Cheering on the US Mexico and hopes for China
The US stocks are trading solidly higher with the Nasdaq stocks leading the way. The US/Mexico solution, and hopes for a US/China deal are helping (because China has to do a deal see post here). Trump did warn that if China did not come to the G20 (and I think the market would expect a meeting as well), tariffs on $300B more goods would go into effect.
Anyway,a snapshot of the major indices is showing:
- S&P index up up 17.75 points up 0.62% at 2891.09
- Nasdaq up 83.66 points or 1.08% at 7825.76
- Dow up 146 points or 0.56% at 26130.37.
In the US debt market, yields are higher
- 2 year 1.883%, +3.4 basis points
- 5 year 1.894%, +4.1 basis points
- 10 year 2.131%, +5.0 basis points
- 30 year 2.62%, +4.8 basis points
For the Nasdaq, the price moved above its 100 day MA on Friday at 7647.08 and stayed above. Today, the 50 day MA is the next target at 7858.20. A move above that level (white MA line) would open the door for further gains (stay above). Stay below and the index might look to waffle a little with the 100 day MA as support and the 50 da MA above.
