Stocks near record highs as trade tensions thaw
U.S. stocks are closing in on record highs Friday morning after a further thawing of trade relations between the U.S. and China.
State-run Chinese media said Friday morning said U.S. soybeans and pork would be exempt from additional tariffs. The report followed comments from President Trump, who on Thursday evening said he would consider an interim trade deal.
The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were all up around 0.2 percent just after the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
The early gains have all three of the major averages closing in on their record highs set in July. Traders will be watching the following levels:
- S&P 500: 3,027.98
- Dow Jones Industrial Average: 27,398.68
- Nasdaq Composite: 8,339.64
Bank stocks gained as traders sold bonds and the yield curve steepened.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 46.99 | +0.55 | +1.17% |
| C | CITIGROUP INC. | 69.82 | +0.88 | +1.28% |
| WFC | WELLS FARGO & CO. | 75.96 | +1.13 | +1.51% |
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
| GS | THE GOLDMAN SACHS GROUP INC. | 602.79 | +6.74 | +1.13% |
The spread between the U.S. 2-year and 10-year Treasury yields was trading at 9 basis on Friday morning after turning negative last month for the first time in over a decade.
Elsewhere, the California utility PG&E soared after the company reached an $11 billion settlement related to wildfire claims.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| pge | NO DATA AVAILABLE | - | - | - |
Apple shares were lower after the company was hit by a downgrade at Goldman Sachs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 229.87 | +1.35 | +0.59% |
On the commodities front, West Texas Intermediate crude oil was higher, giving a boost to Chevron and ExxonMobil. Gold also gained.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 162.36 | +0.75 | +0.46% |
| XOM | EXXON MOBIL CORP. | 121.78 | -0.14 | -0.12% |
In Europe, markets were mixed with London's FTSE trailing and Germany's DAX and France's CAC pacing the gains.
Overnight, Japan's Nikkei gained 1.1 percent to close at a four-month high. Hong Kong's Hang Seng and China's Shanghai Composite in Hong Kong climbed almost 1 percent on the day and 2.5 percent for the week. Markets in mainland China were closed for a holiday.
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Ken Martin contributed to this report.