Maybe the trade talks will go well- stocks go up. Maybe the trade talks won’t go so well – stocks go down. That pretty much describes the trading action today. Stocks began the day in the red, but hope of fruitful trade talks had the Dow and the S&P back in positive territory at midday. But, as the trading session wore on, traders were having second thoughts and stocks fell back into negative territory by the close.
For the day, the Dow Jones Industrial Average was down 95 points to close at 26,477. The S&P 500 was down 13 points to finish the day at 2,938. Gold was down $15 to trade at $1,497 per ounce, while oil was up $.15 to trade at $52.96 per barrel WTI.
We know the drill now, but it seems that positive headlines about trade talks have a shelf life of about 30 minutes now days. Earnings season really doesn’t kick off in earnest until next week, so trade talks will dominate the headlines this week along with the never-ending political theater that we will likely be held hostage by for at least another year. Nevertheless, the bears continue to have the upper hand at the moment as fears of economic slowdown continue to prevail. Let’s see how the week unfolds. Stay tuned.
Have a nice evening everyone.