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Traders Await News As U.S.-China Trade Talks Wrap Up Today
Stocks closed modestly lower yesterday with the major indexes just below unchanged for the week, so far.
But stocks will only need a small gain today to keep their winning streak alive and extend it to 9 weeks.
A little bit of good news out of the U.S.-China trade talks today, like an announcement of a memorandum of understanding that the market is hoping for, could definitely help make that happen. In other news, yesterday's Jobless Claims came in much better than expected with new claims falling -23,000 to 216,000 vs. last month's 239K and views for 225K.
Durable Goods Orders rose 1.2% vs. last month's 0.7% and the consensus for 1.0%.
The PMI Composite Index Flash report rose to 55.8 from last month's 54.5 and views for 54.4.
Leading Indicators however edged lower by -0.1%, but last month's reading was revised up from -0.1% to 0.0%, so there was really not much of a change over the last two months.
But Existing Home Sales missed expectations coming in at 4.940 million units (annualized) vs. last month's 4.990 mil. and estimates for 5.000 mil. The report noted that prices are up 2.8% y/y in spite of recent discounting, and inventories rose from 3.7 months of supply to 3.9 months. But sales have dipped. And it suggests there may be some more discounting on the way.
All in all, another fine batch of reports.
Although traders appear to be more transfixed on trade talk news than anything else right now.
Both sides have been saying that the talks are going well.
But a definitive statement of real progress from this week's trade talks could have a big impact on the market.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed modestly lower yesterday with the major indexes just below unchanged for the week, so far.
