Stocks kicked the week off with a small loss on new concerns over trade.

Last week, President Trump announced a partial trade deal with China that was “very substantial.”

But over the weekend there were reports that China wants additional talks before signing the deal. 

On CNBC, Treasury Secretary Steven Mnuchin said that although there was substantial progress last week, the partial agreement is still “subject to documentation” and that tariffs set for December will go into effect if a deal has not been finalized by then.

The S&P edged lower after the open, then traded in a narrow range for the rest of the day.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% loss. Down 4 points, the S&P ended at 2,966.
  • The DOW ended lower by 0.1%. Dropping 29 points, the DOW closed at 26,787.
  • The NASDAQ was down 0.1%. With an 8 point loss, the NASDAQ finished at 8,049.

Crude Oil (CL) snapped a 3-day winning streak and ended lower. With a 2.2% loss, CL ended at $53.51 a barrel.

Tomorrow we’ll get a big dose of Q3 earnings, with Citigroup (C), Goldman Sachs (GS), JP Morgan Chase (JPM) and Wells Fargo (WFC) reporting.

According to FactSet, S&P 500 stocks are expecting a year-over-year decline of more than 4.0%. 

Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD: Bullish breakout faces next challenge at 1.1150

The EUR/USD pair closed the week at around 1.1100, its highest settlement in two months, as poor US data coupled with a relief rally of high-yielding assets ahead of the close. Several European countries will start the week celebrating a holiday.

EUR/USD News

GBP/USD: Post-Brexit relationship taking centre stage

The GBP/USD pair hit 1.2393 on Friday, a two week high, retreating sharply from the level ahead of Trump’s speech to later recover on relief and settle at 1.2345. Cable is technically neutral, although the bullish potential seems limited.

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex Majors

Cryptocurrencies

Signatures