The start of the US trading session has been positive for traders of Tesla and Microsoft.
Wall Street shrugs off early losses
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%.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
The remarks by Nigel Farage during the Brexit party's election event have sent the British pound higher…
The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus