Investing.com – Stocks shot higher Tuesday on reports US and China will resume trading talks next week.
U.S. Trade representative Robert Lighthizer and aides expected to travel to Shanghai on Monday, Bloomberg reported, with two-day talks scheduled. But the report suggested that an agreement was not nearby.
Nevertheless, the first face-to-face conversations since May were good news for investors, already committed to buying thanks to strong quarterly results from the soda giant Coca-Cola (NYSE :), toymaker Hasbro (NASDAQ 🙂 and paint producer Sherwin -Williams (NYSE 🙂 and bought in Hershey (NYSE 🙂 in front of the 2nd quarter revenue report due Thursday.
Skipped 3000 again and added 0.68%. It also jumped 0.65%. And they added 0.58%.
Wednesday may well be a drama queen of the day. The aviation giant Boeing (NYSE 🙂 reports the results for the second quarter before the opening, and the revenue promotion is likely to focus on issues behind the grounded 737 Max jet liner. Facebook (NASDAQ 🙂 reports revenue for the second quarter after closing.
Finally, traders will have a chance to respond to a Wall Street Journal report that the Justice Department is opening a wide-ranging investigation into dominant technology companies illegally stifling competition. This may threaten Facebook (NASDAQ :), Alphabet's (NASDAQ 🙂 Google Business, Apple (NASDAQ 🙂 and Amazon.com (NASDAQ :), the magazine said.
The probe will look at the approaches to online platforms that dominate Internet search, social media and retail services, the story said.
The shares of all four were higher (barely, in Facebook's case) in ordinary trading, but were down around 1
Coca-Cola was the big Dow winner and hit a 52-week high after beating Street estimates for the quarter. The company cited success with new and reformulated beverages.
Hasbro (NASDAQ 🙂 was a leader in the S&P 500 and Nasdaq 100 shares, jumped almost 10% and hit a 52-week high when it said its affiliations with products with Walt Disney (NYSE 🙂 blockbuster movies this summer have been very successful and should continue for some time.
22 shares from Nasdaq 100 were lower in the day. Some, such as Costco Wholesale (NASDAQ 🙂 and Starbucks (NASDAQ :), were modestly lower as some investors were ready to make a profit. Both shares have jumped more than 37% this year.
After the close, social media company Snaps (NYSE 🙂 shares, more than 11% increased after the loss was reduced and the user base grew in the last quarter. The shares of chipmaker Texas Instruments (NASDAQ 🙂 were up 5.6% after hours after they hit estimates, even though they were lower than a year ago.
One of the disadvantages of Tuesday's disqualification was a disappointing existing home sales report from the Realtors Association. The seasonally adjusted sales rate in June of 4.69 million units was 1.5% from May and 1.7% from a year ago. Chief economist Lawrence Yun said sales were back to the level in 2015.
Homebuilder shares were pummeled. PulteGroup (NYSE 🙂 fell 8.3%. DR Horton (NYSE 🙂 fell by 2.6%. Hovnanian (NYSE 🙂 fell by 10.5%.
The uncertainty surrounding the US-China news pushed oil prices higher because an agreement could theoretically increase the global demand for oil. crude oil rose 49 cents to $ 56.77 barrel. the global crude oil index left 57 cents to $ 63.83.
Interest rates moved higher as investors threw bonds for stocks. The yield rose to 2.079% from 2.043% on Monday.
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