Major US stock indexes rose significantly after the US presidential administration announced that it would postpone the introduction of 10 percent tariffs on some Chinese products until December 15, including laptops, mobile phones, clothes and game consoles.
The news of Washington’s move, which marks a retreat from a tough stance in trade negotiations with Beijing, helped outweigh concerns about geopolitical and economic challenges.
Apple's 4.3% jump in stocks (AAPL), which manufactures its iPhone and MacBook in China, along with chip makers ’shares pushed the tech sector up 1.7%. Semiconductor maker Philadelphia Semiconductor Index (SOX) is up nearly 3%.
Investors also studied the Labor Department report, which showed that US consumer prices rose in July. According to the report, the consumer price index rose 0.3%, as predicted, after rising 0.1% in May and June. In the 12 months to July, the consumer price index rose 1.8% after rising 1.6% in June. Excluding food and energy prices, basic consumer prices also rose 0.3% for the second month in a row, while economists forecast 0.2% growth. The so-called basic consumer price index was increased due to higher prices for clothes, airline tickets, medical equipment and household items. In the 12 months to July, the base consumer price index rose 2.2% after rising 2.1% in June.
Almost all DOW components completed trading in positive territory (29 out of 30). The biggest gainers were Apple Inc. (AAPL, + 4.30%). Only Pfizer Inc. shares down (PFE, -0.57%).
All S&P sectors recorded an increase. The largest growth was shown by the technology sector (+ 1.7%).
At the time of closing:
Dow 26,279.91 +382.20 +1.48%
S&P 500 2,926.15 +43.06 +1.49%
Nasdaq 100 8,016.36 +152.95 +1.95%
U.S. stock-index futures fell on Tuesday, as geopolitical angst and economic uncertainty continued to weigh on market sentiment.
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Jane Foley, the senior FX strategist at Rabobank, notes that the news that the Swiss National Bank's (SNB) sight deposits jumped the most in two years last week provided a strong signal to the market that the bank had intervened in the FX market to offset CHF gains.
(company / ticker / price / change ($/%) / volume)
ALTRIA GROUP INC.
Amazon.com Inc., NASDAQ
Cisco Systems Inc
Citigroup Inc., NYSE
Deere & Company, NYSE
E. I. du Pont de Nemours and Co
Exxon Mobil Corp
FedEx Corporation, NYSE
Ford Motor Co.
General Electric Co
Home Depot Inc
International Business Machines Co...
International Paper Company
Johnson & Johnson
JPMorgan Chase and Co
Merck & Co Inc
Procter & Gamble Co
Starbucks Corporation, NASDAQ
Tesla Motors, Inc., NASDAQ
Twitter, Inc., NYSE
UnitedHealth Group Inc
Verizon Communications Inc
Wal-Mart Stores Inc
Walt Disney Co
Yandex N.V., NASDAQ
Advanced Micro (AMD) initiated with Hold at Loop Capital
Intel (INTC) initiated with Hold at Loop Capital
McDonald's Corp (MCD) initiated with Buy at MKM Partners
Barrick (GOLD) upgraded to Buy from Hold at Argus
JD.com (JD) reported Q2 FY 2019 earnings of RMB 2.30 per share (versus RMB 0.33 in Q2 FY 2018), beating analysts’ consensus estimate of RMB 0.54.
The company’s quarterly revenues amounted to RMB 150.281 bln (+22.9% y/y), beating analysts’ consensus estimate of RMB 147.444 bln.
The company also issued in-line guidance for Q3 FY 2019, projecting revenues of RMB 126-130 bln versus analysts’ consensus estimate of RMB 126.13 bln.
JD rose to $28.30 (+4.20%) in pre-market trading.
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