With the approach of the Dec. 15 deadline for the next batch of Chinese goods to be hit with tariffs by the U.S., investors—worn out by whipsawing news on whether a trade accord is near—are getting increasingly nervous. To date, neither side has budged from its position. As a result, on Friday, U.S. equities retreated from all-time highs, joining a global selloff, as markets await new trade developments.
China continues to insist that the U.S. completely rollback all tariffs via Phase I of the overall deal. The U.S., on the other hand, is only willing to cancel tariffs scheduled to go into effect on Dec. 15, but only upon signature of Phase I; it insists, instead, that it will only repeal the full array of tariffs when the final deal is inked.
Meanwhile, China’s biggest dollar-denominated bond sale took place last Tuesday. It raised $6 billion for the Asian nation, its . The country’s Ministry of Finance boasted that orders for the sale reached 3.6 times the issuance.
Major U.S. Indices Retreat From All-Time Highs, But Show Gains For November
All of the major U.S. indices—the , , and the —finished lower during Friday’s shortened session after the Thanksgiving break. Trading volume was lighter than usual, about 16% below the 30-day average.
The S&P 500 slipped 0.4% from its all-time high, with every single sector in negative territory. ‘outperformed’ the laggards (-0.1%) with leading the losses (-1.01%). shares were the second worst performers, (-0.65%).
For the week, however, the SPX climbed, (+ 0.99%). Every sector was in the green, except , (-1.57%), which slumped along with the price of oil. It was the benchmark index’s third consecutive monthly advance; the S&P 500 gained 3.43% for the month, 7.4% for the three month period. (+5.95%), (+5.47%), and (+4.47%) shares led the