Market News & Analysis
Equity Handover: Stocks Surge on Draghi, Trade Truce Optimism
Matt Weller, CFA, CMT June 19, 2019 4:04 AM
Index names may not reflect tradable instruments and not all markets are available in all regions.
- US stocks surged today, with major indices gaining at least 1% across the board.
- Technology (XLK) was the strongest sector on the day; Utilities (XLU) were the weakest.
- Signs of a thaw in US-China trade talks? Presidents Trump and Xi spoke via phone to set up “an extended meeting” at next week’s G20 summit, with trade teams to “begin talks prior” to the meeting.
- This news, along with dovish comments from ECB President Draghi, pushed US indices to their highest levels since early May (and within striking distance of their 2019/all-time highs)
- Stocks on the move:
- After gapping higher, Facebook (FB) closed essentially flat on the day it revealed the white paper for its cryptocurrency Libra.
- Snapchat (SNAP) surged 10% on a bullish analyst note, bringing its year-to-date gain to 160%.
*There are no high-impact corporate announcements expected during tomorrow’s Asian session.*
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