotiations were "going really well" and was scheduled to meet later Friday with China's top trade envoy Liu He. Analysts also cited apparent progress in Brexit talks between the European Union and Britain following an upbeat meeting Thursday between British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar.
Stocks are closing sharply higher Friday as the U.S. and China reached a partial deal on trade and said they would continue negotiating. President Donald Trump agreed to suspend an increase in tariffs on $250 billion in Chinese goods due to kick in Oct. 15. In exchange, China agreed to boost purchases of U.S. farm products.
Global stocks rip higher following positive news about trade talks. But there is still no deal on the table.
Investing.com – Markets rallied strongly for a third-straight day Friday after President Donald Trump tweeted that he had confidence a trade deal with China was close, although the market fell back slightly in the early afternoon.
Past meetings between Liu and Trump this year have yielded positive progress on trade. For example, after their meeting in January, China increased its soybean buying. And their February meeting resulted in a delay in tariffs.