|Day's Range||0.4800 - 0.4800|
U.S. stocks fluctuated between gains and losses as investors struggled to square up terms of a phase one trade deal as described separately by Chinese and U.S. officials. The Dow swung between an as much as 158 point gain and 60 point loss during Friday’s session.
With the end of the year and the decade fast-approaching, Wall Street strategists have begun to deliver their expectations about where the stock market will close out 2020.
President Trump tweeted Thursday that China and the U.S. were getting “very close to a [trade] deal.” The stock market immediately rocketed. Then Trump said Friday that he had approved the so-called phase-one trade deal.
Rising repo rates, investing in technology outside the technology sector and equal risk contribution—three disparate topics that were the focus of our three top blog posts of 2019 Continue reading...
Lagarde, who was holding her first-ever press conference as the president of ECB, said that there is a clear demand for "stablecoins," and the bank needs to stay ahead of that demand. "My personal conviction is that, given the developments we are seeing, not so much in the bitcoin segment but in the stablecoins projects, and we only know of one at the moment but there are others being explored and underway at the moment," she told the press, as reported by The Block. Lagarde's comments come at a time when the People's Bank of China has reportedly started testing its digital currency.
The incumbent prime minister Boris Johnson is headed for a clear majority, according to a Reuters exit poll. The Conservative and Unionist Party to which Johnson belongs has won 243 seats, the results published as of press time.
DEEP DIVE (This is the second in a three-part series listing highly rated stocks that sell-side analysts expect to rise the most over the next 12 months. Part 1 covers large-cap stocks and Part 3 covers small-caps.
President Donald Trump signed off on a phase one trade deal with China on Thursday that delays $160 billion in new tariffs on Chinese imports that were scheduled to take effect Sunday, according to Bloomberg reporter Jennifer Jacobs. Trade advisors were meeting Thursday afternoon with Trump to discuss the deal. U.S. negotiators offered to cut tariffs that are already in place on Chinese goods in half and suspend the Dec. 15 tariffs in order to strike a deal, according to Bloomberg.
On the headline Initial Jobless Claims number, we see something of a surprise: a jump of 49K new claims, pushing it to 252K from the previous week's unrevised 203K.
The bullish trends in the S&P 500 index will likely continue heading into the New Year powered by the Fed's accommodative interest-rate policy and a resilient domestic economy.
The Federal Reserve is expected to maintain its target interest rate range at between 1.5% and 1.75% on Wednesday afternoon when it releases its post-meeting statement at 2 p.m. Investors will be watching for any surprise changes to rates and indications from the Fed about where rates could be heading in 2020 after three rate cuts in 2019. The bond market is currently pricing in an overwhelming 97.2% chance the Fed takes no action on rates and just a 2.2% chance if a rate hike, according to CME Group. Tom Essaye, founder of Sevens Research Report, said this week he expects no change to interest rates and very little deviation in the Fed’s statement from a month ago.
Stocks ended Tuesday’s trading session lower in a chopping day of trading following a report that the U.S. and China are looking to delay tariffs set to go into effect Sunday.
Portfolio Manager Bill Hench details which areas of health care he finds attractive for his small-cap deep value strategy Continue reading...