Promising Trade Report Pulls Stocks Higher
A Bloomberg report said China would be open to a partial trade deal
The Dow reversed some of this week's earlier losses, tacking on 181 points on a promising report from Bloomberg that said China is open to striking a partial trade deal on the condition that President Donald Trump doesn't impose additional trade tariffs. This news was a boon for tech stocks, with Apple (AAPL) stoking the fire with a bullish note from Canaccord Genuity. In response, the tech-rich Nasdaq was higher today too, joined by the S&P.
Elsewhere, the Fed's September meeting minutes were released, with concerns over the global economy at the forefront. Comments from several central bank officials also suggested that the market might be a little too optimistic over upcoming rate cuts -- leading some to suggest that the rate-setting committee should adjust its messaging appropriately.
Continue reading for more on today's market, including:
Why traders should keep up with these 3 ETFs in October. The chip stock that could lose up to 85%, according to one analyst. The entertainment stock that's been a long-time favorite for options bulls. Plus, why one broker is over iRobot; the healthcare stock short sellers are making a mint on; and Levi's mixed Q3 report.The Dow Jones Industrial Average (DJI - 26,346.01) added 181.9 points, or 0.7%. Microsoft (MSFT) led the 27 gainers on a 1.9% pop, while Johnson & Johnson (JNJ) fell to the bottom of the index on a nearly 2% loss.
The S&P 500 Index (SPX - 2,919.40) settled 26.3 points, or 0.9%, higher, while the Nasdaq Composite (IXIC - 7,903.74) tacked on 79.9 points, or 1%.
The Cboe Volatility Index (VIX - 18.64) lost 1.6 points, or 8.1%, today.
5 Items on Our Radar Today
Over 500,000 PG&E (PCG) customers in Northern California lost power today, after the company implemented rolling blackouts in order to help prevent wildfires during recent hot and windy weather. The power outages are expected to affect up to 2 million people, with PG&E calling the decision a "last resort" after receiving backlash from customers and government officials. (CNBC)A shooting near a synagogue in Halle, Germany killed two people and seriously injured two others today during Yom Kippur. The incident has several leaders calling for tougher action against anti-Semitic violence. (Reuters)Raymond James predicts stiff competition for iRobot. This healthcare stock's downfall has short sellers cheering. Behind Levi's third-quarter earnings report.
Data courtesy of Trade-Alert
Gold Snaps Losing Streak
Oil settled slightly lower after inventory data showed another increase in domestic supplies, though supply concerns raised by Turkey's airstrikes on Syria limited downside. November-dated crude futures shed $0.04, or 0.08%, to settle at $52.59 a barrel.
Gold snapped its three-day slump today, as the precious metal garnered safe-haven attention amid rising geopolitical anxiety. Gold futures for December delivery added $8.90, or 0.6%, to end at $1,512.80 per ounce.