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On Thursday, Wall Street shrugged off early losses because a sudden dive in retail sales affected investor hopes for progress at the everlasting US-China trade negotiations in Beijing.
As a matter of fact, the S&P 500 managed to jump a bit, staying above its 200-day moving average, which is a major technical level. As for the Nasdaq, it turned positive, and the Dow was still lower, suppressed by consumer staples as well as tariff-sensitive industrials.
All three key American stock indexes were held back by rate-sensitive financial shares because American Treasury gains went down on weaker-than-anticipated economic data.
Negotiations to defuse the everlasting tariff conflict between the world's two leading economies shifted to a higher level as US-China talks definitely progressed in Beijing ahead of the approaching March 1 deadline.
However, optimism about the trade negotiations was ruined by a report from the US Commerce Department that disclosed that in December retail sales faced their greatest dive for over 9 years.
Additionally, the Labor Department pointed to a sudden jump in unemployment claims as well as an unforeseen dive in producer prices, hinting at a deceleration in American economic activity.
Besides this, the Dow Jones Industrial Average headed south by 0.04% ending up with 25,532.05. As for the S&P 500, it surged by 0.04% too, reaching 2,754.1. The Nasdaq Composite rallied by 0.33% being worth 7,445.05.
Of the 11 key sectors in the S&P 500, five found themselves in negative territory. Consumer staples as well as financials demonstrated the greatest percentage dives.
Cisco Systems Inc managed to rally by 2.7% on the heels of a better-than-anticipated earnings report because the network gear maker derived benefits from strength in newer businesses and also neglected the impact of the US-China trade conflict.
Amazon.com slumped by 0.7%.
Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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