Stocks Mixed After Latest Tariff Update
All three indexes scored record highs earlier today
The Dow finished marginally higher today and hit fresh record highs, as Wall Street weighed bank earnings with the latest U.S.-China trade headlines. The "phase one" trade deal to be signed tomorrow reportedly involves China buying over $200 billion worth of U.S. goods in the next two years, and ensures the U.S. won't implement any new tariffs on China. However, the blue-chip index pivoted sharply from its record highs after a Bloomberg report indicated existing tariffs on China will remain in place until after the 2020 presidential election. This sent the S&P 500 and Nasdaq both lower for the day, despite also nabbing fresh record highs in the morning.
Continue reading for more on today's market, including:
Etsy stock is painting a bleak technical picture right now.Traders eye BLK stock ahead of earnings tomorrow.Plus, a bullish signal for Waste Management; a bad day for Wells Fargo; and Walmart trendlines to watch.The Dow Jones Industrial Average (DJI - 28,939.67) gained 32.6 points, or 0.1%. JPMorgan Chase (JPM) led the 20 winners with a 1.9% win, while Exxon Mobil (XOM) paced the 10 laggards with a 0.8% drop.
The S&P 500 Index (SPX - 3,283.15) gave back 5 points, or 0.2%,while the Nasdaq Composite (IXIC - 9,251.33) finished 22.6 points, or 0.2%, lower.
The Cboe Volatility Index (VIX - 12.39) gained 0.1 point, or 0.6%.
5 Items on Our Radar Today
Democrats in the House of Representatives will vote tomorrow to send impeachment articles against President Donald Trump to the Senate. House Speaker Nancy Pelosi also said she would name the lead "managers" who will lead the prosecution, setting up a showdown that could start as soon as this week. (Reuters)The core consumer price index (CPI) grew last month by 0.2%, slimmer than the forecasted 0.3% advance. Overall consumer inflation for 2019 grew by 2.3%, its fastest rise since 2011. (MarketWatch)There's reason to believe Waste Management stock can stay hot.Wells Fargo stock took a big post-earnings hit today.Keep an eye on these support levels for Walmart stock.
Data courtesy of Trade-Alert
Oil Snaps Skid
Oil snapped a five-day losing streak today. As U.S.-Iran tensions fade, there's still geopolitical risk with the U.S. and its tariffs on China. February-dated crude futures gained 15 cents, or 0.3%, to end at $58.23 per barrel.
Gold extended its pullback today, as upbeat bank earnings and inflation data keep a lid on safe-haven demand for the time being.February gold futures gave back $6, or 0.4%, to end at $1,544.60 an ounce, breaching the $1,550 level.