Market News & Analysis
US Equity Handover: Stocks Recover but No Signs of a Thaw in US-China Trade Talks
Matt Weller, CFA, CMT May 22, 2019 6:13 AM
- US indices recovered to tack on roughly 1% today.
- Materials (XLB) stocks were the strongest sector on the day, gaining about 1.5%. Consumer staples (XLP) were the weakest group and the only sector to fall on the day.
- Chinese state media maintained its hardline approach toward trade negotiations with the US, stating “Make no mistake, China is not bluffing” and noting that “triumph will be in China’s hands.” That said, yesterday’s exemptions to some Huawei suppliers suggests that the US may be willing to come back to the negotiating table.
- Retailer J.C. Penney (JCP) dumped over 7% after missing analysts’ earnings estimates.
*No top-tier earnings reports are scheduled for tomorrow’s Asian session*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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