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Markets Cheer Delay In Auto Tariffs, Rebound Continues
Stocks added to their gains yesterday as the rebound continues.
While it was disappointing to not get a trade deal last week, the market took some solace in that both sides have agreed to continue negotiations. And President Trump sounded confident that a deal would eventually be forthcoming.
The market also cheered the administration's decision yesterday to delay the imposition of new auto tariffs. While the six month delay was aimed more at the EU and Japan so as to not interfere with those ongoing talks, it signaled a more metered rollout of the additional tariffs the WH will be proposing against China.
In other news, while Retail Sales slipped -0.2% last month, the Housing Market Index increased 3 points (or 4.76%) to a reading of 66, indicating that builders are feeling more positive about conditions.
We also saw a better than expected reading from the Empire State Manufacturing Survey which came in at 17.8 vs. last month's 10.1 and views for 9.0.
Just more indication that the economy is strengthening. And so should the market.
But 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 been crushing it with countless double-digit and triple-digit winners just this year alone. And that trend looks as strong as ever.
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Stocks added to their gains yesterday as the rebound continues.
