|Day's Range||7,974.36 - 8,026.75|
|52 Week Range||6,190.17 - 8,339.64|
U.S. stocks rallied Monday morning in an at least temporary reprieve after a mid-August rout. U.S. government bond yields rose across the curve, led by yields on 30-year bonds and 10-year notes.
Companies around the world are caught in the crossfire over how to respond to Hong Kong protests. Yahoo Finance's Adam Shapirro, Brian Sozzi, Andy Serwer and Akiko Fujita discuss.
Stock futures: About a dozen states reportedly plan a Big Tech antitrust probe, likely ensnaring Apple, Facebook, Amazon and Google. Baidu, spinoff iQiyi and Fabrinet moved on earnings.
U.S. stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn in the global economy that were stoked last week as bond yields fell. China's central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies. After the market close, the Washington Post reported that White House officials have discussed the possibility of a temporary payroll tax cut to spur the U.S. economy, joining other global economic stimulus efforts.
U.S. stocks jumped on renewed optimism. China’s central bank has taken steps over the weekend to boost its economy, while the White House extended the reprieve on China’s Huawei Technologies to continue part of the business with U.S. companies.
U.S. stocks rise Monday, lifted by moves by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.
Stocks ended sharply higher Monday, further paring their August pullback as investors cheered talk of additional stimulus from global policy makers and a respite from negative trade-war headlines. The Dow Jones Industrial Average rose around 250 points, or 1%, to end near 26,136, according to preliminary figures, while the S&P 500 advanced around 35 points, or 1.2%, to close near 2,924. The Nasdaq Composite advanced around 107 points to end the day near 8,003, a gain of 1.4%. Analysts said trade concerns were soothed after the Commerce Department gave Chinese telecom giant Huawei Technologies Co. another 90-day reprieve during which it can continue doing business with U.S. companies. Support was also tied to a move by the People's Bank of China to overhaul its interest-rate mechanism, which economists said would pave the way to lower borrowing costs for businesses. Also, Berlin indicated it was willing to employ fiscal stimulus if Germany's economy continues to slow.
Shares of Apple Inc provided the biggest boost to the three main Wall Street indexes. President Donald Trump said on Sunday that he had spoken with Apple Chief Executive Officer Tim Cook, who "made a good case" that tariffs could hurt Apple. The Dow Jones Industrial Average rose 266.72 points, or 1.03%, to 26,152.73, the S&P 500 gained 36.54 points, or 1.26%, to 2,925.22 and the Nasdaq Composite added 109.85 points, or 1.39%, to 8,005.84.
Stocks extended Friday's rally, rising more than 1% in a broad advance as the S&P; 500 crept closer to the 50-day moving average.
During the last recession, the Nasdaq Composite dropped 55% from the its highs to its lows. Wall Street is now handicapping how internet stocks might fare in the next downturn.
After the three main Wall Street indexes racked up their third straight weekly loss despite Friday's bounce, investors will weigh trade risks and signs of slowing growth against the potential for more action from the U.S. Federal Reserve and others in September. The focus this week will be on Wednesday's release of minutes from the Fed's July policy meeting, when the central bank cut rates for the first time in more than a decade, and Chair Jerome Powell's speech in Jackson Hole on Friday. "Everything is up because the Street is expecting Fed Chairman Powell to push for an additional cut when he addresses bankers in Jackson Hole," said Peter Kenny of Kenny's Commentary LLC and Strategic Board Solutions LLC in New York.
The Dow Jones Industrial Average has jumped more than 880 points, or 3.5%, from last week's low as chip stocks, oil and Chinese equities strengthen.
Gainers lead losers among stocks with significant business with Huawei after the Commerce Department grants China tech giant a license extension to buy U.S. parts.
Mike Wilson, chief U.S. equity strategist at Morgan Stanley, has had impeccable timing of late. In a July 29 note, as the S&P 500 index (SPX) sat near its record closing high of 3,025.86, Wilson argued that equity markets were stretched to their limits, and S&P would fail to break significantly above 3,000, unable to overcome an area that’s provided stiff resistance since last year. “The market is preparing for a bad outcome,” Wilson told MarketWatch in an interview.
President Donald Trump on Monday criticized Fed Chairman Jerome Powell ahead of the central banker's highly anticipated speech later this week. In a series of tweets, Trump said the economy was very strong "despite the horrendous lack of vision by Jay Powell." The president repeated his call for the Fed to slash interest rates to bolster the U.S. and global economy. He urged the Fed to buy bonds and expand its balance sheet, a policy known as quantitative easing. Powell will speak Friday at 10 a.m. Eastern at the central bank's summer retreat at Jackson Hole.
U.S. stocks climbed on Monday as reports of stimulus efforts in China and Germany calmed fears of a severe downturn in the global economy that were stoked last week as bond yields fell. The benchmark S&P 500 has recovered most of its losses following Wednesday's brief inversion of the yield curve between 2-year and 10-year Treasuries, commonly viewed as an indicator of a recession within the next two years. After falling nearly 3% on Wednesday, the S&P 500 has risen for the last three sessions.
Peter Navarro expressed serious optimism in an interview Sunday. Why so bullish? It’s all about the stimulus. “The Fed will be lowering rates. The ECB will be engaging in monetary stimulus. China will be engaging in fiscal stimulus,” he said.
The major stock indexes were sharply higher early Tuesday. Apple was one of the top performers with a near-3% gain.
Sounds like it’ll be raining jobs, growth and profit across the U.S. for the foreseeable future, if White House trade adviser Peter Navarro has it right. But, really, how long can it last and what happens when the easing stops?