Sun, May 19, 2024

Stock Exchanges Gain on Trade Optimism | WibestBroker

stock exchanges concept bull statue – wibestbroker

 

Stock exchanges gained on trade optimism yesterday as Washington confirmed trade talks next month. This comes after Chinese delegates cancelled a visit to US farms last week. The event previously raised concerns over the progress in the talks.

Treasury Secretary Steven Mnuchin said that he would meet Chinese Vice Premier Liu He. US Trade Representative Robert Lighthizer will come along with Mnuchin.

This confirmation increased optimism over a possible deal between the two countries. The trade war has been dragging economic growth in the past year.

Mnuchin also offered an explanation regarding the cancellation of the Chinese delegates’ visit. He said that the Trump admin requested the officials to postpone the visit.

Meanwhile, traders also kept tabs on the Conference Board’s consumer confidence reading. The reading followed a recent economic data release from the US. It also came after the disappointing surveys over the euro zone on Monday.

Stock Exchanges Figures

As for numbers, NASDAQ futures previously gained 23 points, or 0.3%. Dow futures fetched 0.2% up, gaining 64 points. The S&P 500 futures rose 0.3% or 7 points.

Starbucks won the market after EU’s court favored its appeal against an antitrust ruling over its EU tax arrangement. It traded 0.6% higher.

Meanwhile, Apple gained 0.8%, while Facebook rose 0.5%. Tesla crept up 0.2%, and Amazon.com perked 0.5% up.

On the flipside, Netflix lost 0.2% as it suffers from doubts over the increasing competition. Alternative streaming services have popped up, like those from Apple, Walt Disney, and others.

In other markets, crude oil contracts lost 1.2% to $57.92 before President Donald Trump’s speech in the UN General Assembly.

The markets expect the US president to call for actions against Iran after the attacks on Saudi Arabian oil installations.

Gold future lost 0.2%, while the US dollar index gained 0.1%.

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