|Day's Range||26,943.29 - 27,058.34|
|52 Week Range||21,712.53 - 27,398.68|
(Bloomberg) -- President Donald Trump was reminded Wednesday of something investors have known for decades: it’s hard to predict the market.About 90 minutes into the session, Trump, after being asked about trade negotiations with China, struck an optimistic tone, saying of the stock market: “it’s going to be up big today, it looks like.”It wasn’t. The Dow Jones Industrial Average closed down 23 points.“The president is trying to get not only the country but also the market in believing that he’s going to reach a deal with China,” Robert Pavlik, the chief investment strategist at SlateStone Wealth, said by phone. “The Street realizes there are no details yet.”The president got a taste of another market truth: his ability to lift stocks isn’t what it used to be. The S&P 500 is trading around the same level where it was in January 2018 when he touched off conflicts with major trading partners. That’s in contrast with his first year, when deregulation and tax cuts unleashed animal spirits, sending the benchmark to 15 straight months of positive returns including dividends.For a brief moment Wednesday, it worked. The Dow climbed, turning positive after Trump said a deal with China probably will not be signed until he meets with Chinese President Xi Jinping at the APEC summit next month in Chile. Those gains didn’t last and the benchmark closed lower for the second time in three days.Trump has proved more prescient in the past. On Christmas Day, he said American shares were offering investors “a tremendous opportunity to buy.” The Dow surged 5% the next day to embark on a rally that sent the index up almost 20% over the next three months.Still, Pavlik at SlateStone said he wouldn’t follow Trump’s stock advice because it’s driven by political agendas, rather than fundamental analysis.“He’s a speculator,” Pavlik said. “He’s acting as a role of a cheerleader for the country.”\--With assistance from Justin Sink.To contact the reporter on this story: Lu Wang in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The benchmark S&P 500 stock index edged lower on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter corporate earnings reports.
* Brexit negotiations resume in Brussels * Pound volatile around Brexit talks * Wall Street little changed (Updates With close of European markets) By Chuck Mikolajczak NEW YORK, Oct 16 (Reuters) - A gauge of world stock markets was flat on Wednesday as U.S. data that raised concerns about a slowing economy was offset by a solid start to earnings season, while sterling was volatile as negotiations on a Brexit deal continued. On Wall Street, stocks retreated after monthly retail sales data for September showed a decline for the first time in seven months, stoking concerns softness in the manufacturing sector was starting to spread to the broader economy. "Retail sales were definitely on the weaker side and given that the consumer is one of the key pillars holding up the U.S. economy, any weakness in consumer indicators is obviously a sign of concern," said Ellen Hazen, portfolio manager F.L. Putnam in Wellesley, Massachusetts.
Wall Street edged lower on Wednesday, as concerns over an escalation in the U.S.-China trade war and weak economic indicators persisted, while a raft of upbeat results underlined a solid start to the third-quarter earnings season. PNC Financial Services Group Inc and Bank of New York Mellon Corp also rose after better-than-expected earnings.
Based on the early price action, the direction of the December E-mini Dow Jones Industrial into Wednesday’s close is likely to be determined by trader reaction to a pair of Gann angles at 26885 and 26944.
Investing.com - Stocks drifted lower Wednesday on a weaker-than-expected report on retail sales and growing fears about how firm the Chinese trade deal really is.
U.S. stocks were flat on Wednesday as a raft of upbeat earnings reports underlined a solid start to third-quarter results, while concerns over an escalation in the U.S.-China trade war and weak economic indicators lingered. Wall Street came under pressure after the U.S. House of Representatives on Tuesday passed legislation related to pro-democracy protests in Hong Kong, while data on Wednesday showed a fall in U.S. retail sales for the first time in seven months in September. PNC Financial Services Group Inc and Bank of New York Mellon Corp also rose after better-than-expected earnings.
All of the major indexes and ETFs are trading lower today. The Dow Jones Industrial Average has fallen by 44 points or 0.16% at the time of this writing.
Investing.com – Wall Street was slightly lower on Wednesday as upbeat earnings from Bank of America (NYSE:BAC) were offset by concerns that a U.S. bill favoring Hong Kong protests could stoke fresh trade war retaliation from China.
What traders could be waiting for is Trump’s response. Will he defy his promise to Chinese President Xi Jinping, or will he remain silent? It’s highly unusual for Trump to remain silent for too long especially when a foreign country threatens the U.S. with “strong countermeasures.”
One group like Fed Chair Jerome Powell believes the outlook is generally positive. Another believes the U.S. economy needs even easier policy to avoid sinking into a recession. Still a third group believes the Fed has gone far enough or even a little too far in trying to revitalize the economy.
The big takeaway this week for traders is the impact of clarity. We learned on Monday that a lack of clarity usually has a negative impact on investor decisions, encouraging them to shed risky assets. Tuesday taught us that clarity over earnings brings them right back then.
Investing.com - Stocks surged Tuesday as the first big day of earnings delighted investors, but the rally faded a bit toward the close as profit-taking set in.
Wall Street jumped on Tuesday as third-quarter reporting season kicked into high gear with a spate of upbeat earnings reports that brought buyers back to the equities market. "It's all going to be about earnings for the next couple of weeks and that's a good thing," said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York. Major financial firms JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs Group Inc and Wells Fargo & Co all posted results, as did healthcare giants Johnson & Johnson and UnitedHealth Group Inc.
Wall Street rose 1% on Tuesday as strong earnings from JPMorgan, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on Corporate America. All three major stock indexes hit three-week highs after quarterly results from some of the largest U.S. banks showed strong consumer confidence in the face of recession fears that had led businesses to pull back on spending. Shares of JPMorgan Chase & Co hit a record high, and lifted the S&P 500 banking sector to its highest level in a year.
Investing.com – Stocks jumped Tuesday and the Dow briefly showed a gain of more than 300 points as Wall Street cheered third-quarter earnings.
Wall Street was off to a strong start on Tuesday as upbeat earnings reports from JPMorgan Chase, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on corporate America. Shares of JPMorgan Chase & Co gained 1.7% to a three-week high after the company beat Wall Street estimates for third-quarter profit by a wide margin.
Based on the early price action and the current price at 26855, the direction of the December E-mini Dow Jones Industrial Average futures contract the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 26727.
Stocks rose Tuesday as some of the first major corporate names began delivering third-quarter results. Meanwhile, investors continued to monitor signs that President Donald Trump’s “phase one” trade deal with China would materialize.
The International Monetary Fund said trade standoffs and geopolitical tensions are behind its tepid projections for global growth in 2019.