All three major indices opened at fresh new highs following comments of White House economic advisor Larry Kudlow. He said the U.S. and China were close to reach a trade deal. The S&P is up +0.5%, the Dow +0.4%, and Nasdaq is +0.6%.

Stock of the day

Applied Materials, Inc (AMAT)

The stock posted solid Q4 numbers and guidance. In addition, many analysts upgraded their ratings and price targets. 

• Earnings $0.80 vs. $0.76 consensus
• Revenues $3.75 billion vs $3.68 consensus
• Gross margin 43.8% vs 43.4% consensus

The best performers in today’s session are Technology (XLK) and Health Care (XLV). The health care index (XLV) hit an all-time high driven by gains in Danaher (DHR).

On the economic front, October industrial production fell by a larger than forecast 0.8%, while September was revised to a 0.3% increased from a 0.4% decline. This was led by a 7.1% drop in the output of motor vehicle and parts that resulted from the General Motors’ strike.