Market News & Analysis
US Equity Handover: EU and USMCA Trade Optimism Boosts Stocks
Matt Weller, CFA, CMT May 16, 2019 4:09 AM
- US indices gained ground for the second straight day, with the DJIA regaining its 200-day moving average and the VIX dropping back below 20.
- Ten of the eleven major sectors rose on the day again, led by communication service stocks (XLC). Financials (XLF) were the laggard, falling fractionally from yesterday’s close.
- Uber rallied back toward 42.00 today to retest its IPO price.
- Trade headlines dominate once again: President Trump decided to postpone his decision on EU automobile tariffs for six months, while Treasury Secretary Mnuchin noted that the US was close to a deal with Mexico and Canada on steel tariffs.
- The WSJ suggested that a US delegation may head to China for trade talks next week, though that hasn’t been confirmed. See “What Trump’s up to and how it might end” for more.
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