Stocks Mark Slight Gains on Bouncing Gains, Losses
During the first day of the third quarter, US stocks mark slight gains on the bouncing gains and losses mostly from the sessions.
In an interview on “Sunday Morning Futures,” President Donald Trump said that the US is experiencing an unfair treatment in trading.
Traders received new comments of Trump on tariffs and the prospect of a shortened trading week. On Tuesday, the US financial markets close at 1 PM ET and on the July 4th holiday.
The Nasdaq led the game while the S&P 500 and Dow Jones Industrial Average followed. Analysts predicted that trade war could affect the largest athletic apparel.
Furthermore, Trump said that the auto tariffs serve as his biggest weapon in extracting concessions from trading partners.
“You know, the cars are the big one. We can talk about steel, we talk about everything. The big thing is cars,” he added.
According to Trump, the European Union and trade is likely similar as bad as China just smaller.
Meanwhile, the EU warned the US that tariff imposition on the car and car parts could danger its own automotive industry. And this could lead to counter-measures of trading partners to US exports worth $294 billion.
On Monday, the Economic data released a reading on the manufacturing sector of the US. The Markit final U.S. manufacturing PMI for June was at 55.4 against the flash reading of 54.6 and 56.4 in May. The June PMI of the Institute of Supply Management arrived at 60.2. This was against the Construction spending with 58.1 which was marginally higher in May.
US markets closed on Wednesday for Independence Day. This will be a shortened holiday trading week.
During the final day of June, stocks increased which brought optimism on the second quarter for the indexes of all three major U.S. Stocks.
Stocks cut losses as energy sector weakens
Stock markets faded a bounce as the energy sector heads the game in losses.
The Nasdaq made a 0.2% decrease while S&P 500 a 0.5% drop. The Dow Jones industrial average made a 0.6% loss. Nike (NKE) went to 3% down after leading the Dow on Friday with strong earnings. Meanwhile, Marketwatch reported that Tennis great Roger Federer ended his deal with Nike and joined Uniqlo, as a global ambassador.
The small-cap lost 0.2%. The energy sector led the stock market lower. The weakest industry were oilfield services, exploration and, drilling. The oil price dropped early but wiped out midday losses at $74.15 bpd.
Recently, President Donald Trump tweeted that Saudi Arabia’s King Salman bin Abdulaziz Al Saud agreed to produce more oil output. This is to balance the production loss in Iran and Venezuela.
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