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Stocks End Lower, Traders Await News On U.S./China Trade Talks
Stocks fell yet again. Big tech saw more weakness, but the losses were pretty spread out. And the blue-chip Dow led the decliners yesterday.
Even though the Nasdaq took out their October 29th correction lows, those levels held for the other major indexes (Dow, S&P and the Russell 2000).
Ongoing uncertainty surrounding the U.S./China trade talks continues to unnerve the market. Gladly, the scheduled meeting between President Trump and President Xi at the upcoming G20 summit on November 29th is only 6 trading days away. Feels like an eternity when the market is so volatile. But it'll be here in no time.
It's generally believed that both sides want a deal. Granted, there's been lots of mixed signals leading up to this point so it's hard to get a good read on what to expect.
A breakthrough at the meeting would be cheered wholeheartedly. But even a softening of tone and the outward expression of a willingness to keep talking should lift the market.
Quite frankly, the U.S. economy is doing great. So no problems there.
But the market is forward looking. And if the trade impasse continues, it will eat into earnings estimates, and ultimately the GDP and jobs.
While we wait on developments with China, traders will be eying the October 29th lows to see if they hold.
As of now, the major indexes are down for the year, but only barely. And we are back into correction territory.
But we've been here before. In fact, we've been here more times than I'd like to count over the last 9¾ years of this historic bull market.
Yet each and every time we've managed to power higher to new all-time highs.
And there's no reason to believe that this time will be any different!
Have a Happy Thanksgiving tomorrow.
See you on Friday.
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks fell yet again. Big tech saw more weakness, but the losses were pretty spread out. And the blue-chip Dow led the decliners yesterday.
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