|Day's range||26,770.13 - 27,018.25|
|52-week range||21,712.53 - 27,398.68|
"Earnings overall are still expected to be negative for the S&P 500 in this reporting period," Gabriel said. "They're then supposed to start to move back into positive territory in the fourth quarter and into 2020." Because of that, Gabriel said traders are very focused on the outlooks in earnings conference calls.
The Dow Jones Industrial Average Index lost close to 260 points or 0.95% today. Boeing stock (BA) fell 6.73%, the biggest loss in the Dow today.
The International Monetary Fund said a "synchronized slowdown" is partly to blame on trade concerns but said there are more deeply rooted economic issues weighing on growth as well.
With less than two weeks to go before the U.S. Federal Reserve interest rate decision on October 30, every economic report will take on added importance especially with the manufacturing sector weakening, the labor market showing signs of softening and inflation still coming in below expectations.
The trading range tightened and volume dropped shortly thereafter as investor’s reacted to the lingering uncertainty tied to the news. Once again, some of the headlines were deceiving. This was not a done deal. The U.K. Parliament has yet to approve the deal before it can be implemented, and this is a problem for investors.
Missouri Republican Senator Josh Hawley tells Yahoo Finance's On the Move that Beijing is the biggest security threat to this country in the 21st century
The chart pattern suggests any rally is likely to be labored, and any selling is likely to be volatile and hard. This makes since because of the number of overhanging uncertainties. The message is pretty clear: Be careful buying strength this close to the all-time highs.
Stocks rise on the back of a new Brexit deal but the highs were not held, Parliament and the EU still need to accept the arrangement to stave off a hard-Brexit.
Equities rallied on the news as well as the British Pound, which jumped more than 1%. At the same time, investors dumped their hedge protection, leading to weakness in the Japanese Yen, Gold and U.S. Treasury bonds. The U.S. Dollar is also getting crushed against a basket of currencies.
(Bloomberg) -- President Donald Trump was reminded Wednesday of something investors have known for decades: it’s hard to predict the market.About 90 minutes into the session, Trump, after being asked about trade negotiations with China, struck an optimistic tone, saying of the stock market: “it’s going to be up big today, it looks like.”It wasn’t. The Dow Jones Industrial Average closed down 23 points.“The president is trying to get not only the country but also the market in believing that he’s going to reach a deal with China,” Robert Pavlik, the chief investment strategist at SlateStone Wealth, said by phone. “The Street realizes there are no details yet.”The president got a taste of another market truth: his ability to lift stocks isn’t what it used to be. The S&P 500 is trading around the same level where it was in January 2018 when he touched off conflicts with major trading partners. That’s in contrast with his first year, when deregulation and tax cuts unleashed animal spirits, sending the benchmark to 15 straight months of positive returns including dividends.For a brief moment Wednesday, it worked. The Dow climbed, turning positive after Trump said a deal with China probably will not be signed until he meets with Chinese President Xi Jinping at the APEC summit next month in Chile. Those gains didn’t last and the benchmark closed lower for the second time in three days.Trump has proved more prescient in the past. On Christmas Day, he said American shares were offering investors “a tremendous opportunity to buy.” The Dow surged 5% the next day to embark on a rally that sent the index up almost 20% over the next three months.Still, Pavlik at SlateStone said he wouldn’t follow Trump’s stock advice because it’s driven by political agendas, rather than fundamental analysis.“He’s a speculator,” Pavlik said. “He’s acting as a role of a cheerleader for the country.”\--With assistance from Justin Sink.To contact the reporter on this story: Lu Wang in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Based on the early price action, the direction of the December E-mini Dow Jones Industrial into Wednesday’s close is likely to be determined by trader reaction to a pair of Gann angles at 26885 and 26944.
All of the major indexes and ETFs are trading lower today. The Dow Jones Industrial Average has fallen by 44 points or 0.16% at the time of this writing.
Stocks were off slightly as investors considered a mixed batch of U.S. economic data, ongoing geopolitical concerns and more corporate earnings. Earlier in the session, the Dow briefly broke into positive territory.
What traders could be waiting for is Trump’s response. Will he defy his promise to Chinese President Xi Jinping, or will he remain silent? It’s highly unusual for Trump to remain silent for too long especially when a foreign country threatens the U.S. with “strong countermeasures.”