US Stocks advance on positive trade deal comments
Wall Street advanced on Friday as both Washington and Beijing made positive comments on the potential for a trade deal between the world’s two biggest economies and upbeat domestic economic data helped to ease investor worries.
U.S. President Donald Trump told Fox News a trade deal was “potentially very close” following remarks by President Xi Jinping that Beijing wanted to work out an initial agreement.
The S&P 500 and the Dow showed their biggest daily gains in a lackluster week marked by uncertainty, with a report suggesting the delay of a trade truce to 2020 and U.S. lawmakers passing two bills supporting protesters in Hong Kong, which could complicate U.S.-China talks.
Strategists said it helped that Trump was vague on Friday about whether he would sign or veto the bills.
Manufacturing output accelerated in November to its fastest pace in seven months and services activity picked up more than expected.
The Dow Jones Industrial Average rose 109.33 points, or 0.39%, to 27,875.62, the S&P 500 gained 6.75 points, or 0.22%, to 3,110.29 and the Nasdaq Composite added 13.67 points, or 0.16%, to 8,519.89.
Still, the S&P snapped its six-week winning streak, while the tech-heavy Nasdaq registered its first weekly drop in eight weeks and the Dow showed a weekly loss after four weeks of gains. A largely better-than-expected third-quarter corporate earnings season contributed to recent rallies.
Seven of the 11 major S&P 500 sectors closed higher, led by a 0.76% gain in financials .SPSY and a 0.65% rise in consumer discretionary.
Nordstrom Inc rose 10.6% after the retailer raised its 2019 forecast and reported third-quarter profit above expectations. Gap Inc shares rose 4.4% as the retailer beat lowered quarterly profit estimates days after it cut its annual forecast and replaced its longtime chief executive officer.
Shares of Tesla Inc fell 6% as Wall Street questioned the look of its newly unveiled electric pickup truck, whose “armored glass” windows shattered in a demonstration.
Intuit Inc dropped 4.2% after the income-tax filing software maker forecast second-quarter profit below estimates.
Advancing issues outnumbered declining ones on the NYSE by a 1.50-to-1 ratio; on Nasdaq, a 1.40-to-1 ratio favored advancers.
The S&P 500 posted 17 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 60 new highs and 84 new lows.
On U.S. exchanges, 5.96 billion shares changed hands compared with the 7.03 billion average for the last 20 sessions.
Canada stocks-TSX futures up on trade optimism
Futures for Canada’s main stock index were higher on Monday, getting a boost from rising optimism around a U.S.-China trade deal. China and the United States had “constructive talks” on trade in a high-level call on Saturday, state media Xinhua reported on Sunday. December futures on the S&P/TSX index were up 0.07percent. The Toronto Stock Exchange’s S&P/TSX composite index rose 0.33percent to 17,028.47 on Friday. Dow Jones Industrial Average e-mini futures were up 0.28percent, while S&P 500 e-mini futures rose 0.19percent and Nasdaq 100 e-mini futures were up 0.27percent.
Japan stocks lower at close of trade; Nikkei 225 down 0.57pc
Japan stocks were lower after the close on Wednesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. At the close in Tokyo, the Nikkei 225 lost 0.57percent. The best performers of the session on the Nikkei 225 were Nisshin Seifun Group Inc. which rose 8.96percent or 184.0 points to trade at 2238.0 at the close. Meanwhile, Fujitsu Ltd. added 7.83percent or 705.0 points to end at 9705.0 and Shiseido Co., Ltd. was up 3.98percent or 342.0 points to 8943.0 in late trade. The worst performers of the session were NEC Corp. which fell 5.72percent or 265.0 points to trade at 4365.0 at the close. Omron Cor declined 5.17percent or 350.0 points to end at 6420.0 and Kobe Steel, Ltd. was down 4.77percent or 29.0 points to 579.0. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1874 to 1674 and 213 ended unchanged. Shares in Fujitsu Ltd. rose to 5-year highs; rising 7.83percent or 705.0 to 9705.0. Shares in Shiseido Co., Ltd. rose to 52-week highs; gaining 3.98percent or 342.0 to 8943.0. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00percent to 14.83.
France stocks lower at close of trade; CAC 40 down 0.16pc
France stocks were lower after the close on Monday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower. At the close in Paris, the CAC 40 lost 0.16percent, while the SBF 120 index lost 0.13percent. The best performers of the session on the CAC 40 were Orange SA which rose 1.86percent or 0.27 points to trade at 14.77 at the close. Meanwhile, Sanofi SA added 1.60percent or 1.33 points to end at 84.41 and Veolia Environnement VE SA was up 1.48percent or 0.340 points to 23.240 in late trade. The worst performers of the session were Peugeot SA which fell 3.28percent or 0.78 points to trade at 23.01 at the close. ArcelorMittal SA declined 3.25percent or 0.492 points to end at 14.664 and TechnipFMC PLC was down 2.85percent or 0.52 points to 17.72. The top performers on the SBF 120 were Soitec SA which rose 7.30percent to 114.600, ICADE which was up 3.45percent to settle at 89.90 and Biomerieux SA which gained 2.67percent to close at 78.85. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 346 to 227 and 101 ended unchanged. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 1.61percent to 12.35.