(Wednesday Market Open) You’ve heard of turnaround Tuesday. Well, it just appeared to arrive one day late this week.
Stocks look like they could be walking the rebound path early Wednesday after a three-day losing streak highlighted by Tuesday morning’s stomach-churning plunge of more than 400 points for the Dow Jones Industrial Average (). The recovery in pre-market trading today follows an upturn in European indices after a news report that said—wait for it—trade talks might be making progress after all. Specifically, the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal, Bloomberg reported.
For investors, this back-and-forth action around trade headlines once again shows how important it is not to get caught up in all the noise and stick with your long-term plan. The market has the trade channel on its favorites list, and that’s causing a lot of daily and hourly action that might look relatively benign six months from now but can feel dramatic when it happens (like yesterday). At times like these, when there’s little distraction from earnings, people tend to tune in to the only station that’s playing, and that’s partly why there’s so much volatility around every new development between the U.S. and China.
While it’s true that earnings tend to be scattered at this time of year, software company Salesforce (NYSE:) reported late Tuesday and posted better than expected earnings and sales. The stock fell a bit in pre-market trading, however, as analysts called the company’s guidance a mixed bag. It was good to see subscription and support revenue, a key metric, come in a little above third-party consensus views.
Campbell Soup (NYSE:) topped analysts earnings estimates but missed on revenue and shares fell in pre-market trading. In