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Stocks closed higher again yesterday as traders await news on how the recent U.S.-China trade talks are going.
The Chinese trade delegation, after hosting the U.S. in Beijing last week, is in Washington this week for a continuation of trade talks. Deputy meetings were held Tuesday and Wednesday, while high level talks take place today and Friday.
There's a growing sense of optimism that a deal will eventually get done. Maybe not by the March 1st deadline. But President Trump has already said he'd be willing to extend the deadline for raising tariffs "if we're close to a deal."
So nobody is expecting a deal to be announced on Friday. But there is an expectation that both sides will emerge with a memorandum of understanding that will set the tone for the remaining negotiations.
In other news, yesterday's MBA Mortgage Applications were up 3.6% with purchases up 1.7% and refi's up 6.4%.
The Redbook report showed y/y same store retail sales were up 5.4% vs. last month's 4.6% pace.
And the FOMC Minutes confirmed what we already knew, which was that the Fed's 'guidance shifted from further rate hikes to neutral', while at the same time describing the labor market as 'strengthening' and GDP as 'solid.'
Between the strong economy, record employment, the Fed's more accommodative stance, excellent earnings, the budget talks behind us, and optimism over a U.S.-China trade deal -- this has been the perfect backdrop for the recent rally.
The best part is that it looks like there's a lot more to go. And when we do finally get a trade agreement (assuming we do), stocks will be in a perfect position to break out to new all-time highs.
There have already been plenty of winners so far. And some of the best outperformers have come from the tech sector. It's no secret that they have regularly been considered one of the top performing groups with countless double-digit and triple-digit winners between last year and today. And that trend looks as strong as ever with no hint of slowing down.
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Stocks closed higher again yesterday as traders await news on how the recent U.S.-China trade talks are going.