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Stocks trade at record highs ahead of Trump's speech on the economy

Ken Martin

Stocks were trading at record highs as traders position themselves ahead of President Trump's speech on the economy.

At noon ET, Trump will speak at the Economic Club of New York. Traders continue to keep a close eye on U.S.-China trade front after Trump last week cast doubts over a Chinese official's comments on gradually rolling back tariffs as negotiations progress.

All three of the major averages were trading at record highs after the Dow Jones Industrial Average and Nasdaq Composite closed at record levels on Monday. A finish above 3,093.08 for the S&P 500 would be the 100th record-high close since Trump's inauguration.

Trump said in a Tuesday morning tweet that the U.S. economy is "booming."

Disney shares were in focus after the entertainment giant launched its Disney Plus streaming service on Tuesday morning. The launch didn't go too smoothly as users had trouble accessing the content.

Meanwhile, Pacific Gas & Electric was higher after the San Francisco-based utility raised the amount of compensation available to wildfire victims to $13.5 billion, up from about $8.4 billion.

Dean Foods shares were halted after the company filed for Chapter 11 bankruptcy protection. Shares had lost 79 percent this year before Tuesday's filing.

On the earnings front, homebuilder D.R. Horton was gaining ground after reporting better-than-expected third-quarter profit and revenue and giving an upbeat forecast for the fourth quarter.

Tyson Foods was higher after giving an optimistic outlook for 2020. The chicken producer reported top and bottom-line results that fell short of Wall Street estimates.

Commodities were mixed as gold traded down 0.2 percent near $1,454 an ounce, its weakest in more than three months. West Texas Intermediate crude oil was up 0.7 percent at $57.26 a barrel.

U.S. Treasurys were little changed as traders returned to work following the Veterans Day holiday.

In European trading, London's FTSE is gaining 0.7 percent, Germany's DAX added 0.6 percent and France's CAC rose 0.5 percent.

In Asian markets on Tuesday, Japan's Nikkei gained 0.8 percent, while the Hang Seng in Hong Kong added 0.5 percent. The Shanghai Composite picked up 0.2 percent.

Hong Kong shares bounced back from Monday's sell-off, though protesters again disrupted the morning commute on Tuesday.

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The city has been wracked by anti-government protests for more than five months and tensions escalated Monday as the violence grew more extreme.

The Associated Press contributed to this article.

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