Donald J. Trump
Had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.
The market was already looking higher on the ECB news when President Trump issued the above tweet, which put extra octane into the move. As the rally picked up, we saw an intriguing rotation out of hot names like Beyond Meat (BYND) and Facebook (FB) into oversold Technology, with semiconductors remaining strong and Industrials also higher.
Boeing (BA) has moved higher, since the open, as the China news is a positive. Orders are also beginning to flow at the Paris Air Show, including a $24.0 billion order for the beleaguered 737 Max from the parent of British Airways.
Boeing shares trying to breakout at key resistance $364.00.
Just as the rally was taking off, Bloomberg reported the administration had explored demoting Jay Powell from his role as Fed chairman. Larry Kudlow chimed in to say it was an old story going back six months, and currently, the administration is no longer looking at moving Powell. That doesn’t mean that President Trump won’t keep the up the pressure campaign, especially after comments from his counterpart at the ECB.
It will be interesting to see if this market closes at the high of the session – I think it does.
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