Dow went up 28, decliners ahead of advancers 5-4 & NAZ gained 26. The MLP index fluctuated in the 73s following yesterday's big rise & the REIT index lost 3+ to 350. Junk bond funds drifted lower & Treasuries were weak. Oil was steady in the 69s & gold added 5 to 1229 from bargain hunting.
AMJ (Alerian MLP Index tracking fund)
Pres Trump said he was poised to impose tariffs on $500B of goods from China, threatening to escalate the current trade clash with the Asian nation. “We’re down a tremendous amount,” Trump said about trade imbalances with China. “I’m ready to go to 500.” Earlier this month, the US imposed tariffs on $34B of Chinese imports. In return, China levied taxes on the same value of US products. The US then disputed the retaliatory tariffs at the World Trade Organization on Mon, along with those the EU, Canada, Mexico & Turkey imposed in response to new US duties on steel & aluminum. When asked about the stock market possibly falling if the US imposes such a large amount of duties, Trump said: “If it does, it does. Look, I’m not doing this for politics.”
Trump threatens China again with $500B tariff slap
club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft is winning, shares hit new record
Stocks began the day lower, but buying returned bringing the popular averages into the black. That's called a nervous advance. Earnings remain encouraging with the dark clouds of trade wars keeping many investors on the sidelines. Going into a weekend, stocks may not change much in the PM.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 69.71 | +0.25 | +0.4% |
| GC=F | Gold | 1,228.70 | +4.70 | +0.4% |
Stocks opened mostly lower after
Pres Trump tweeted that China & the EU were hurting
the American economy by cheapening their currencies & lowering their
interest rates. Investors also appeared concerned by the intensifying trade war between the US & Beijing. The Trump tweet complained about the value of the $ compared to the €, which rose against the greenback by 0.6%. He also tweeted that bad trade deals are hurting American farmers. Meanwhile,
Microsoft (MSFT), a Dow stock, hit an intraday record high after a
stronger-than-expected quarterly report. In Europe, stock indices turned
moderately positive after initially declining. In Asia stock indices
opened lower but then closed positive as investors anticipated China's
central bank will strengthen the yuan. Yesterday, Trump said he does not agree with the Federal
Reserve's interest rate increases this year after Chair Jerome Powell
took over for Janet Yellen earlier this year. “I
put in a very good man in the Fed,” Trump said, referring to Powell. “I
don’t necessarily agree with it because he’s raising interest rates.” The
Fed has raised rates 2 times this year & policy makers expect 2
more rate hikes before the end of 2018. Testifying before Congress this
week, Powell reiterated the economy is humming along & should
continue to do so. Also
yesterday, a slew of lukewarm quarterly earnings reports starting with Dow stocks American
Express (AXO) & Travelers (TRV) as well as a deal to toughen foreign investment
regulations.
US stock market struggles as Trump rips EU, China
Pres Trump said he was poised to impose tariffs on $500B of goods from China, threatening to escalate the current trade clash with the Asian nation. “We’re down a tremendous amount,” Trump said about trade imbalances with China. “I’m ready to go to 500.” Earlier this month, the US imposed tariffs on $34B of Chinese imports. In return, China levied taxes on the same value of US products. The US then disputed the retaliatory tariffs at the World Trade Organization on Mon, along with those the EU, Canada, Mexico & Turkey imposed in response to new US duties on steel & aluminum. When asked about the stock market possibly falling if the US imposes such a large amount of duties, Trump said: “If it does, it does. Look, I’m not doing this for politics.”
Trump threatens China again with $500B tariff slap
Microsoft is poised to set a record high as the software giant
booked stronger-than-expected quarterly results after
gaining 22% this year. Adjusted EPS was $1.13, beating the estimate by 5¢. Both
profit & revenue in the period ending on Jun 30 exceeded estimates, as did the company's projection for cloud sales in the current
qtr. CFO Amy
Hood pledged that commercial cloud margins would improve overall &
for each of the products that make up the area, including Azure, Office
365 & cloud-based customer software. The most recent quarterly report provided further evidence that
MSFT can increase cloud sales & compete with Amazon’s (AMZN) massive
industry cloud lead. “Microsoft has successfully come
from behind to exceed Amazon’s cloud revenue, and that gap is only
increasing in Microsoft’s favor,” Mark Sami, VP of MSFT & Cloud Solutions said. “This
is a result of Microsoft not only owning a majority of enterprise
customers’ data centers but also being the only major cloud player that
allows these enterprise customers to co-exist in both their on-premises
environments and the new cloud offerings through a hybrid solution
offering,” he added, predicting that MSFT's cloud market share will
continue to grow & impress investors. The stock rose 2.91.
If you would like to learn more about MSFT, click on this link.club.ino.com/trend/analysis/stock/MSFT?a_aid=CD3289&a_bid=6ae5b6f7
Microsoft is winning, shares hit new record
Stocks began the day lower, but buying returned bringing the popular averages into the black. That's called a nervous advance. Earnings remain encouraging with the dark clouds of trade wars keeping many investors on the sidelines. Going into a weekend, stocks may not change much in the PM.
Dow Jones Industrials
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