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Afternoon Note

Zig zag

By Charles Payne, CEO & Principal Analyst
12/13/2019 1:10 PM

The major indices are mixed in response to the confirmation that US-China had reached a preliminary trade deal.  The tech-heavy Nasdaq is getting a lift from Apple (AAPL) that hit a new all-time high.

Early in the morning, Chinese officials confirmed that a deal had been reached.  Officials said the two sides will “agree to complete the last stages of the deal as soon as possible.”

President Trump confirmed that a trade deal had been reached. In addition, the U.S. Trade Representative said it will keep 25% tariffs on $250 billion of Chinese imports and 7.5% tariffs on $120 billion of Chinese goods.

The two defensive S&P sectors (Consumer Staples and Utilities), and Technology are higher today.   

S&P 500 Index



Communication Services (XLC)



Consumer Discretionary (XLY)



Consumer Staples (XLP)



Energy (XLE)



Financials (XLF)



Health Care (XLV)



Industrials (XLI)



Materials (XLB)



Real Estate (XLRE)



Technology (XLK)



Utilities (XLU)



On the economic front, business inventories increased 0.2% in October, recovering from a revised 0.1% drop in September and matching market expectations.



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