The Dow Jones today gained more than 120 points out the gate after a Bloomberg report that the United States and China are close to a phase one trade deal.
But U.S. President Donald Trump could be escalating another trade dispute with a European country. More on this below.
First, here are the numbers from Tuesday for the Dow, S&P 500, and Nasdaq:
Index Previous Close Point Change Percentage Change Dow Jones 27,502.81 -280.23 -1.01 S&P 500 3,093.20 -20.67 -0.66 Nasdaq 8,520.64 -47.34 -0.55
Now, here’s a closer look at today’s Money Morning insight, the most important market events, and stocks to watch.
The Top Stock Market Stories for Wednesday This morning, markets are rebounding from a three-day slide tied to trade concerns. Yesterday, President Trump suggested that the White House might not attempt to reach a deal with China until after the 2020 election. The statement raised new concerns about economic growth and tariffs. However, a new Bloomberg report suggests that the two nations are narrowing in on a phase one deal. The report states that the two sides are addressing the rollback of tariffs in this possible deal.
History in the Making: Capitol Hill has opened doors to the pre-IPO market – now, every American has access to the trend that put airplanes in the sky and light bulbs in every home… [Read the full story.]
While one trade battle might be narrowing down, another major trade battle is now escalating. President Trump is reportedly considering 100% tariffs on French goods after France announced a digital services tax. The Trump administration argues that this digital tax negatively affects American technology companies. Other European nations like the UK plan to introduce digital taxes as well.