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. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD holding onto gains amid trade wars, ahead of German IFO

EUR/USD is trading around 1.1150, consolidating its gains after the escalation in US-Sino trade wars sent US yields and the greenback lower. German IFO Business Climate is next.

EUR/USD News

GBP/USD consolidates amid Brexit uncertainty

GBP/USD is trading below 1.2300, consolidating its gains. The UK and the EU have been blaming each other for a potential no-deal Brexit. US-Sino tensions are in play as well.

GBP/USD News

USD/JPY recovers farther from multi-year lows on Trump’s positive trade-related comments

The incoming positive trade-related comments dented the JPY’s safe-haven demand. Improving global risk sentiment helped the pair to recover around 150-pips intraday. Investors now look forward to the US durable goods orders data for a fresh impetus.

USD/JPY News

Gold: Risk-off rally stalls after US, China aim to calm trade war fears

Gold retreats from multi-year tops, fills weekly bullish gap on positive trade headlines

Gold News

Forex Today: Trade wars paint markets in red, Brexit looks worse, and central banks are limited

Here is what you need to know on Monday, August 26th: The US-Sino trade war is painting global markets in the red. The US dollar is losing some ground to major currencies as yields plunge, while it gains against commodity currencies. Gold is rising and oil is falling.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •