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Stocks Pause As U.S.-China Trade Deal Takes Center Stage Once Again
Stocks closed a tad lower yesterday, but not before the Dow recorded its longest winning streak in more than a year.
Traders began the week cheering the deal with Mexico which averted tariffs.
The market is also optimistic over the expected meeting between President Trump and President Xi at this month's G20 summit. Although, President Trump's comments yesterday that he's the one "holding up the deal" with China, and that they need to return to the terms negotiated earlier in the year, likely gave the market some pause. He followed it with "we're going to either do a great deal with China or we're not going to do a deal at all."
Given that uncertainty, it will likely take an actual deal between the U.S. and China to see the market break out to new highs. Talk is great. But a real deal is what the market wants to see. Although, that could very well happen in the next few weeks.
In the meantime, I expect the indexes to remain well supported, and I fully expect plenty of individual stocks to continue breaking out to new all-time highs.
In other news, the NFIB Small Business Optimism Index rose to 105.0, easily beating last month's 103.5 and views for 102. Analysts noted this was the best reading since last October, and highlighted the historically strong levels of capital spending outlays.
Stocks look great after last week and so far this week.
And the market looks poised for more gains to come.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed a tad lower yesterday, but not before the Dow recorded its longest winning streak in more than a year.
