|Day's range||27,708.34 - 27,828.33|
|52-week range||21,712.53 - 28,090.21|
With the end of the year and the decade fast-approaching, Wall Street strategists have begun to deliver their expectations about where the stock market will close out 2020.
Bitcoin slumped to one-month lows on Thursday and breached a key technical level on signs that China is clamping down on crypto-related activity. Bitcoin fell 6% to $7,647, breaching its 200-day moving average of about $7,935, a key technical level, and was on course to post its third straight weekly decline. While bitcoin is up nearly 100% on the year, it has fallen 44% from its highs in late June.
The U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, a measure that angered Beijing. As a result, investors were wary of putting further bets on a trade deal and keeping in mind that stocks are still near record highs.
World shares dropped Thursday as anxiety mounted over the possibility the U.S. and China may not reach a trade deal before next year. China’s Commerce Ministry batted away rumors that the talks were in trouble with a spokesman saying Beijing was committed to continuing discussions on core concerns. Several reports suggest the U.S. and China are struggling to reach a preliminary “Phase 1” trade pact and might not be completed this year.
Wall Street, which managed to end the day above its session lows, had kicked off trading in the red after a U.S. Senate measure aimed at protecting human rights in Hong Kong amid prolonged protests appeared to escalate U.S.-China tensions. Then equities deepened losses, hitting a session low in the early afternoon after a Reuters report citing experts and people close to the White House as saying completion of a U.S.-China trade deal could slide beyond 2019. While the indexes ended above their session lows, Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina, said the market was more than due for a dip because until Wednesday, the S&P had not registered two consecutive declines in 30 trading days.
Investing.com – Volatility was back forcefully in oil Wednesday with the market jumping nearly 3% to recoup almost all it lost in the previous session.
Investing.com – Stocks were slumping Wednesday afternoon as investors wrapped their arms around the idea a Phase One trade deal between the United States and China is stalled and probably won't get signed this year.
Investing.com – Wall Street fell on Wednesday as tensions between the U.S. and China put a damper on any hope of a trade breakthrough between the two.
US stocks fell to session lows, putting the S&P 500 on track for its biggest one-day drop in six weeks, and Treasuries surged amid concerns a phase one trade deal between the US and China may not be completed this year. The S&P 500 was down 0.8 per cent, while the Nasdaq Composite sank 1.1 per cent and the Dow Jones Industrial Average shed 0.9 per cent. The yield on the benchmark 10-year US Treasury dropped to be 5.1 basis points lower at 1.7346 per cent.
Global shares declined Wednesday after the U.S. Senate passed a resolution supporting human rights in Hong Kong following months of increasingly violent protests. The resolution has added to worries over prospects for Beijing and Washington to resolve a tariff war that is hammering manufacturing in the world’s two biggest economies. The Senate on Tuesday easily approved the Hong Kong Human Rights and Democracy Act, which passed by a voice vote.
Investing.com – Stocks struggled to keep the big rally moving Tuesday, but weakness in retail stocks pulled the Dow lower and kept the S&P; 500 in check.
The Dow Jones Industrial Average and the S&P 500 fell from record levels on Tuesday as dour forecasts from retailers Home Depot and Kohl's fuelled worries about consumer spending and the U.S.-China trade dispute dragged on. U.S. President Donald Trump on Tuesday threatened to escalate the trade war by raising tariffs on Chinese imports if no deal is reached with Beijing. Home Depot Inc fell 5.4% and was the top drag on the benchmark S&P 500 and the blue-chip Dow after the No.1 U.S. home improvement chain cut its 2019 sales forecast for the second time this year.
Investing.com – Wall Street rose on Tuesday as investors remained optimistic about trade after Washington extended an exception for U.S. companies that do business with black-listed Chinese firm Huawei.
Global shares rose Tuesday as investors appeared hopeful for positive news from the trade talks between the United States and China. Strong economic data and better-than-expected corporate earnings have buoyed U.S. shares since early October, while “markets remain convinced that we will see the phase-one trade deal finalized before the next major tariff increase deadline of December 15th,” analyst Edward Moya of Oanda said in a report. Chinese indexes rose as political protests in Hong Kong quieted somewhat, with police tightening a blockade at Hong Kong Polytechnic University.
An otherwise normal meeting between the Fed chair and the president on Monday is shrouded by the undertones of President Donald Trump's constant criticism of the central bank.
Investing.com – Stocks finished at new closing highs Monday and hit intraday highs in the process. The gains were modest, however, because of unease about whether a U.S.-China trade deal really will get done.