Hello traders everywhere. The stock market has entered into wait and see territory with stocks falling for the third straight day after a positive open to trading on Monday morning. What are traders waiting for, the next set of clues in the U.S. - China trade talks?
Earlier this week, sources told CNBC that the U.S. and China were in the "final stages" of trade talks, with the two sides planning a Mar-a-Lago summit for the end of the month. U.S. Secretary of State Mike Pompeo also said Monday he thought Washington and Beijing were "on the cusp" of reaching a deal. So now, we wait and see.
The S&P 500 finally issued the new green monthly Trade Triangle that we've been waiting for at $2,813.49 in early trading Monday. However, that move higher was short lived as the S&P 500 closed lower for the day. But keep in mind that The S&P 500 has risen about 11% this year. That only leaves us with the DOW in a sidelines mode. Will we get that new monthly Trade Triangle soon or are in for a bit of a wait?
Investors also digested key economic data on Wednesday. ADP and Moody's Analytics said private payrolls rose by 183,000 in February. Economists polled by Dow Jones had forecast a gain of 185,000. January payrolls were revised higher by 87,000 to 300,000.
Meanwhile, the U.S. trade deficit increased to a 10-year high of $59.8 billion despite the administration's efforts to reduce the number. Economists surveyed by Refinitiv expected the number to increase to $57.3 billion.
Key Levels To Watch This Week:
- S&P 500 (CME:SP500): 2,703.79
- Dow (INDEX:DJI): 25,009.10 - 26,241.42
- NASDAQ (NASDAQ:COMP): 7,290.03
- U.S. Dollar (ICE:DX): 96.03
- Gold (NYMEX:GC.J19): 1,298.10
- Crude Oil (NYMEX:CL.J19): 56.51
- Bitcoin (BITCOIN:BITSTAMPUSD): 3,531.01
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4 thoughts on “Current Market Mood; Wait and See”
Definately it will be very interesting week on the markets EU and USA markets.
US deficit with China does not respond to bargaining. It is a structural problem and shows lack of investors and skilled workers in US willing to start manufacturing goods now imported from Asia. US is doomed if it cannot revert back to manufacturing what it needs and what World needs.
You said you would give me the name of the stock - Where is it?! You lie!
Could you expand on this statement? This post was is a market recap, I did not mention that I would give you a stock pick.
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