SPX, NASDAQ hit records China’s biggest oil company sees falling inventories
Contracts on U.S. indices fell from all-time highs, and European stocks extended their drop, ahead of the earnings season and the long-anticipated Phase One U.S.-China trade deal.
and futures declined after their underlying gauges soared to record highs on Monday.
Chemicals and banks dragged the Index lower for a second-day.
Earlier, Asian indices closed off their highs after as Chinese data showed declining trade with the U.S. for 2019, provoking a Chinese selloff that pushed China’s 0.28% lower. Australia’s gained 0.85%, as traders there decided to focus on the coming signature of an initial trade agreement between the U.S. and China, Australia’s biggest trading partner. Japan’s also climbed 0.73%, playing catchup after its Coming of Age Day.
In the U.S., investors got a breath of fresh air as equities reached record levels before earnings season and the long-awaited Phase One of trade negotiations between the U.S. and China.
Big Tech, including Microsoft (NASDAQ:), Apple (NASDAQ:) and Tesla (NASDAQ:) drove the S&P 500 Index and to record closes and all-time highs. The market took on risk after a report that the U.S. intended to remove China from the blacklist of currency manipulators, none of which are trading partners with the world’s economic superpower.
Nasdaq Composite Daily Chart
The tech heavy-NASDAQ Composite (1.04%) outperformed, hitting a dual record, both on a closing basis and intraday high. The price closed near the session’s highs, demonstrating the market’s single-mindedness, even at these levels.
While it was difficult to separate expectations for a positive earnings season and the coming first concrete step to a tariff truce between the world’s two largest economies, it’s noteworthy that U.S. futures are scaling back the next day. Are investors second-guessing themselves, after a mixed