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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

 

-0.03%

Communication Services (XLC)

 

-0.44%

Consumer Discretionary (XLY)

 

-0.12%

Consumer Staples (XLP)

+0.03%

 

Energy (XLE)

 

-0.05%

Financials (XLF)

 

-0.55%

Health Care (XLV)

 

-0.29%

Industrials (XLI)

 

-0.26%

Materials (XLB)

 

-0.44%

Real Estate (XLRE)

 

-0.37%

Technology (XLK)

+0.61%

 

Utilities (XLU)

+0.30%

 

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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