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US Equity Handover: EU and USMCA Trade Optimism Boosts Stocks

Headlines

  • US indices gained ground for the second straight day, with the DJIA regaining its 200-day moving average and the VIX dropping back below 20.
  • Ten of the eleven major sectors rose on the day again, led by communication service stocks (XLC). Financials (XLF) were the laggard, falling fractionally from yesterday’s close.
  • Uber rallied back toward 42.00 today to retest its IPO price.
  • Trade headlines dominate once again: President Trump decided to postpone his decision on EU automobile tariffs for six months, while Treasury Secretary Mnuchin noted that the US was close to a deal with Mexico and Canada on steel tariffs.
  • The WSJ suggested that a US delegation may head to China for trade talks next week, though that hasn’t been confirmed. See “What Trump’s up to and how it might end” for more.

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