Wall Street was a mixed bag to the end the week on mixed trade-war headlines
|- The S&P 500 finished at 2,918, 19 points or 0.66% lower.
- DJIA, ended down 90 points, or 0.34%, at about 26,290.
- The Nasdaq lost 80 points or 1%, closing at 7,959.
Wall Street was a mixed bag to the end the week with a rally from the lows mid-day as traders juggled with mixed reports with respect to trade war headlines. Yesterday, there was a scare in the news that circulated which implied the US was pondering on whether to continue with trade talks and that the Trump administration wasn’t ready to let U.S. companies resume doing business with Huawei Technologies Co. On Friday, President Trump's suggested that September talks with China might be postponed, however, he also told reporters on Friday that things are going “very well with China”, but said he’s not ready to make a deal.
U.S. stocks ended mixed Friday, staging a big comeback after early losses driven by President Trump's suggestion that September talks with China might be postponed. The Dow Jones Industrial Average, DJIA, ended down 90 points, or 0.34%, at about 26,290. The S&P 500 finished at 2,918, 19 points or 0.66% lower while the Nasdaq lost 80 points or 1%, closing at 7,959.
US trade may be a market mover next week
"US-China trade rhetoric may be a market mover and push further CNY depreciation, while the July data dump will be closely watched for signs of economic stabilization, including the PMIs. Net FX settlements will be interesting after the June spot outflow, and in the context of the rapid July CNY depreciation," analysts at TD Securities explained.
DJIA levels
The DJIA index found support on the 200-DMA on Wednesday but has struggled to gain momentum beyond yesterday's highs making for a daily Doji on the charts. A run back to the moving averages will bring the 20-day and 50-day moving average into focus up in the low 26600s. On a break to the downside, however, bears can look to the June swing lows down at 24680 on further declines.
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