|Day's Range||8,086.16 - 8,202.82|
|52 Week Range||6,190.17 - 8,339.64|
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.
While investors sift through the aftermath of the weekend attack that disrupted Saudi Arabia’s crude output, the Wall Street veteran who ran the world’s biggest tech fund during the dot-com days issued a stark warning for those looking to hitch their ride to the continued leadership of the tech sector. A near-term correction is “inevitable,” Paul Meeks says.
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.
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.
President Donald Trump on Friday said he didn’t need a trade deal with China before the 2020 elections, as he rejected a partial agreement and said “we have to do it right.”
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 stock market lost some ground amid soaring crude oil prices, Fed policy moves and China trade headwinds.
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
The Wall Street's main indexes dropped on Friday, after the Montana Farm Bureau said Chinese agriculture officials who were due to visit U.S. farm states next week canceled their trip, dampening optimism on U.S.-China trade talks. The cancellation came as trade talks were held in Washington and U.S. President Donald Trump said he wanted a complete trade deal with the Asian nation, not just an agreement for China to buy more U.S. agricultural goods. "It doesn't look like China would be openly willing to give concessions that the United States is looking for unless ... there is some indication from the U.S. that there is some interest in taking those tariffs off," said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Stock indexes reversed lower Friday afternoon, as the market for a second straight day seemed unable to hold early advances. The S&P; 500 today and other indexes fell sharply at 1:15 p.m. ET.
U.S. stocks ticked higher on Friday, as cues of easing monetary policy around the globe and signs of further co-operation on Sino-U.S. trade talks kept the S&P 500 within 1% of a record high. China cut its new one-year benchmark lending rate for the second month in a row, days after the Federal Reserve and the European Central Bank reduced borrowing costs and left the door open for further monetary stimulus. The S&P 500 and Nasdaq were set to end the week little changed after a rough start, sparked by attacks on Saudi oil facilities.
Investors are often told it's impossible to time the stock market, but increasing distribution days have been seen at several market tops in the past.
The Dow Jones Industrial Average was inching toward its all-time high after U.S. President Donald Trump exempted some products from tariffs on Chinese-made goods, while China cut interest rates.
U.S. stocks rose on Friday as an interest rate cut by China's central bank and signs of co-operation on trade between the world's two largest economies allayed concerns over global growth. China cut its new one-year benchmark lending rate for the second month in a row on Friday, days after the Federal Reserve and the European Central Bank reduced borrowing costs and left the door open for further monetary stimulus. The S&P 500 and the Nasdaq were set to end the week marginally higher after a rough start, sparked by attacks on Saudi oil facilities.
The major stock indexes extended gains in the current stock market rally. Top growth stock Roku plunged on an analyst sell rating.
Our call of the day from Oaktree Capital’s billionaire co-chairman Howard Marks says the economy doesn’t really need rate cuts the Fed’s been doling out.