Stock Futures Edge up as Tech, Marijuana Stocks Rally
Stock futures angled higher Friday to ease China's trade wars and US government-defying tensions bending markets, while the early results were mixed.
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Dow Jones futures strengthened to trade 0.2% above fair value. Nasdaq futures shook off early losses and rose 0.1[ads1]%. S & P 500 futures are also traded 0.1% higher.
Positive earnings sent IBD 50 stocks SS & C Technologies (SSNC) surging toward a point of purchase. Nvida (NVDA) took an early lead among chip stocks, despite mixed fourth quarter results. Canopy Growth (CGC) led marijuana shares higher after tax in the third quarter. Workday (WDAY) advanced on an analyst upgrade.
On the downside, the Rubbermaid owner Newell Brands (NWL) and XPO Logistics (XPO) fell heavily following their earnings reports. Heavy equipment maker Deere (DE) also took a heavy early loss when China's trade war rates chewed into its first quarter tax results.
Nasdaq, Dow Jones Shoot for Eight
Both the Nasdaq composite and the Dow Jones Industrial Average are on their way for their eighth consecutive weekly win. The Dow is up 1.3% for the week course in Friday sessions. Nasdaq has a 1.8% gain. S & P 500 rose 1.4% for the week through Thursday. It is working on its seventh progress over the past eight weeks.
SS & C, Canopy Growth Near Purchase Points
Arista Networks, Nvidia and SS & C Technologies were all bolted higher after quarterly performance reports. SS & C increased almost 6%. The invested share to open about 2% below a 61.07 place of purchase in a six-month cup base. Keep in mind that not all premarket movements go to regular trading.
Marijuana Stocks Canopy Growth emerged more than 5% early, although last year's earnings missed some estimates. The volatile share ended on Thursday 49% above the May stock price, and about 13% below a 51.91 place of purchase in a very deep cup-with-handling base.
Government Shutdown
Another federal government was beaten by everything but averted early Friday. President Trump Thursday night will eventually sign a $ 333 billion expense bill that had passed house and senate votes on Thursday. The bill includes $ 1.38 billion for physical barriers at the US-Mexico border. The president had asked for $ 5.7 billion for frontier protection, and the White House seemed to declare a national emergency – a move that would allow the president to press military building or Army Corps of Engineers to build barriers. The president is scheduled to talk about the border situation at. 10.00 ET.
China Trade War
U.S. and China wrapped up trade negotiations in China on Friday. Dealers on both sides agreed to continue talks in Washington next week, according to the Wall Street Journal. The goal appears to be a collaboration agreement, which describes the general concessions and rules for future engagement, including enforcement practices. It can be used as a framework for an agreement to be concluded by President Trump and Chinese President Xi Jinping. The two leaders are expected to schedule a summit at a later date.
An MOU can provide the basis for President Trump to delay the tariff increase that will come into force on 2 March. Tariffs currently at 10% on China-made imports valued at $ 200 billion per year will increase to 25%. China has promised that it would react in nature if such an increase was made.
Brexit News
The British Parliament voted down Prime Minister Theresa Mays second Brexit trading plan in a 303 to 258 vote on Thursday. The voice, the eighth defeat of a proposed Brexit plan, set the stage for U.K. to leave the EU without a formal trading plan in place. Some see such a "hard Brexit" scenario as giving the UK additional negotiations with the EU. But an increasing number of companies have warned that no agreement termination will force them to move operations. A German industry report on Thursday said that one in eight German companies operating in the UK planned to move over Brexit's concerns. The date set for the UK's exit is March 29.
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