DJIA Futures Wednesday 12.04.19
S&P 500 Futures Wednesday 12.04.19
Nasdaq Composite Futures Wednesday 12.04.19
Not surprisingly, the broader market rebounded after its three-day slide on news that a US-China phase one trade deal is once again…(drum roll please)…close to happening. The market response off these headlines have become at this point has become near-predictable. So much so that Neil Dwane of Allianz Global Investors in a CNBC report described investor sentiment has having a Pavlovian response (yes, he essentially equated the investing public to Pavlov’s dog…can you blame him?).
One trade-related item that might have tempered the market’s Pavlovian optimism was France and the EU’s threat to retaliate should the US impose tariffs on French imports. This announcement came in response to a potential tariff list on French goods revealed Monday by a US trade official. That list, in turn, was in response to a new digital service tax which, according to Washington, places US tech companies in an unfavorable and less equitable position.
In other economic news, the ADP employment report showed that private payrolls increased last month by 67,000, well below the 150,000 estimates.
At closing, the Dow had gained 146.97 points, 0.5%, to end the day at 27,649.78. The S&P 500 rose slightly higher at 0.6%, ending the day at 3,112.76. The Nasdaq closed at 8,566.67, 0.5% higher.
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