Stocks Drop From Record Highs; Treasuries Gain: Markets Wrap

This post was originally published on this site

https://i-invdn-com.akamaized.net/content/pic7d63cdc97b1e02581c87ed5989185385.jpg

(Bloomberg) — U.S. stocks retreated from all-time highs after Bloomberg reported that existing tariffs on billions of dollars of Chinese goods will likely stay in place after the presidential election.

The S&P 500, and Jones Industrial indexes all pulled back from records as the conditions underscored lingering concern about future progress in negotiations. Treasuries climbed earlier after a gauge of underlying inflation rose less than forecast.

“There was a lot of optimism built up and now this just throws a whole new wrench into that optimism and a lot of questions moving forward,” said Ryan Nauman, a market strategist at Informa Financial Intelligence’s Zephyr.

The two sides have an understanding that no sooner than 10 months after the signing of the agreement at the White House Wednesday, the U.S. will review progress and potentially trim tariffs now in place on $360 billion of imports from China, according to people familiar with the matter said.

The Index closed higher, while earlier in Asia, stocks were slightly higher.

The held most of its surge from Monday, when Washington lifted its designation of the country as a currency cheat. The dollar held its gains after the inflation data, while the pound broke a five-day slide.

Here are some events to watch for this week:

  • Phase one of the U.S.-China trade deal is set to be signed on Wednesday in Washington.
  • The biggest American financial institutions kick off earnings season, with Bank of America Corp (NYSE:)., Goldman Sachs Group Inc (NYSE:)., Morgan Stanley (NYSE:) and BlackRock Inc (NYSE:). next up.
  • The Fed’s so-called beige book is due on Wednesday.
  • China GDP comes on Friday.

These are the major moves in markets:

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.