Hello traders everywhere. Stocks fell to their lows of the day when news that Chinese trade officials canceled a visit to U.S. farms in Montana. Deputy trade negotiators from the U.S. and China resumed face-to-face talks for the first time in almost two months. The deputy-level trade talks are expected to help lay the groundwork for high-level negotiations early next month. This briefly lifted investor sentiment around trade talks.
Washington and Beijing have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
The Dow traded 130 points lower, while the S&P 500 slipped 0.5% and the Nasdaq dropped 1%. For the week the major indexes will post their first weekly loss in over three weeks. The S&P 500 will lose -.30%, the DOW has the most significant losses with a loss of -.66%, and the NASDAQ brings up the rear with a weekly loss of -.49%. The Dow came into Friday's session 1.1% removed from its all-time high while the S&P 500 was 0.7% below its record mark from late July. The Nasdaq remained 1.9% away from its record.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,891.85
- Dow (INDEX:DJI): 25,978.22
- NASDAQ (NASDAQ:COMP): 7,847.32
- U.S. Dollar (ICE:DX): 97.85
- Gold (NYMEX:GC.Q19): 1,496.30
- Crude Oil (NYMEX:CL.N19): 58.02
- Bitcoin (BITCOIN:BITSTAMPUSD): 10,949.00