Hello traders everywhere. While the overall market is a bit mixed today the DOW continues to shine as it approaches its all-time high. As we stand in early afternoon trading the DOW is up +.75% on the day and only 175 points or so from hitting a new record high above 26,616.71. This move two-day move higher comes on the heels of a weak close last week and weak open on Monday as we waited for the latest round of tariffs against Chinese goods.
Late Monday, President Trump announced that 10% tariffs on $200 billion in imports from China would go into effect next week, escalating the trade war between the world's two largest economies, but the key point was that there would be a slower escalation of the tariffs through the end of the year which will ultimately rise to 25%. China responded on Tuesday by unveiling 10% tariffs on about $60 billion of U.S. goods effective Sept. 24.
Hello traders everywhere. Overall the stock market was having a good week and was looking to close near record highs, but alas the potential for the implementation of tariffs totaling over $200 billion on Chinese goods has once again spooked the markets. News surfaced to today that President Trump has instructed his aides to go ahead with his China tariff plan. This move comes despite U.S. Treasury Secretary Steven Mnuchin's attempt to restart talks with Beijing to resolve the trade war that we are in.
The S&P 500, DOW and NASDAQ will all post weekly gains of around +1%, +.70%, and +1% respectively after bouncing back from weekly losses last week.
Even though the dollar is higher today, it's trading lower for the week losing -.44% on the week. Crude oil has backed off the weekly high of $71.26 to trade in the $68 range after experiencing a rash of hurricane buying mid-week as hurricane Florence was barreling down on the Carolina's but quickly sold off those highs. Gold is relatively unchanged for the week and is currently trading around the $1200 level.
Bitcoin is putting up a good fight and staying above the $6000 level and currently trading at $6475 posting a weekly gain of +4.85% gaining back a little of -13% loss last week.
Hello traders everywhere. After a weak Tuesday open the stock market was bailed out by a surge in the tech and energy sectors. The tech sector has shrugged off growing concerns over trade and federal regulation led by the FAANG stocks which are all in positive territory led by Apple which is posting a +2% gain. The jump by Apple is related to analysts at UBS raised their price target to $250 from $215, citing the potential growth of the company's services business.
Trade worries continue to linger as President Trump's threat on Friday to slap tariffs on nearly all Chinese imports was met with a statement from China that said it would approach the World Trade Organization next week for permission to slap sanctions on the United States due to its non-compliance with a ruling in a dispute over U.S. dumping duties.
The energy sector is getting a hurricane boost as hurricane Florence is bearing down on North and South Carolina. Florence is expected to make landfall on Thursday and will be the largest hurricane to make landfall in that region in over 60 years. With that news, traders jumped on crude oil and gasoline pushing oil up +2.5% and gasoline up +2.3%.
Hello traders everywhere. The weak finish by the stock market in August continued this week ending with all three indexes in negative territory. The S&P 500 is down almost 1% at -.97, the DOW is down -.33% and the NASDAQ suffered the worse loss of the three losing -2.1% as tech witnessed a significant sell-off, most notably in the social media segment.
The U.S. Dollar has bucked its recent trend this week by gaining +.36% on the week making that its first positive week in a month. However, oil and gold followed the overall markets and lost -3.31% and -.53% respectively.
But the biggest loser of the week was Bitcoin, which lost -10.5% on the week. One reason for the sell-off was news in the middle of the week that Goldman Sachs delayed the launch of a Bitcoin trading desk for their customers.
Hello traders everywhere. While August has been a strong month for stocks overall the stocks market is ending the month on a weak note with the exception of the NASDAQ, which continues to make gains on the back of Apple and Amazon which have kept Nasdaq slightly higher today.
Despite Friday's declines, Wall Street is set to conclude a bullish month. The DOW and the S&P 500 remain on track for their best August since 2014; the NASDAQ was poised to clinch its best August since 2000. The indexes were up 2%, 3% and 5.5% for the month as we head into the closing bell.
Early this week was a report that President Donald Trump was ready to impose tariffs on $200 billion more of Chinese goods as soon as a public comment period on the plan ends next week. The United States is also working to settle differences on a pact to modernize the North American Free Trade Agreement (NAFTA) by a Friday deadline. Continue reading "Stocks End August Mixed on Trade Concerns"→