Reuters Insider - Stocks rebound as Trump stokes trade optimism

Philip Morris CR as

27/08/2019 07:55

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Source: Reuters Insider

Description: Wall Street regained some lost ground Monday as President Trump
seemed to back-off from his harsh tone towards Beijing with the two sides
locked in a trade war. Conway G. Gittens reports.
Short Link: https://tmsnrt.rs/2Zu4f9V

Video Transcript:

Wall Street started the week with an upswing after President Trump infused
optimism over future trade talks with China. He seemed to cool down from the
combative tone he took on Friday, claiming Beijing had called Washington to
say it wanted to return to the negotiating table. Chinese officials failed to
confirm Trump’s claim. Stocks rallied anyway. The Dow, S&P 500, and
NASDAQ were each up 1%. AMZA and PFFA Portfolio Manager Jay Hatfield.

The President really gave you a little bit of a hint today that you
shouldn’t necessarily overreact to every statement he’s making
because he could be negotiating, so that’s his own statement. And so I
think he’s trying to indicate that perhaps if he’s making an
announcement, that one should wait for the next announcement, because it could
be more of a strategy than necessarily a policy that’s going to be
implemented.

A mixed signal from the economy. Orders for non-defense big ticket items known
as durable goods, which serve as a proxy for business spending, rose in July
though shipments saw their biggest drop in three years. The data could provide
more fuel for a rate cut from the Federal Reserve in September. On the
corporate front, shares of Philip Morris were the worst performer in the S&P
500. The company pulled out of a conference sparking speculation it could be
on the verge of making a large acquisition. The stock slumped roughly 5%