Breaking News
0

Top 5 Things to Know in The Market on Tuesday

EconomyAug 28, 2018 05:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Top 5 things to know today in financial markets

Investing.com - Here are the top five things you need to know in financial markets on Tuesday, August 28:

1. All Eyes Turn to U.S.-Canada Talks

Markets will be watching for more trade-related headlines, as talks between the U.S. and Canada were expected to resume today, when Canadian Foreign Minister Chrystia Freeland will arrive in Washington after cutting short a trip to Europe.

Freeland and the rest of the Canadian delegation had been excluded from the NAFTA talks since July, after U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau traded verbal barbs during a G-7 summit.

The U.S. reached an agreement with Mexico on a trade deal aimed at overhauling the North American Free Trade Agreement on Monday.

However, Trump warned he could still put tariffs on Canadian autos if Ottawa refuses to agree to the new deal and also wants concessions on the country’s dairy products.

Trump spoke with Trudeau on Monday, his economic adviser Larry Kudlow told reporters. The deal with Mexico should serve as a "reset" for talks with Canada, Kudlow said.

Officials said they hope Canada will agree to the terms by Friday, when the White House plans to notify Congress formally that Trump will sign the deal in 90 days. Congress has to approve it.

2. U.S. Stocks Set to Extend Push into Record Territory

U.S. stock index futures ticked modestly higher, suggesting Wall Street would extend its push into record territory, amid easing concerns over trade policy.

The blue-chip Dow futures were up 20 points, or around 0.1%, at 5:30AM ET, the S&P 500 futures tacked on 3 points, or around 0.1%, while the tech-heavy Nasdaq 100 futures indicated a gain of 15 points, or roughly 0.2%.

Wall Street rallied sharply on Monday, with both the S&P 500 and the Nasdaq closing at records for a second straight session, while the Dow moved back above 26,000 for the first time since February 1.

Elsewhere, in Europe, the region's major bourses rose to their best levels in two weeks. Auto stocks continued to rally, after enjoying their best day in a month on Monday.

Earlier, in Asia, markets in the region ended broadly higher, with the exception of China, amid lingering concerns over its ongoing trade dispute with the U.S.

3. Best Buy Reports Earnings

The second quarter earnings season has all but wound down, however results today are expected from a few retailers, including Best Buy (NYSE:BBY), and Tiffany (NYSE:TIF).

Both are due to post earnings ahead of Tuesday's opening bell.

Best Buy's results will be closely watched with Wall Street looking for same-store sales that rose 4.2% during the second quarter. Best Buy has been one of the big success stories in retail over the last 12 months, with the stock up around 30%.

Other companies reporting results ahead of the opening bell include DSW (NYSE:DSW), and BJs Wholesale Club (NYSE:BJ).

After the close, Box (NYSE:BOX), HP Enterprise (NYSE:HPE), H&R Block (NYSE:HRB), and Tilray (NASDAQ:TLRY) are on deck.

4. U.S. Consumer Confidence Data in Focus

Investors will get a key piece of economic sentiment data when The Conference Board releases its August update on consumer confidence at 10:00AM ET.

The consensus forecast is for a reading of 126.8, down from 127.4 in July.

At 8:30AM ET, the goods trade balance for July arrives, with economists predicting a slight widening of the deficit. At the same time the preliminary numbers for August wholesale inventories come out.

The June report on home prices from S&P/Case-Shiller is also due out in the morning as is the Richmond Fed’s reading on manufacturing activity in August.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was marked modestly lower at 94.59, after hitting an overnight low of 94.55, its weakest level since August 2.

In the bond market, Treasury prices were little changed, with the benchmark 10-year yield at around 2.85% while the 2-year yield stood at about 2.65%.

5. Oil Hits 7-Week Highs Ahead of API Data

In commodity markets, oil prices rose towards their highest level since early July ahead of the release of fresh weekly data on U.S. commercial crude inventories.

The American Petroleum Institute is due to release its weekly report for the week ended August 10 at 4:30PM ET.

U.S. West Texas Intermediate crude futures were up 18 cents at $69.03 a barrel.

International Brent crude oil futures were at $76.89 per barrel, 42 cents higher from their last close.

Gold also edged higher, with spot gold trading at $1,212.95 per ounce.

Top 5 Things to Know in The Market on Tuesday
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Aug 30, 2018 4:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
going up
Reply
0 0
Fun Land
Fun Land Aug 28, 2018 7:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
when down trand starts
Reply
0 0
WANDERLUST srt
WANDERLUST srt Aug 28, 2018 7:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Depends.  If deal with canada next week and deal with china this month then no downtrend this year.  try again next year.
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email