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S&P 500 Hovers Near Record on Trade Optimism: Markets Wrap

Stock Markets Oct 25, 2019 01:26PM ET
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(Bloomberg) -- The S&P 500 Index hovered near its closing high amid positive signs on trade talks and as investors assessed corporate results.

Equities extended their weekly advance after the U.S. said it’s close to finalizing sections of the first phase of a trade deal with China. Technology shares led gains on Intel Corp (NASDAQ:INTC).’s upbeat outlook while Apple Inc (NASDAQ:AAPL). hit an all-time high. Amazon.com Inc (NASDAQ:AMZN). pared losses as its long-term prospects offset a profit decline. The risk-on sentiment helped push Treasuries down.

Read: America Trade Fuels S&P 500 Record Run Amid Hints of Fatigue

Stock investors cheered signs of progress on negotiations between the world’s two largest economies, hoping they could ease a dispute that’s rattled global markets and weighed on growth. U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He spoke by phone on Friday. Later Friday, President Donald Trump said that “we’re doing very well with China” and “they want to make a deal very badly.”

“The news about the trade war has continued to improve,” said Michael Antonelli, managing director and market strategist at Robert W. Baird & Co. “It’s not solved, but news has been getting better. Earnings have been not as bad as people think. If this pace continues, it’s very possible earnings end up on the plus side of growth.”

More on corporate news:

  • Visa Inc (NYSE:V). issued forecasts that were better than expected.
  • Verizon Communications Inc (NYSE:VZ). exceeded Wall Street’s expectations for profit and subscriber growth.
  • Juniper Networks Inc (NYSE:JNPR). boosted its stock buyback authorization by $1 billion and reported earnings that beat estimates.
  • Goodyear Tire & Rubber Co. surged as analysts said improved pricing may be a tailwind.
  • Charter Communications Inc (NASDAQ:CHTR). posted revenue that met the average analyst estimate.
Elsewhere, the pound dropped as French President Emmanuel Macron blocked the European Union’s attempt to delay Brexit for three months. That’s raised the prospect the U.K. might not know whether it will get an extension until just hours before it is scheduled to be ejected on Oct. 31, even without a deal.

These are some of the main moves in markets:

Stocks

Currencies

  • The Bloomberg Dollar Spot Index was little changed.
  • The euro decreased 0.2% to $1.1077.
  • The British pound decreased 0.2% to $1.282.
  • The Japanese yen depreciated 0.1% to 108.75 per dollar.
Bonds

  • The yield on 10-year Treasuries rose three basis points to 1.80%.
  • Germany’s 10-year yield increased four basis points to -0.36%.
  • Britain’s 10-year yield climbed six basis points to 0.682%.
Commodities

  • The Bloomberg Commodity Index rose 0.2%.
  • West Texas Intermediate crude climbed 0.4% to $56.45 a barrel.
  • Gold was little changed at $1,504.80 an ounce.

S&P 500 Hovers Near Record on Trade Optimism: Markets Wrap
 

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Comments (2)
Tony Hepner
Tony Hepner Oct 26, 2019 1:31AM ET
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Sounds like a few of you aren't winning.............
Mart Bab
Rubberduck1973 Oct 25, 2019 1:43PM ET
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Close to as in not yet there. Sections as in section 1 and 2 of 20, first phase of 10 phase in 4 year. And everyone is optimistic?
Mart Bab
Rubberduck1973 Oct 25, 2019 1:43PM ET
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Seems like someone is going to drop the hammer on China and needs some room to do so. I expect some pretty negetive news this weekend on US China trade
Ross Dre
Ross Dre Oct 25, 2019 1:43PM ET
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You nailed it... no pun intended in regards to your hammer comment. But seriously. It’s all a joke, this phase concept.
 
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