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U.S. stocks fluctuated as investors weighed the chances that the Trump administration will scrap a tariff hike on Chinese goods scheduled for Dec. 15 and investors digested strong employment data. Treasuries and the dollar declined.: Bloomberg
U.S. stocks recovered from a morning slide and moved higher to close in the black on Thursday as investors remained optimistic about prospects for a U.S.-China trade deal despite a looming deadline for the imposition of fresh import tariffs by President Donald Trump.: MW
As of Thursday’s close, all three indexes will still close at the week lower: the Dow is still on track to decline 1.3%, the S&P 500 is poised for a 0.7% skid, and the Nasdaq Composite will see a decline of 1.1%.
The S&P 500 Index was almost flat after a news report that the U.S. and China remained at odds over the value of farm purchases. Equities briefly rose after President Donald Trump’s remarks that negotiations with China were “moving along well.” Treasury yields climbed as data showed U.S. jobless claims slumped to a seven-month low, signaling resilience in the labor market ahead of Friday’s jobs report. Oil got whipsawed as OPEC ministers gathered to discuss output cuts.
Tech stocks led all three major U.S. stock averages marginally into the black following upbeat statements from President Donald Trump and Treasury Secretary Steven Mnuchin that the U.S.-China trade negotiations are “on track” and “going well.”
China and the U.S. have 10 days to reach a trade deal before additional U.S. tariffs on Chinese goods take effect. Those levies would target an additional $156 billion in Chinese goods.
Trump said Thursday that something could happen regarding those tariffs, but added they are not discussing that yet. He also reiterated that trade talks between the two countries were going well.
Investors are still optimistic about a U.S. - China trade deal after a spokesman for China’s Ministry of Commerce, Gao Feng, said at a weekly briefing on Thursday that negotiations toward a so-called phase-one pact to cease tariff hostilities between the world’s largest economies are progressing. However, Feng emphasized that China wants a rollback of existing tariffs to be included as a part of any resolution.
But as the Wall Street Journal reported Thursday, the value of the farm goods China will buy from the U.S. is still an issue. President Trump is said to want a $40 to $50 billion a year pace of purchasing, twice as much as China bought before the trade war began in 2018.
Market participants appeared to shrug off the drama unfolding in Washington as the U.S. House of Representatives prepared to draft articles of impeachment against President Donald Trump.
In U.S. economic data, the nation’s trade deficit dropped almost 8% in October to a 16-month low, largely because of lower imports from China, but the U.S. is on track to record the biggest annual trade deficit in 11 years despite President Trump’s trade war with China.
By: via @AlliesFin Serve T.ME/ALLiESFiN
