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Dow Jones Today: Can’t Catch a Break on China
Stocks on the Dow Jones today struggled after White House proposed delisting Chinese stocks trading in the U.S., a plan rebuked by investors.
Dow Jones Today: Discouraging Data
There was also some good trade news out today and, yes, this time it involves China. China's Ministry of Commerce spokesperson Gao Feng said today his country has purchased a “considerable” level of pork and soybeans from the U.S. in recent weeks ahead of scheduled trade talks between the world's two largest economies next month.
Dow Jones Today: Domestic Focus Wins Out
While European data continues to dither, indicating much of that region is flirting with recession, there are a slew of domestic data points due out this week that will likely prove more important for stocks. Tomorrow, the Case-Schiller home price index is due out along with the September consumer confidence.
Dow Jones Today: Legends of the Fall
Dow traders likely overreacted to some trade headlines Friday, prompting risk reduction heading into the weekend.
Dow Jones Today: Boring Post-Fed Action
Stocks didn't do much of anything today, but there were a few Dow names makikng big moves, including Walt Disney.
Dow Jones Today: Looking for Direction
Monday was a lethargic day, reminiscent of many during the summer months, but the S&P 500 entered the day just 1.80% below its all-time high and growth sectors, such as consumer discretionary and technology, were about 2% removed from records, so it wasn't surprising to see modest dips today.
Dow Jones Today: Glossing Over Some Things
Adding to those concerns was a separate poll of would-be homebuyers that indicates more than a third are expecting a recession to arrive in 2020. Reading the tea leaves here, it would be reasonable to assume that, like him or not, President Trump is shrewd enough to realize that the trade war with China is seen as crimping the economy and he cannot carry that baggage into 2020 and hope to be reelected.
Dow Jones Today: Not Much Activity, But That’s OK
An interesting fact, courtesy of the ETF Research Center, the price-to-earnings ratio on the SPDR Dow Jones Industrial ETF (NYSEARCA:DIA), the Dow tracking ETF, currently resides in an area that was seen following the fourth-quarter 2018 and May 2019 declines, which eventually gave way to equity market rallies.
Dow Jones Today: The Return of Trade Optimism
Today, Trump, from the G7 summit in France, said China is anxious to make a deal and while the Chinese are urging dialogue between the two sides, media outlets there implied that policymakers' desire to come together with the U.S. on trade isn't as Trump is leading the world to believe.
Dow Jones Today: Let’s Make a Deal
Those minutes revealed that some of the central bank's governors pressed for a cut of 50 basis points last month, but they were obviously out-voted as the Fed proceeded with a reduction of just 25 basis points. What put a lid on today's upside for equities were comments that the July rate cut was not necessarily a precursor for more reductions.
Dow Jones Today: Another Fed Holding Pattern
From a broad asset perspective, not much worked today except for familiar friends gold and U.S. government debt. There was some risk-off sentiment permeating markets today following the resignation of Italy 's prime minister and more comment from President Trump that he's not quite ready to make a trade deal with China.
Dow Jones Today: A Fantastic Friday
Remember that while President Trump backed off some of the tariffs on Chinese goods set to go into effect on Sept. 1, he did not back off all of those levies and the ones not going into effect next month, were not eliminated. Those were merely delayed until mid-December.
Dow Jones Today: When Listless Is a Good Thing
If anything today's action was surprisingly positive when considering trade tensions are still commanding headlines. Earlier this week, there was some thawing in trade hostilities when the U.S. pledged to back off imposing tariffs set to go into effect in early September until mid-December. Additionally, it looked like the U.S. and China would at least entertain good faith talks ahead of negotiations slated to commence in a couple of weeks.
Dow Jones Today: The Return of Unpleasantness
In the category of “what a difference a day makes,” yesterday I had the privilege of saying that all 30 Dow stocks traded higher. Today, I'm sad to report that, in late trading, all 30 Dow components were in the red.
Dow Jones Today: Doth Thou Protest
For investors in the U.S., the Hong Kong protests are relevant because that controversy against the backdrop of the U.S.-China imbroglio. China is likely to focus more on cleaning up its own backyard over the near-term than making nice with the U.S. and that is concerning for riskier assets.
Dow Jones Today: China Provides a Calming Influence
The world's second-largest economy said exports jumped 3.3% last month while economists were expecting a 2% drop. Even amid the trade hostilities with the U.S., Chinese imports also fell less than expected in July.
