Tag Archives: Trump

Stocks Jump After Trump Tweet

THURSDAY – Stocks jumped in early trading Thursday after President Donald Trump said China and the U.S. were zeroing in on a trade deal, lifting hope that an agreement will be reached before a key deadline.

The S&P 500 hit a record high, rising 0.9%. The Dow Jones Industrial Average traded 250 points higher, or 0.9%. The Nasdaq Composite advanced 0.8%.

Trump said in a tweet both sides were getting “VERY close to a BIG DEAL with China. They want it, and so do we!”

His tweet comes after Reuters reported that Trump was meeting with his top trade officials on Thursday ahead of a Sunday trade deadline. If an agreement is not reached by then, additional U.S. levies on Chinese products will take effect.

Stocks started December on the wrong foot as worries around U.S.-China trade relations increased. In the first two sessions of the month, the Dow lost more than 500 points.

Still, the major averages are up sharply for the year. The S&P 500 and Dow have jumped 25.3% and 19.7%, respectively, year to date. The Nasdaq is up around 30%.

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Brexit & Trade Worried Hamper Stocks

WEDNESDAY – U.S. stocks were lower Wednesday as worries over U.S.-China trade relations dampened sentiment around a record-setting rally.

The Wall Street Journal reported, citing former Trump administration officials, that the ongoing trade talks could hit an impasse that would derail a so-called “phase one” trade deal. Uncertainty around trade also grew after the Senate passed a bill supporting Hong Kong protesters. This led China to accuse the U.S. of interfering in domestic affairs.

The Dow pulled back from record highs on Tuesday amid losses from Boeing and Home Depot while investors monitored earnings and developments in the U.S.-China trade talks. There is lingering uncertainty among investors about the possibility of a deal between both countries, despite comments last month suggesting they were close to signing a partial agreement.

Elsewhere, investors are awaiting minutes from the Federal Reserve’s October policy meeting at 2 p.m. The U.S. central bank decided to lower the federal funds rate by 25 basis points to a range of 1.5% to 1.75% late last month.

In corporate news, Target shares jumped more than 8% in the premarket after the retailer posted quarterly results that easily beat expectations. Target also raised its full-year profit outlook.

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Stocks Open Lower On Trade Worries

U.S. stock index futures were lower Monday amid lingering U.S.-China trade worries while protests in Hong Kong escalate.

Around 7:30 a.m. ET, Dow Jones Industrial Average futures were down 118 points, indicating a loss of 136 points at the open. S&P 500 and Nasdaq 100 were also lower.

These decline would knock the major averages from record levels reached last week. The Dow notched its eighth record close of the year on Friday while the S&P 500 closed at an all-time high for the 19th time. The Nasdaq, meanwhile, posted a record close for the 14th time in 2019.

President Donald Trump said Friday he had not agreed to roll back tariffs on China. Those comments came after the Chinese commerce ministry said that both sides had agreed to cancel existing tariffs in phases. A U.S. official also reportedly said both sides agreed to roll back the tariffs in tranches.

The stock market’s recent move to record highs comes in part because of improving sentiment around U.S.-China trade talks. With his comments on Friday, Trump dampened trade expectations in the market. 

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Stocks Flat In Friday Trading, But S&P 500 Has A 5-week Winning Streak

FRIDAY – Stocks hovered around the flatline on Friday but remained on track for solid weekly gains after trade optimism sparked a massive rotation out of bonds and lifted equities to record levels.

The Dow Jones Industrial Average traded 38 points lower, or 0.1%. The S&P 500 slid 0.1% while the Nasdaq Composite climbed 0.3%.

Disney was among the best-performing stocks on Wall Street after the company released its latest quarterly figures. Health care was the best-performing sector in the S&P 500, gaining 0.4%.

The major averages were poised to extend their weekly winning streaks despite Friday’s muted performance amid an improving tone around global trade

The Dow is up 1.1% week to date. The S&P 500 and Nasdaq Composite are up 0.6% and 0.8%, respectively, for the week. It would be the third straight week of gains for the Dow while the S&P 500 headed for its fifth straight weekly gain. The Nasdaq was on pace for a six-week winning streak.

Sentiment was also boosted this week by corporate earnings results that have generally beaten expectations. Of the 425 S&P 500 companies that have reported thus far, 74% have beaten estimates.

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Tariff News Lifts Stocks To Records

U.S. stock index futures turned sharply higher Thursday after China said the world’s two largest economies had agreed to remove existing trade tariffs.

Around 8:30 a.m. ET, Dow Jones Industrial Average futures were up 154 points, implying an opening gain of 138 points. S&P 500 and Nasdaq 100 futures also pointed to solid gains.

The gains put the Dow and S&P 500 on track to reach fresh record highs at the open.

Gao Feng, a ministry spokesperson for China’s Commerce Ministry, said that both sides had agreed to simultaneously cancel some existing tariffs on one another’s goods, according to the country’s state broadcaster. The ministry spokesperson said that both sides were closer to a so-called “phase one” trade agreement following constructive negotiations over the past two weeks.

One important condition for a limited trade agreement, Feng insisted, was that the U.S. and China must remove the same amount of charges at the same time.

On the data front, the latest weekly jobless claims numbers came in at 211,000, down slightly from 218,000 in the previous week.

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Stock Futures Pare Losses

Stocks were set to edge lower on Wednesday, even after House Speaker Nancy Pelosi said she will launch a formal impeachment inquiry on President Donald Trump.

As of 7:09 a.m. ET Wednesday, Dow Jones Industrial Average futures implied a loss of more than 10 points at the open. S&P 500 and Nasdaq 100 futures also indicated slight opening losses.

On Tuesday, the S&P 500 and Nasdaq Composite posted their biggest one-day declines in a month in anticipation of the impeachment inquiry. The Dow Jones Industrial Average also dropped 142 points, or 0.5%.

Stocks have surged since Trump was elected as the administration has implemented policies such as tax cuts and decreased regulation. The Dow has surged more than 46% since Trump’s election. Stocks have previously struggled when a president faces the possibility of impeachment.

The S&P 500 was down about 20% at one point from its high in 1998 as independent counsel Kenneth Starr ramped up his investigation of President Bill Clinton for perjury and obstruction of justice, according to CFRA. The market bottomed as the House began impeachment proceedings and later recovered all losses to reach a then-record high.

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Threat Of Mexican Tariffs Spook Stocks

FRIDAY – Stock index futures tanked on Friday morning, as investors feared President Donald Trump’s surprise threat of tariffs on all Mexico imports, amid a worsening trade war with China, could risk sending the U.S. economy into a recession.

Around 8:25 a.m. ET, Dow Jones Industrial Average futures indicated a drop of 270 points at the open. Futures on the S&P 500 and Nasdaq dropped by more than 1% each. The S&P 500 was already down 5.3% this month through Thursday after trade talks fell apart with China and rhetoric on both sides worsened in May.

The closely watched 10-year Treasury yield dropped to lows not seen since 2017. The U.S. benchmark was yielding 2.17% Friday morning. It was above 2.5% at the beginning of the month. Mexico’s currency, the peso, tanked against the dollar by more than 2% to trade at 19.6 per dollar.

On Thursday evening, Trump announced the U.S. would impose a 5% tariff on all Mexican imports from June 10 until illegal immigration across the southern border was stopped.

The trade war appears to be dragging down the Chinese economy. The country’s manufacturing activity contracted more than expected in the month of May, China government data out overnight showed. The official manufacturing Purchasing Managers’ Index (PMI) for May was 49.4, down from April’s reading of 50.1. PMI readings below 50 signal contraction.

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Trade Tensions Spook Stocks

MONDAY – A sharp sell-off will start the week on Wall Street after President Donald Trump said on Sunday that the U.S. will hike tariffs on goods imported from China, casting doubt on recent optimism that the world’s two largest economies were close to a resolution to their trade battle.

Dow Jones Industrial Average futures dropped 457 points as of 8:32 a.m. ET which implied an opening decline of about 440 points. S&P 500 futures lost 1.5% and Nasdaq-100 Index futures dropped 1.9%.

China’s stock markets, meanwhile, fell sharply. The Shanghai Composite dropped 5.6% while the Shenzhen A Shares index plunged more than 7%.

Trump said in a tweet Sunday afternoon that the current 10% levies on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”

The S&P 500, up 17.5% in 2019 alone, notched a record close on Tuesday. The tech-heavy Nasdaq Composite, which has soared more than 20% this year, clinched a record close on Friday. The S&P 500 is set to drop 1.5% on Monday, which would be its biggest one-day decline since March 22, when it dropped 1.9%.

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Dow Jumps 350 After Election Results Match Expectations

Stocks rose on Wednesday after the midterm election, lifting a cloud of uncertainty that was weighing on the market.

The major index averages hit their session highs after President Trump said he is willing to work with Democrats on policy initiatives that would help the economy keep growing.

The Dow Jones Industrial Average (^DJI) rose 350+ points, led by gains in UnitedHealth and Microsoft. The S&P 500 gained 1.5 percent as the health care and tech sectors both rallied more than 2 percent. The Nasdaq Composite rose 1.9 percent.

Trump said, “Hopefully we can all work together next year to continue delivering for the American people, including on economic growth, infrastructure, trade, lowering the cost of prescription drugs. The Democrats will come to us with a plan for infrastructure, a plan for healthcare, a plan for whatever they’re looking at and we’ll negotiate.”

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