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Geopolitics is in focus, with Brexit, Iran, and the U.S – China trade war likely to keep the markets busy. Stats and the RBNZ are also of influence.
Chaos hit the overnight borrowing market this week, underscoring cracks in a key funding market for Wall Street that could ripple through the real economy without a more permanent patch.
The surprise move by the Chinese delegation may have rattled investors but White House officials seemed to take it in stride. Furthermore, President Trump had no response on Twitter, which means the event has largely been dismissed.
On Thursday, U.S. equity benchmarks were staging a test of fresh all-time highs, a day after the Federal Reserve cut interest rates for the second time in as many meetings.
Dollar-cost averaging has long been espoused by the likes of Warren Buffett and Benjamin Graham as a savvy way to mitigate risk and build a portfolio by investing a fixed amount of cash regularly over a period of time. But is that tried-and-true approach better than putting a lump sum to work all in one leap into equities? Or even fixed income?
In a week that featured a rate cut, a massive attack on Saudi oil, and turmoil in the repo market, a Montana junket was the ultimate determinant of whether the market finished the week up or down
All three major U.S. stock indexes closed Friday in the red, giving up earlier gains. President Donald Trump said there is no need for a trade deal with China before the 2020 election. Chinese officials canceled their visit to farms in Montana.
An index of global stock markets surrendered early gains on Friday after Chinese agriculture officials who were to visit U.S. farm states next week canceled their trip, dampening optimism on U.S.-China trade talks. Renewed worries about the state of the ongoing trade tensions between Washington and Beijing drove Treasury yields lower and pushed the U.S. dollar down against the safe-haven Japanese yen.
U.S. stocks closed lower Friday, for the first weekly decline in a month, as investors looked beyond a litany of central-bank decisions of the past week and focused on the state of China-U.S. trade talks.
U.S. stocks erased early morning gains to close lower Friday, after pessimism over U.S.-China trade relations rose following a decision by the Chinese trade delegation to cancel visits to farms in Montana and Nebraska, potentially signalling a lack of progress on trade negotiations. The Dow Jones Industrial Average fell about 161 points, or 0.6%, to close at 26,934, the S&P 500 index lost 15 points, or 0.5% to end around 2,992 and the Nasdaq Composite retreated roughly 65 points, or 0.8% to end the day at 8,118. The low-level negotiations this week were meant to set the stage for senior officials to hash out a broader deal sometime next month. Also weighing on sentiment were comments by President Donald Trump that he was not interested in a limited trade deal that would ratchet back some barriers in exchange for greater purchases of U.S. agricultural goods. Stock volumes for the S&P 500 were elevated as a result of a "quadruple witching day," as Friday marked the simultaneous quarterly expiration of stock-index futures contracts, single-stock futures, and options on stock-index futures and individual stocks.
Wall Street dropped on Friday, and also finished the week lower, after a Chinese agriculture delegation canceled a planned visit to Montana, dampening optimism about U.S.-China trade talks. The delegates, who had been set to visit U.S. farm states next week, will return to China sooner than originally scheduled, the Montana Farm Bureau said. Major stock indexes fell into negative territory after the cancellation, which came as trade talks were held in Washington and U.S. President Donald Trump said he wanted a complete trade deal, not just an agreement for China to buy more U.S. agricultural goods.
The Dow Jones Industrial Average and other major indexes closed near session lows as China trade war fears again took center stage.
Based on the early price action and the current price at 26967, the direction of the December E-mini Dow Jones Industrial Average futures contract into the close on Friday will be determined by trader reaction to 27009.
Skilled technical traders must be aware that price is setting up for a breakout or breakdown event with recent Doji, Hammer and other narrow range price bars. These types of Japanese Candlestick patterns are warnings that price is coiling into a tight range and the more we see them in a series, the more likely price is building up some type of explosive price breakout/breakdown move in the near future. The ES (S&P; 500 E-mini futures) chart is a perfect example of these types of price bars on the Daily chart (see below).
U.S. stocks on Friday turned firmly lower in afternoon trade, knocked down after reports that a China trade delegate was cancelling a planned trip to Montana farms. A representative for the Montana Farm Bureau Federation confirmed that the Chinese delegation intended to visit Montana farmland as a part of continuing discussions with the U.S. on trade, but China changed travel plans and would be leaving without a stop in Montana. "This morning, we received word that they would no longer be visiting Montana but would instead, be returning to China sooner than originally planned," said Nicole Griffin Rolf, director of national affairs at the MFBF. The visit by the Chinese delegation had been viewed as reflecting a thaw in a yearlong Sino-American tariff dispute. The Dow Jones Industrial Average was down 0.4% at 26,991, the S&P 500 index declined 0.4% to 2,994, while the Nasdaq Composite Index was 0.9% lower at 8,112. The technology sector and consumer-discretionary shares were hit hardest in the fall. All three main stock indexes were trading near Friday lows on the reports. The visits and talks between lower-level delegates from Beijing and Washington were expected to be a prelude to higher-level negotiations in early October. --Robert Schroeder contributed to this article
DOW UPDATE The Dow Jones Industrial Average is declining Friday afternoon with shares of Microsoft and Boeing seeing the biggest drops for the price-weighted average. The Dow (DJIA) was most recently trading 103 points (0.
It was looking like another small gain for the Dow Jones Industrial Average—and then news broke that a Chinese delegation canceled a visit to Montana and would return home sooner than scheduled.
DOW UPDATE Shares of Microsoft and Boeing are trading lower Friday afternoon, dragging the Dow Jones Industrial Average into negative territory. Shares of Microsoft (MSFT) and Boeing (BA) have contributed to the index's intraday decline, as the Dow (DJIA) was most recently trading 27 points, or 0.
The Dow Jones Industrial Average lost a small gain on another stumble in U.S.-China trade talks. Medical and health care stocks regained a little steam.
The health care sector was Friday's best performer, as drug stocks got a lift after reports that Senate Republican leaders said thedrug-pricing proposal unveiled by House Speaker Nancy Pelosi and other top Democrats would be dead on arrival. The SPDR Health Care Select Sector ETF rose 0.9% with 56 of 62 components gaining ground, to pace the gainers of the SPDR ETFs tracking the S&P 500's 11 key sectors. In addition, the top 3 gainers among the Dow Jones Industrial Average components were in the drug business, as shares of Walgreens Boots Alliance Inc. gained 2.2%, Merck & Co. Inc. tacked on 1.8% and Johnson & Johnson advanced 1.3%. Also in the Dow, shares of Pfizer Inc. rose 0.8% and UnitedHealth Group Inc. gained 0.5%. The Democrats's Lower Drug Costs Now Act would have the government negotiate prices for the 25 most expensive drugs each year, while Republicans criticized the proposal as a "socialist approach."