spnov12-300x185 Market Snapshot - Tuesday 11.12.19

The event that markets were anticipating was President Trump’s speech at the New York Economic Club. Trump’s comments were generally taken positively as they conveyed a sense of progress regarding US-China negotiations toward a trade deal though no details had been disclosed.


Trump also took the opportunity to criticize the Federal Reserve, stating that the markets would have been much higher if the Fed’s stance on interest rates wasn’t as hawkish as it had been over the last year.


“And if we had a Federal Reserve that worked with us, you could have added another 25% to each of those numbers, I guarantee you that,” Trump commented, referring to percentage gains in US indexes.


Although there wasn’t much in terms of economic reports and releases, the NFIB small business optimism index came in moderately higher, showing October figures at 102.4, higher than the expected 102.0 consensus.


On the earnings front, there were notable gains by Disney, it’s shares rising more than 1% partly due to its new Disney+ streaming service, and Facebook, whose shares rose 2.6% upon announcing a new payment functionality accessible via FB applications.


The S&P 500 closed at 3,091.84, up 0.2%–establishing a new intraday record.The Dow remained virtually unchanged at 27,691.49. The Nasdaq climbed 0.3%, closing at 8,486.09.  


SIgn up for the free Weekly Halifax Newsletter by sending an email to info@halifaxamerica.com

The risk of loss in the trading of stocks, options, futures, forex, foreign equities, and bonds can be substantial and is not suitable for all investors. Trading on margin or the use of leverage is not suitable for all investors and losses exceeding your initial deposit is possible. Supporting documentation is available upon request. Trading futures, options on futures, and FX involves substantial risk of loss and is not suitable for all investors. Carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources and only risk capital should be used. Opinions, market data, and recommendations are subject to change at any time. The lower the margin used the higher the leverage and therefore increases your risk. Past performance is not necessarily indicative of future results.