By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC ***
Stocks were mixed at closing Monday as Wall Street looks ahead to the reassumption of U.S. – China trade talks this week.
The U.S. stock market started the week opening slightly higher with trade talks overshadowing fears of a global economic slowdown. At the beginning of the day, The Dow Jones Industrial average rose 57 to 25,163 points; the S&P gained 6 points to 2,714, and the NASDAQ added 24 points to 7,319.
After some market fluctuations throughout the day, the Dow Jones finished at 25,053 (mostly due to declines in UnitedHealth and Disney); the S&P 500 finished at 2,709, and the NASDAQ closed at 7,307.
Several retail brands helped lift the markets. Shares of Tesla rose after the stock went to Buy from Hold hiking its price target. Better than expected quarterly results lifted shares of Restaurant Brands International.
Overall, stocks changed very little as investors wait to see results of impending trade discussions between the U.S. and China. U.S. officials, led by Treasury Secretary Stephen Mnuchin and U.S. trade representative Robert Lighthizer, will meet with Chinese officials this week for three days of trade talks. Discussions will be aimed at resolving a “trade war” that threatens to potentially stunt global economic growth.
One topic on the table during a round of discussions involves how China treats American companies’ intellectual property. An agreement on the issue would prove to be a big step in sealing a trade deal that could prevent tariffs from rising on Chinese imports.
Earnings season is winding down, with about 600 companies in the S&P 500 expected to report this week. Just over two-thirds of the companies in the S&P 500 have already come out with their October-through-December results. So far earnings and revenue are coming in comfortably above expectations.
- 12 Feb, 2019
- Josh Smith