It’s Columbus Day, a stock market holiday, so there isn’t much news in terms of scheduled economic reports.
On the geopolitical front, however, a report that China wants to continue negotiating before agreeing to sign a phase one trade deal with the US might have dampened market sentiment a bit, causing stock market futures to fall slightly.
Doubts about the trade agreement may be emerging among investors following an optimism-infused surge in Friday’s session. As Peter Cardillo told CNBC today,“Investors are having second thoughts about the trade deal…Even though there was a breakthrough in the talks, nothing was signed.”
Tomorrow marks the Q3 earnings report kick-off. Overall, analysts are expecting a 4.6% year-over-year earnings decline for S&P 500 companies according to FactSet data.
The Dow closed down a mere 29 points, the S&P 500 dropped 0.1%, and the Nasdaq slid 0.1% as well.
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