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20.08.2019 04:20

Major US stock indices closed in positive territory

Major US stock indexes rose significantly amid favorable news about the promotion of trade negotiations between the US and China and growing hopes that major economies will take measures to reduce the negative impact of the escalation of tension in world trade.

Over the weekend, US President Donald Trump and his economic adviser Larry Kudlow said negotiations with China are going well. In addition, Trump wrote on Twitter that Chinese officials could soon visit the White House for further negotiations. As for Huawei, US Secretary of Commerce Wilbur Ross said today that the US will postpone sanctions against the Chinese telecommunications giant for 90 days (until November 19).

It also became known that the People's Bank of China took new measures to further reduce the real interest rate for companies in China in order to support economic growth. Investors are eagerly awaiting the publication of the minutes of the last meeting of the Federal Reserve later this week, as well as speeches by central bank leaders during a symposium in Jackson Hole, Wyoming, which will be held from August 22 to 24.

1.9% jump in Apple Inc. stock (AAPL) has supported all three of Wall Street's major indices. US President Donald Trump said on Sunday that he spoke with Apple CEO Tim Cook about the impact of tariffs in the US and he made a strong case against their introduction.

Shares of chip makers, whose business is heavily dependent on China, also rose. Semiconductor maker Philadelphia Semiconductor Index (SOX) is up 1.87%.

Equity market growth was also helped by weakening demand for government bonds. Yields on 10-year treasury bonds jumped temporarily to 1.61% from 1.54% on Friday. The value of shares of major US banks increased along with the yield: Last week, the yield on 10-year bonds fell to the lowest level in more than three years and for some time was below the yield on 2-year bonds. This is called the inversion of the yield curve and is seen by traders as a signal of a potential recession.

Almost all DOW components recorded a decrease (28 out of 30). The biggest gainers were Cisco Systems Inc. (CSCO, + 3.44%). Only UnitedHealth Group Inc. declined (UNH, -0.49%) and the American Express Company (AXP, -0.03%).

All S&P sectors completed trading in positive territory. The conglomerate sector grew the most (+ 1.3%).

At the time of closing:

Dow 26,135.79 +249.78 +0.96%

S&P 500 2,923.65 +34.97 +1.21%

Nasdaq 100 8,002.81 +106.82 +1.35%


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Market focus

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  • Chinese vice foreign minister says progress made in trade talks with U.S
  • BoE reform needed to boost firepower for downturns - think tank
  • Earnings Season in U.S.: Major Reports of the Week
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Sydney 21:00 06:00 00:00 09:00 00:00 09:00
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London 07:00 16:00 10:00 19:00 10:00 19:00
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