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Day 1 Of Trade Talks Goes "Very Well", Day 2 Today
Stocks closed higher yesterday, as the U.S.-China trade talks got underway.
Reports the night before, which suggested the Chinese delegation would be leaving early, weighed on futures. But later reports that President Trump would be meeting with Vice Premier Liu He at the White House today, sent stocks higher.
While a full-blown trade deal looks to be off the table, a partial deal looks very much on the table, similar to the partial deal the U.S. signed with Japan last month. This would allow them to showcase their cooperation and agreement on some issues, while they continue talks on other more complicated issues.
The ultimate questions the market is eager to have answered are: if there is a partial deal, then who gets what and when? What happens to the tariffs in the meantime? And what other issues need to be addressed?
I don't want to get ahead of myself, because there may not be a deal at all. But there was a general sense of optimism that some kind of an agreement could be reached this week, and that helped buoy the market.
That sentiment was underscored afterwards when President Trump said that the first day of trade talks went "very well."
In other news, Weekly Jobless Claims delivered some additional good cheer with new claims coming in less than expected at 210K vs. views for 219K. This comes on the heels of last week's Employment Situation report where the unemployment rate fell to the lowest level in 50 years.
We'll get another look at the consumer today via the Consumer Sentiment report.
But the U.S.-China trade talks will once again take center stage.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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Stocks closed higher yesterday, as the U.S.-China trade talks got underway.
