|Day's Range||9,346.81 - 9,393.48|
|52 Week Range||6,953.23 - 9,393.48|
Despite the signing of a phase one trade deal, California companies from banks to cemeteries say they have low optimism over business relationships rebounding in activity.
Global markets are mixed as traders wait for the Phase One deal signing. The details so far suggest the Phase One deal is far less than the market was expecting.
(Bloomberg) -- U.S. stocks retreated from all-time highs after Bloomberg reported that tariffs on billions of dollars of Chinese goods will likely stay in place until after the presidential election.The S&P 500, Nasdaq Composite and Dow Jones Industrial indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations. Positive results from big banks had driven prices higher. Treasuries climbed earlier after a gauge of underlying inflation rose less than forecast.“There was a lot of optimism built up and now this just throws a whole new wrench into that optimism,” said Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr. It raises “a lot of questions moving forward.”The two sides have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the U.S. will review progress and potentially trim tariffs now in place on $360 billion of imports from China, according to people familiar with the matter.The Stoxx Europe 600 Index closed up for the first time in three sessions. Earlier in Asia, stocks finished slightly higher.The Chinese yuan held most of its surge from Monday, when Washington lifted its designation of the country as a currency cheat. The dollar held its gains after the inflation data, while the pound broke a five-day slide.Here are some events to watch for this week:Phase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.The biggest American financial institutions kick off earnings season, with Bank of America Corp., Goldman Sachs Group Inc., Morgan Stanley and BlackRock Inc. next up.The Fed’s so-called beige book is due on Wednesday.China GDP comes on Friday.These are the major moves in markets:\--With assistance from Gregor Stuart Hunter.To contact the reporters on this story: Vildana Hajric in New York at firstname.lastname@example.org;Claire Ballentine in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Dave LiedtkaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The daily chart indicates there is plenty of room to the downside, but it’s going to take a combination of fresh shorting and long liquidation to trigger an acceleration to the downside through Tuesday’s intraday low at 28737.
The December jobs report highlighted disappointing wage growth data, showing average hourly earnings rose by only 2.9% over last year and dipped below 3% for the first time in more than a year.
Fourth-quarter reporting season kicks off on Tuesday with investors awaiting earnings from big banks JPMorgan Chase & Co., Citigroup Inc., and Wells Fargo & Co.
The S&P 500’s near 30% return last year was driven in large part by multiple expansions, which sent valuations well above their historical averages.
Crude oil traders who bet on a major price surge after U.S.-Iran tensions flared last week ended up losing big.
The U.S. labor market capped off 2019 with fewer job gains than expected and decelerating wage growth. The joblessness rate, however, held at a 50-year low.
The U.S. and China are scheduled to ink a “phase one” trade deal next week, but a “phase two” deal could be much more challenging, according to Allianz Chief Economic Adviser Mohamed El-Erian.
Allianz Chief Economic Adviser Mohamed El-Erian says markets may be setting themselves up for disappointment if they take Fed policy granted.
Even as geopolitical concerns and President Donald Trump’s impeachment inquiry dominate the public consciousness, market participants will wear their blinders, according to Mohamed El-Erian.