Stocks closed down to end the week following unhelpful news on trade negotiations with China. Early in the afternoon, word came that a delegation from the Asian nation cancelled a visit scheduled to farmland in the United States. The market had moved modestly higher by mid-morning on Friday in a bit of a news vacuum, since there was no major economic data scheduled to be released. The impact of the Federal Reserve’s Wednesday decision to lower interest rates was also largely factored into stock prices.
The stock market started in the green today
, aided by Dow-component Microsoft (MSFT), which announced a dividend hike and a $40 billion-dollar stock-repurchase authorization after the closing bell yesterday. Additionally, existing-home sales, leading indicators (which were flat), and the Philadelphia Fed survey were all better than forecast. Meantime, initial jobless claims were lower than expected
The stock market
started in the red today, ahead of the U.S. Federal Reserve meeting as traders waited
for the outcome and the accompanying Fed monetary statement
. The Dow Jones Industrial Average was lower by as many as 93 points in early action, while the other indices followed.
Stocks got off to a weak start this morning
, but managed to firm in the afternoon,
aided by some buying late in the day. Early in the session, traders seemed hesitant
to enter the market, as they were likely waiting for word from the Federal Reserve
. While no concrete announcement was offered, it seems sentiment started to shift and the mood became more supportive. The sense on Wall Street is that the central bank will agree to another 25 basis point reduction in rates, as it looks to keep the economy expanding. At the end of today’s session, the Dow Jones Industrial Average was ahead about 34 points; the broader S&P 500 Index was up eight points; and the NASDAQ was higher by 32 points.
The futures markets
were in the red
this morning, as a swift increase
in the price of oil
occurred due to an attack on Saudi Arabian production. Around 19 strikes at two facilities have eliminated about 5.7 million barrels of oil per day from the global market, or roughly 5% of worldwide oil production. The price of oil was up as much as 20% at one point in the overnight session, while the stock market fell with that development. However, both these moves had reversed some by the time the opening bell rang. The Dow Jones Industrial Average was down around 125 points in the first few moments of trading, while the other indices were lower in tandem. The markets then traded sideways for much of the day, making little progress in either direction. Overall, the Dow snapped an 8-day winning streak and closed down 143 points
, the S&P 500
was lower by nine points
, and the NASDAQ fell 23 points
Stocks started the day mostly to the upside, but trading became more mixed as the session wore on. On the economic front, the Commerce Department reported that U.S. retail sales were up 0.4% in August, which was above the consensus forecast, with the increase largely driven by car and truck sales. Also, the July figure was revised to a gain of 0.8% from 0.7%. Altogether, sales have been up for six consecutive months. Meanwhile, and more importantly, the two-year trade dispute between China and the U.S. took another step toward a potential resolution.
The futures market started positively
, as a de-escalation of trade tensions between the U.S. and China
occurred overnight. The United States stated that it would delay some tariffs on goods from China from October 1st to October 15th “in a gesture of goodwill.” So, the stock market started the day higher, and the Dow Jones Industrial Average was up by 132 points quickly, while the other indices were higher in tandem. Ultimately, the Dow traded just under all-time highs. The NASDAQ and S&P 500 also traded within 1% of their highest levels. In the final part of the session, the markets gave back a large portion of the daily gains. All told, the Dow closed higher by 45 points
, the S&P 500 was up nine points
, and the NASDAQ increased 25 points
The equity market moved nicely higher this morning
, and managed to extend its gains
through the afternoon. Today, investors
to learn that China
has decided to suspend tariffs on some U.S. goods
. While it is still unclear
if the upcoming trade negotiations will be successful
, the decision
to ease restrictions is a definite plus for businesses
. At the end of today’s session, the Dow Jones Industrial Average
was ahead 228 points
; the broader S&P 500 Index was up 22 points
; and the NASDAQ was higher by 86 points
The stock market
opened lower this morning, but managed to recover all of its ground, and then some, as the session unfolded
. Of note, earlier today, a weak economic report in China may have ignited investor concerns that the world’s second largest economy, and the broader global outlook, could suffer if a trade deal does not materialize soon. However, by the end of the session, the situation looked a bit better.
The futures markets started modestly positive today, as traders' sentiment improved
, thanks to the increased likelihood of a U.S. trade deal with China.
This move higher continued into the trading session and the Dow Jones Industrial Average was up by more than 100 points in the early portion of the day. The other indices sold off in the first few minutes of trading, and the NASDAQ briefly fell into the red. However, those composites quickly rebounded, reaching their daily highs. Still, the market could not hold up in the second half of the day, and
all the indices fell back into the red and spent the rest of the day bouncing between positive and negative territory. All told, the Dow closed higher by 38 points, the S&P 500 closed within a point of breakeven, and the NASDAQ fell nearly 16 points.