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Stocks: U.S. Markets Recover Losses After Trade Reassurances

Stock MarketsOct 14, 2019 10:20AM ET
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Investing.com -- U.S. stock markets opened the week with a scramble to recover premarket losses that had been caused by a report suggesting China will seek more concessions from the U.S. before it signs the modest handshake deal it made last week with the U.S.

Treasury Secretary Steven Mnuchin reassured CNBC earlier Monday that the two sides have an understanding, while Hu Xijin, the editor of China’s English-language mouthpiece, Global Times, also tried to downplay concerns.

“Based on what I know, China-U.S. trade talks made breakthrough last week and the two sides have the strong will to reach a final deal. Initial statement of the Chinese side is moderate,” Hu said via Twitter. "This is China's habit. It doesn't mean China's real attitude is not positive.”

Even so, markets reacted negatively at the sight of even vague signs of backtracking from what was, in any event, a minimalist deal that did little to resolve the underlying conflict between the two countries.

After falling as much as 0.5% in premarket, the Dow eked out a gain of 22 points, less than 0.1%, by 10:15 AM ET (1415 GMT). The S&P 500 and Nasdaq 100 were both still down 0.1%

Among individual movers, Nike (NYSE:NKE) was among the biggest gainers, after an analyst upgrade. Shares hit an all-time high.

Parsley Energy (NYSE:PE) fell 13% after agreeing to buy fellow oil producer Jagged Peak Energy (NYSE:JAG) in an all-stock deal valued at around $2.27 billion including debt.

Beyond Meat (NASDAQ:BYND) fell 4.3% after an underwhelming initiation by Wells Fargo (NYSE:WFC) at market perform. Wells’ target price of $125 is below the current price of $126.20.

Cyber-security firm Crowdstrike (NASDAQ:CRWD) also fell some 7% after Citigroup (NYSE:C) joined Goldman Sachs (NYSE:GS) in downgrading it to a sell.

Elsewhere, crude oil prices tumbled as the lack of clear progress on the trade front shook traders’ faith in the ability of producers to avoid a fresh glut next year. U.S. crude futures fell over 2% to $53.24 by 10 AM ET (1400 GMT).

The dollar index, which measures the greenback against a basket of six developed-market currencies, meanwhile, rose 0.2% to 98.167, with gains against higher-yielding currencies and sterling, offset by losses against the yen and Swiss franc.

Stocks: U.S. Markets Recover Losses After Trade Reassurances
 

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Comments (10)
Armand Spahiu
Armand Spahiu Oct 14, 2019 6:18PM ET
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How about the the fact that the 40% of the US consumer struggles to have $400 in their bank accounts meanwhile China poverty has dropped significantly?! And does that make you a better person if you call someone a *******! Because we(USA) have a bigger army doesn't mean that are wright. CEOs yes they are get richer, while tens of thousands of US citizens lives on the street. Solve that problem first and then talk about morale
Jim Robertson
Jim Robertson Oct 14, 2019 2:59PM ET
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Please remember they are a communist country that doesn't respect people's rights, intellectual or human. They say what they want but don't you dare say anything about them. Look at how the NBA cowardly caved in. Why are you afraid of these commi bastards ????
David David
David9 Oct 14, 2019 2:59PM ET
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You have to know, China has Confucius belief system, that means you don't question and speak against your elders. China is view as a big family, and a family has central parenting at the core. Don't try to change another believes system, that will.never work. The people are preety much free in China, but they have limits set my the core parents at the top.
Bin John
Bin John Oct 14, 2019 11:56AM ET
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All they did was make invention of word. Disguising No deal as "phase one".......... US still choking Chinese USD with Tariffs, and China don't accept requirements of US(yes, It is actually kneeling down to US) and just bought Pork because of Animal disease......Nothing was accepted to each other, because It is war. win or dead in future.
Timothy Yap
Timothy Yap Oct 14, 2019 11:56AM ET
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Korean like to kneel down to US, not the Chinese!
Suman Jutur
Suman Jutur Oct 14, 2019 11:47AM ET
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The deals can always be broken. It is a simple thing. Trump did it several times.
David David
David9 Oct 14, 2019 11:26AM ET
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I told you guys ... China has always been consistent with what they want. They don't like Cowboy style deal. China needs a deal that would benefit both sides. It can't be US is superior and China is underdog. That kind of deal will never work in business.
Luu Hung
Luu Hung Oct 14, 2019 11:26AM ET
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Why you always have to start with "I told you guys"? Lol
Leo Putra Wijaya
Leo Putra Wijaya Oct 14, 2019 11:26AM ET
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And one more thing. David Wong seems to like using the word "China Roar" in his comments. Not that i don't like it, it's just well....redundant.
David David
David9 Oct 14, 2019 11:26AM ET
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Leo Putra Wijaya Both redundancy are my specialty. Lol
Chuck Anderson
Chuck Anderson Oct 14, 2019 11:24AM ET
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I have been saying all along............. Bloomberg News is a fake news outlet.
Timothy Yap
Timothy Yap Oct 14, 2019 11:24AM ET
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Bloomberg news is lagging too
Eric Haley
Trend_Seeker Oct 14, 2019 11:19AM ET
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China isn't going to do anything before the elections. They'll just keep buying time. As they drag their feet this market will fall on every knee jerk retaliation Trump fires at China to try to get them to hurry up, which will never happen.
Ng Zen ng
Ng Zen ng Oct 14, 2019 11:19AM ET
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FromDow and nasdaq esp , us still lost to china exchange and have yet to recover..
eddie glass
eddie glass Oct 14, 2019 10:55AM ET
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entire market trading like a penny stock, attributing every tick to trade war talk is just noise. market is controlled by computers that are programmed to optimize profits not people who make decisions based on actual substance.
Junk Man
Junk_Man Oct 14, 2019 10:52AM ET
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trade war continues...  Phase 1 is just a truce, that's all.
 
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